Playtech CEO Mor Weizer has been at the helm for more than 20 years, but the latest iteration of the business as a “pure-play” B2B company marks a new era. Snaitech was sold to Flutter Entertainment for €2.3bn last year, leaving Playtech to focus on its B2B aspirations.
Revenue for 2025 was down 10%, predominantly impacted by the new terms of the Caliente Interactive deal, but the US, Poland and other markets are showing signs of strong growth. Playtech was also bolstered by investment returns north of €60m thanks to its stakes in B2C operators across the globe. Those include Hard Rock Digital, with Playtech paying €85m for a single digit stake in 2023. Last year, more than €10m was returned to Playtech thanks to the investment. The group also has calls in place to take ownership stakes in operators in Colombia, Panama, Costa Rica and El Salvador.
The earnings report noted 2026 could be impacted by tax hikes, especially in the UK where Playtech’s operator partners are due to face majorly increased burdens. But, Weizer remains confident, and after two decades at the helm, it’s just another challenge for the exec to handle. Here, he and CFO Chris McGinnis sit down with EGR to explain why.
EGR: There were significant changes in 2025, and the company is now set up as a “pure-play” B2B entity. Can you just reflect on the shift?
Mor Weizer (MW): When we were selling Snaitech, we were in the process of preparing ourselves for this transformation. I’m happy to say everyone is now very much aligned within the organisation. We reorganised internally, simplified the business and intensified the focus on regulated market partnerships and customers. In 2025 we saw the delivery against the strategy as a pure-play B2B and we will continue doing so in 2026 and beyond.
EGR: In the report, you’ve mentioned the confidence to beat consensus in 2026 despite tax headwinds. What mitigations can you take?
MW: There is limited mitigation we can do in the UK but I think the story is [and will be] the diversification of the business. In the past, the UK represented something along the lines of close to 70% of our business. Then we extended beyond the UK. This diversity will allow us to mitigate the impact by growing the business of Playtech elsewhere, outside of the UK, in markets where we believe we will see accelerated growth, like the US.
Obviously, the UK still remains an important market for us. There will be a reset. There is an impact and it is not insignificant for operators. I think the UK will remain an important market for the sector, and we will continue to see some growth in the UK. It may not be as accelerated growth, or similar to the accelerated growth you would expect in the US or Mexico.
EGR: UK-facing operators have said they will mitigate tax hikes in various ways, including reassessing supplier relationships. How are you managing this?
MW: It has started. It started as soon as the tax increases were announced. We are trying to act as a good partner. We need to be fair with our customers. Obviously, the impact for them is far greater than for Playtech given their presence in the UK. We are trying to be the best partner possible and to be as helpful as possible.
EGR: You mentioned undertaking an operational review of Sun Bingo on the analyst call, and that it will likely no longer be profitable. If so, what are the potential outcomes of that?
MW: I think it is too early to determine, but it could be different scenarios for us – making changes internally to the business, others [parties] to look into this business, or to form a partnership that will be beyond the third-party relationship we have today with The Sun.
We are looking at different scenarios, different alternatives. I think it is too early to tell. The Sun is a long-term Playtech customer. We want them to be happy, and the outcome should be a very good outcome, firstly for our partner and then Playtech. All alternatives are on the table, and this is an open dialog between us in order to align the interest and in order to maximise the future potential of the business.
EGR: Brazil regulating was noted as a slight drag on revenue. What are your thoughts on the future of the market?
MW: Brazil is a massive opportunity for us. Brazil went through regulatory change in 2025, and while it was a little bit challenging, we are now stable and growing. According to some estimates, Brazil will be more than 50% of overall Latam revenue, which represents a fantastic opportunity for us. There are also some structured agreements that we have there and some potential new agreements in 2026.
EGR: There was a strong return on your investments in various entities, including the deals with Caliente and Hard Rock. Is this a differentiator for Playtech?
Chris McGinnis (CMG): It showcases our strategy well. We have an operating business and we provide our technology, but we also have paid strategic investment alongside some of those commercial strategic partnerships. Sometimes it takes a few years, but you can see the investment income and the increased value of these investments, showcasing the execution of that strategy and the value we’ve created alongside our partners. We’re quite excited about some of our investments, and I think this investment income of over €60m showcases the strong execution of our strategy.
EGR: Is there desire to increase investment with existing partners and/or target new investment opportunities?
CMG: We’re always looking at these types of models and investments. We’re quite strict in what we do. There are always new ones we’re exploring. We have quite strict capital allocation policies, including where we invest money. But I think investment income shows we’d be very successful at it. It’s something we will definitely continue to do.
EGR: Picking out Hard Rock Digital, it’s been putting in strong performances and has the monopoly in Florida. How do you view its place in the competitive environment in the US?
MW: Hard Rock is very well positioned. They have an amazing product and an amazing management team. You referred to the monopoly in Florida, but you [have to] look at the presence in New Jersey and Michigan as well. I think this is testament to their capabilities to extend beyond Florida and become a significant operator within the US and outside.
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Mor Wezier tells EGR the supplier’s diversification will help stave off impact from UK tax hikes, as he also heaps praise on Hard Rock Bet’s US efforts
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