• About
  • Contact Us
Tuesday, June 28, 2022
Crypto Currency Financial
  • Home
  • Crypto News
  • CRYPTO CASINOS
    • Cardano Casinos
    • Ethereum Casinos
    • Litecoin Casinos
    • Tron Casinos
  • MARKET UPDATES
    • BTC ANALYSIS
    • ETH ANALYSIS
    • XRP ANALYSIS
  • About Us
  • Contact Us
No Result
View All Result
Crypto Currency Financial
No Result
View All Result
Home TRADING GUIDES

Playtech Updates Market on Covid-19 Impact on Its Finances

Max Steven by Max Steven
March 19, 2020
in TRADING GUIDES
400 4
0
Playtech Updates Market on Covid-19 Impact on Its Finances
556
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter

Gambling technology giant Playtech said today that it has suspended shareholder distributions until further notice as part of its efforts to protect its cash flow amid the global Covid-19 crisis and the impact the rapidly changing nature of the situation has.

The company said that it is working to pro-actively manage its capital expenditure and working capital as well as to identify opportunities for cost savings that will not affect its long-term success.

Providing update on the impact of the coronavirus outbreak on its B2B operations, Playtech said that it has seen limited impact on its Casino (including Live) business so far. The company recorded growth in activity in recent days in its Poker and Bingo businesses due to restrictions on people’s physical movement that were enforced in a number of countries around the world to help curb the spread of the dangerous virus.

Playtech warned that Live Casino is a gambling activity that requires a large number of employees to be present in the same location, which means that business could be disrupted as the Covid-19 crisis continues to rage.

The company’s Live Casino facility in the Philippines was shuttered earlier this week as the government of the Asian country ordered closures of gambling establishments and non-essential businesses.

Live Casino facilities in Riga and other locations are currently operational, but Playtech said that this might change in future.

The gambling technology provider said that its B2B Sport business has been significantly affected by the global coronavirus crisis due to the postponement/cancellation of most major sports events. Most recently, UEFA announced the postponement of Euro 2020 by 12 months as Covid-19 has been wreaking havoc on the global sports calendar.

Playtech estimates that its B2B Sports operation will generate monthly Adjusted EBITDA loss of €4 million before mitigation.

B2C Operations

Playtech also provides B2C gambling services through several brands and in several markets. In Italy, where its Snaitech operation was ordered to close its retail locations on March 9, business has further been impacted by the postponement of most sports events around the world.

Playtech said that Snaitech continues to generate revenue from its online operation, but online sports betting has been heavily impacted by the lack of major sporting events and competitions.

Snaitech is estimated to record Adjusted EBITDA loss of €3 million per month before mitigation. Prior the global Covid-19 crisis, the operator was expected to generate €13 million in Adjusted EBITDA per month.

Playtech’s white label businesses, mostly Sun Bingo, have seen “solid performance” so far, the company said in today’s market update.

As for its Retail B2C Sport business – HPYBET – it has been severely hit by the Covid-19 situation as its betting shops in Germany and Austria have been closed.

Playtech does not expect its performance in Asia to change in March. The company also noted that its TradeTech platform continues to benefit from the increased market volatility. The business has generated Adjusted EBITDA of more than €30 million so far this year.

Source: Coronavirus (COVID-19) update

Follow us on Facebook and Twitter to stay up to date on the day’s top casino news stories

Related Articles

Related News

Tags: Covid19FinancesImpactmarketPlaytechupdates
Max Steven

Max Steven

Max has keen interest in what cryptocurrencies have to offer in regards to NGO’s, governments and the financial system.

Related Posts

Blue tick, a way to cover up for a huge scam

Blue tick, a way to cover up for a huge scam

May 4, 2022
LABS Group is making Marketing Alliance with KuCoin The Big Shift from Ethereum to New Binance Smart Chain

LABS Group is making Marketing Alliance with KuCoin The Big Shift from Ethereum to New Binance Smart Chain

April 2, 2022
How to Save Hawaiian Geese and Get Wealth with Grand Goose Mansion?

How to Save Hawaiian Geese and Get Wealth with Grand Goose Mansion?

February 16, 2022
Announcing TurboXBT, The Newest Short-Term Trading Platform And Why You Should Care

Announcing TurboXBT, The Newest Short-Term Trading Platform And Why You Should Care

November 6, 2021
How to Stop Liking Someone And Move On For Good

How to Stop Liking Someone And Move On For Good

September 16, 2021
Aurora reverses itself on pot hospitality measure when second vote comes up short

Aurora reverses itself on pot hospitality measure when second vote comes up short

September 14, 2021

Trending

RLD.DAO’s ambition: to be a revolutionary presence in the crypto
Crypto

RLD.DAO’s ambition: to be a revolutionary presence in the crypto

23 hours ago
Introducing Lords of The Lands – A Futuristic Metaverse Space for NFT Rentals
NFT

Introducing Lords of The Lands – A Futuristic Metaverse Space for NFT Rentals

4 days ago
8DAO: Asia’s first Social DAO, using social capital to build a Web3 ecosystem
Crypto

8DAO: Asia’s first Social DAO, using social capital to build a Web3 ecosystem

1 week ago
KCC Opens Validator Election, 100% of the KCC Gas Fee Allocated To Active Validators
Crypto

KCC Opens Validator Election, 100% of the KCC Gas Fee Allocated To Active Validators

2 weeks ago
Crypto

Coinhub AI quantitative trading leads the new wave of crypto, with user data up over 200% in Q2

2 weeks ago

Recent Post

  • RLD.DAO’s ambition: to be a revolutionary presence in the crypto
  • Introducing Lords of The Lands – A Futuristic Metaverse Space for NFT Rentals
  • 8DAO: Asia’s first Social DAO, using social capital to build a Web3 ecosystem
  • KCC Opens Validator Election, 100% of the KCC Gas Fee Allocated To Active Validators
  • Coinhub AI quantitative trading leads the new wave of crypto, with user data up over 200% in Q2
  • Animoca Brands, Leading Blockchain Games Company, Becomes Lead Liberty Gaming Investor
  • MemeKong Setting The Standard For Meme Coins

Categories

  • AI Trading
  • Axia
  • Bitcoin
  • Blockchain
  • Blockchain News
  • Business
  • Crypto
  • Crypto News
  • Cryptocurrency
  • Cryptonews
  • Cryptos
  • Deepcoin
  • Gaming
  • Guest Post
  • ICO
  • Metaverse
  • News
  • NFT
  • Press Release
  • Technology
  • Tezro
  • Token
  • Trading
  • TRADING GUIDES
  • Wallets

Tags

2020 Announces Betting Bitcoin blockchain Brides cannabis Casino Casinos Colorado Content coronavirus Covid19 crypto Cryptocurrency Currency Deal financial foreign Gambling Games Gaming Group Launch Launches live marijuana market Online Partners Partnership Play pot Pragmatic Red reports revenue Simple Slot Slots Solutions Sports Supply unveils William

About

The cryptocurrencyfinancial publishes regular news, analysis and opinion pieces on the latest developments in this fast-moving space. We offer the latest crypto news, expert pricing analysis and insight on the latest ICO's.

Contact Us: [email protected]

  • About
  • Contact Us

Associated with Blockchain Press Media Network

No Result
View All Result
  • Home
  • Blockchain
  • Crypto
  • News
  • Press Release
  • Price Analysis

Associated with Blockchain Press Media Network

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)
    $47,760.000.100% 24H
    BITCOIN
    24H : 0.100%
    Volume : $25,691,746,641.00
    Marketcap : $902,767,395,534.00
  • ethereumEthereum(ETH)
    $3,750.30-0.42% 24H
    ETHEREUM
    24H : -0.42%
    Volume : $15,543,537,817.00
    Marketcap : $446,191,570,291.00
  • binancecoinBinance Coin(BNB)
    $523.71-0.25% 24H
    BINANCE COIN
    24H : -0.25%
    Volume : $1,715,282,504.00
    Marketcap : $88,112,540,019.00
  • tetherTether(USDT)
    $1.0000.050% 24H
    TETHER
    24H : 0.050%
    Volume : $52,703,800,023.00
    Marketcap : $78,519,198,598.00
  • solanaSolana(SOL)
    $175.020.210% 24H
    SOLANA
    24H : 0.210%
    Volume : $1,660,210,957.00
    Marketcap : $54,115,741,275.00