Playtech has raised its 2026 adjusted EBITDA guidance to more than €300m, driven by its US product with Hard Rock Digital. The supplier also warned that the UK's higher online casino duty, Brazil's betting shutdown and new US rivals will weigh on 2027.
Playtech has lifted its profit outlook again, but the London-listed supplier is already pointing to a tougher 2027. Its trading update covered 1 July to 31 October. Trading in that period beat expectations, helped by the Americas.
The new target sits above the whole range of analyst forecasts. Seven analysts who revised their numbers after the half-year results had expected 2026 adjusted EBITDA of between €271m and €285m.
The main driver is Past Motor Racing (PMR), which Playtech supplies in the US through Hard Rock Digital. Being first to market with PMR lifted first-half results significantly, and PMR revenue stayed strong in the second half, Playtech said. Latin America also contributed. “Mexico and Colombia have benefitted from tailwinds after the Men’s FIFA World Cup,” chief executive Mor Weizer said.
US growth has repeatedly pushed guidance higher
The first half showed how quickly the Americas has changed the numbers. Revenue grew 10% to €425.1 million. Adjusted EBITDA rose 77% to €162.5 million. US and Canada revenue grew more than 160% year on year.
In July, the company had forecast first-half adjusted EBITDA above €155 million. The September half-year results then said Playtech was on track for more than €270 million for the full year. That statement also pointed to a Brazil partnership expected to be signed in late 2026. A full half-year of UK duty costs was named as a second-half factor.
Across the Americas, growth is coming from several markets, but the US PMR position is the main engine of the upgrade. The company itself expects that position to weaken.
Tax, Brazil and new rivals set to weigh on 2027
Rival PMR suppliers are now arriving. They are expected to take a bigger share of Playtech’s wallet share into 2027.
The UK adds a cost pressure. The November 2025 Budget package from HM Treasury raised the online casino duty and set a new 25% rate for remote betting within General Betting Duty from April 2027. Playtech is still absorbing the full cost of the higher casino duty. A full year of that cost will fall in 2027, alongside higher gambling taxes in other European markets. For UK and European suppliers, the update suggests the tax rise will reach the supply chain as well as operators.
Brazil is the most uncertain factor. Playtech expects to absorb three months of lost adjusted EBITDA there in 2026. It warned of a larger hit in 2027 if the current shutdown is not lifted. Betting platforms had to go offline from 6 October, and existing authorisations ended on 25 October, according to the Brazilian Senate’s news service.
The analyst average for 2027 sits below the new 2026 guidance. The figures are consistent with a peak year in 2026 followed by a squeeze.
The next test comes in Brasília. Brazil’s Congress has until 23 November to consider the provisional measure in its first 60-day window. If no vote is completed, that window is automatically extended by another 60 days.
Source material
- The Tax Treatment of Remote Gambling: Summary of Responses and Government Response (HM Treasury / HMRC)
- Playtech PLC Trading Update (Playtech plc (RNS via ADVFN))
- Medida Provisória nº 1.394, de 25 de setembro de 2026 (Câmara dos Deputados)
- MP proíbe bets e determina encerramento das operações em 30 dias (Agência Senado)
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