Good Management Key To Success
Despite Playtech's B2B sector taking a massive nosedive due to the suspension of live sporting events and the closure of casinos and retail outlets due the ongoing global health crisis, the brand has managed to maintain a positive outlook for the year. The company has attributed this success to an increased market volatility and an increase in trading which had a positive impact on its TradeTech division as well as increase in its online business. Playtech saw its Bingo, Poker and online casino divisions all grow within the first half of the year.
However, it is the company’s management strategy that is really being lauded as the key to success. Due to a number of changes in order to maximise liquidity, the brand ended the second quarter with over €600 million of available liquidity. This outstanding response from the brand’s team included a number of early actions to protect the business including holding onto shareholder distributions from 2019 which saved the brand €65 million in cash.
The re-opening of many of the company’s land-based and retail venues as well as the reintroduction of live sport in July, has also contributed to Playtech’s strong 2020 performance.
Hope For The Casino Industry
As one of the world’s leading casino software suppliers, the success of Playtech shows hope for the rest of the gaming industry. The company which celebrated its 20th anniversary in 2019, was originally founded in Estonia but now headquarters in the Isle of Man. The brand offers turnkey online casino and sports betting solutions to the iGaming industry and is one of the industry’s biggest global suppliers. The company which has turned more than €1.5 billion in their 20 years of operation also operates popular subsidiaries such as TradeTech Alpha Limited, Quickspin and YoYo Games.
Proving to be a resilient brand, Playtech says it is also working hard to build on existing relationships while increasing its player offering. During the first half of the year they also launched in the New Jersey market with long-time partner bet365.