Playtech shares boosted as 2020 results seen ahead of expectations

Playtech PLC (LON:PTEC) shares advanced in Tuesday morning’s deals after telling investors that results for 2020 will be ahead of expectations.

“Playtech made significant strategic and operational progress in 2020 despite the impact of the COVID-19 pandemic,” the company said in a statement.

“The company entered the US market, receiving a license and launching with bet365 and Entain in New Jersey, and, in December 2020, receiving regulatory approval to launch in Michigan.”

Playtech highlighted a ‘solid’ financial performance with earnings (adjusted EBITDA) expected at €300mln.

The company added: “Whilst the COVID-19 pandemic continues to pose challenges and the macroeconomic outlook remains highly uncertain, Playtech remains well placed to make further strategic and operational progress in 2021.”

Full-year results will be released on March 11, 2021.