Playtech raises 2026 adjusted EBITDA guidance above €300m

Playtech has raised its forecast for adjusted EBITDA for 2026 to above €300 million after a period of strong trading in the Americas between 1 July and 31 October 2026. The company says strong performance in the United States, Mexico and Colombia explains the upgrade versus analyst expectations of €279 million.

Results and revised guidance

The gaming technology firm increased its 2026 guidance for a second time since July; in July it had already raised guidance to at least €270 million. The latest update places guidance above €300 million, which beats analyst consensus of €279 million and represents, the company says, at least a €21 million improvement on market expectations.

Playtech reported adjusted EBITDA of €162.5 million in the first half of the year, an increase of 77%. The company has not yet issued its own guidance for 2027.

Risks that could affect 2027

The company warned of three principal threats to 2027 earnings: increased competition in the United States, market suspension in Brazil following political and regulatory changes, and higher gaming taxes in the United Kingdom and Europe.

• Competition in the United States: rival suppliers are entering the Past Motor Racing (PMR) market. Playtech developed its PMR product through a prolonged investment programme and launched ahead of competitors alongside Hard Rock Digital. Although PMR revenues remain solid, Playtech expects rival products to reduce its share of customer spend in 2027.

• Brazil: after the market suspension caused by political and regulatory change, Playtech expects to absorb a three-month revenue impact in 2026; a continued closure could produce a larger hit in 2027.

• United Kingdom and Europe: the increase in Remote Gaming Duty in the United Kingdom, effective since April 2026, will affect operations through 2027, and further tax rises in Europe could also weigh on results.

Key markets and the partnership with Hard Rock Digital

The alliance with Hard Rock Digital was a central driver of the uptick in the United States. Mexico and Colombia experienced higher activity after the FIFA Men's World Cup, which also contributed to the company's performance.

"We have continued to deliver an excellent performance in 2026 to date, reflecting sustained momentum in regulated markets, notably the Americas," said Mor Weizer, CEO of Playtech.

Market reaction and analysts' outlook

The trading statement on 10 November initially pushed the share price to 385p, although it closed at 364.8p, down 1% on the prior close. Shares remain almost 29% above the 2025 closing level but are about 18% below the September peak of 445p.

Seven analysts estimate adjusted EBITDA for 2027 at €266 million, well below the new 2026 guidance. Recent analyst notes include one buy, one hold and one sell recommendation, with a 12-month average target price of 400p. Playtech has not announced a date to publish its 2027 results guidance.