Playtech shares surged as much as 18% on 9 July after the London-listed B2B supplier reported H1 2026 adjusted EBITDA of over €155 million and raised its full-year guidance to at least €270 million, roughly 20% above analyst consensus and around 37% ahead of the €197 million it delivered across the whole of 2025.
PTEC shares changed hands at 378.60p during the session, briefly trading above £3.80 intraday. The stock is now approximately 40% higher year-to-date, having peaked above £4.20 in April before pulling back through May and June ahead of the update.
The H1 EBITDA figure represents an increase of at least 69% year-on-year from the €91.6 million Playtech reported for the comparable period in 2025. Prior analyst consensus for the full year had clustered between €205 million and €225 million, with a mean of €219 million across seven covering analysts.
Hard Rock Digital and Americas Drive the Beat
The primary growth engine was Playtech’s partnership with Hard Rock Digital in the US, specifically the Past Motor Racing games that launched in Florida in late October 2025. Playtech said it had benefited materially from being first to market with the product, with that first-mover advantage translating directly into profitability and cash flow.
Mexico, Colombia, and certain European markets were cited alongside the US as areas of continued strength. Mor Weizer, CEO of Playtech, said: “We achieved an excellent performance in the first half of 2026, reflecting continued momentum in regulated markets, notably the Americas and certain European markets. Performance in the US, driven by our partnership with Hard Rock Digital, has been exceptionally strong, and we are delighted to see returns on our investments over recent years accelerate and contribute significantly to profitability and cash flow.”
H2 Headwinds Flagged Across Three Fronts
Playtech expects second-half EBITDA to come in below the H1 figure, pointing to three distinct pressures. Revenue from Hard Rock Digital is forecast to settle at a lower, more sustainable level after the initial PMR surge, with that moderation expected to carry into 2027. The company is also absorbing continued investment in Brazil ahead of a planned partnership it expects to begin contributing to growth in 2027.
The third headwind is the UK Remote Gaming Duty increase from 21% to 40%, which took effect in April 2026 and will be felt across a full half-year period for the first time in H2. The broader tax and regulatory pressure on UK-facing operators has been a consistent theme across the listed sector – as previously reported in relation to the UK duty environment and retail estate viability, while William Hill has also been navigating similar cost pressures as it reported its own recent revenue performance.
Sell-side reaction was broadly positive but measured. Peel Hunt’s Ivor Jones noted the raised guidance came in approximately 20% ahead of his own forecast, with Hard Rock Digital, Mexico, and Colombia identified as the key drivers. Peel Hunt holds a Buy rating and a £6.90 target price on PTEC. Jefferies’ James Wheatcroft reiterated a Hold with a 405p target on 9 July. TipRanks data shows a Moderate Buy consensus across two covering analysts, with an average 12-month price target of 432.50p.
Playtech will present its full interim results for the six months to 30 June at Chartered Accountants’ Hall in London at 9am BST on 10 September 2026.
Source: European Gaming
Renata Kovacs has spent the better part of a decade following the regulatory shifts and licensing battles that define how gambling markets open, close, and evolve across Europe and beyond. She came up through the legal and compliance side of the industry before shifting her focus to journalism and analysis, giving her a perspective that sits closer to the operator room than the press box. Her coverage tends to cut through the noise and get straight to what a regulatory change actually means for the businesses and players involved.