Gambling and Sports Betting News February 27, 2020: Playtech Warns of Coronvirus Impact
Here are today's headlines in the world of gambling and sports betting as they happen - Thursday February 27, 2020.
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Playtech Warns of Coronvirus Impact
Online gambling firm Playtech PLC (LON:PTEC) said that the coronavirus could negatively impact results for 2020, as profits also fell in 2019.
In particular, the company pointed to Italy, a coronvirus hotspot within Europe. Playtech's business had started strong there but warns there could be rough waters ahead.
Casino stocks with more exposure to the land-based market have seen steep declines in their shares over recent weeks. MGM shares were down more than 5% Thursday morning. Las Vegas Sands shares were down nearly 4%. Since February 12 its share price has fallen from 71.13 to 59.99.
Revenues across the yearly period for Playtech totaled €1.51 billion, seeing a 22% increase year on year against a constant currency basis.
The firm said “However, in the last two weeks it has started to see a material impact from changes in normal customer patterns due to COVID-19 which is significantly affecting two of its largest markets. Accordingly, results for 2020 are likely to be below existing market expectations”.
Alan Jackson, Chairman of Playtech, commented:
“2019 was another important year in the development of Playtech. Management has continued to focus on delivering a transformation of the business which started in 2017, designed to secure long term growth and unlock shareholder value.
Our Core B2B Gambling business reported strong growth in 2019. In addition we made further strategic progress by entering newly regulated markets, signing new customers, expanding existing relationships and continuing to innovate with new product launches. Together these are laying the foundations for our future growth. In our B2C Gambling business, Snaitech had a fantastic 2019 and continues to gain market share and reached the number one market share position for online betting and gaming in Italy in H2 2019.
The strength of our diversified business model, focus on cash flows and strong balance sheet has allowed Playtech to announce today further shareholder returns with a new €40 million share buyback programme alongside our final dividend.
Playtech has taken steps to improve its Corporate Governance with two new non-executive directors appointed in 2019 and I will in due course be announcing my successor as Chairman who will lead the Board during the next phase of Playtech’s exciting future.”
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- Aaron Goldstein, Gambling911.com
