Playtech has launched an operational review of its white label Sun Bingo business in the UK, CFO Chris McGinnis told analysts during the supplier’s FY2025 earnings call this morning.
McGinnis said the business is not expected to be profitable once the incoming 40% remote gaming duty comes into force in the UK in April.
Discussing the process further, McGinnis said he believed there was a place for Sun Bingo at Playtech in the long term, as the business does have more B2B than B2C characteristics, despite being customer-facing.
Playtech replaced Gamesys as Sun Bingo’s supplier in 2015. Sun Bingo and other B2C operations were impacted by enhanced regulatory requirements in the UK, the supplier reported in its Q2’25 earnings. These changes contributed to a 17% decline in revenue and a reduction in adjusted EBITDA, at the time.
B2C revenue for Playtech declined 20% year-on-year in 2025 to €78.5 million, although this was largely due to it offloading the German Happybet business.
The supplier was much more bullish on opportunities in Brazil and further afield in LatAm, despite facing some headwinds in the region in 2025 due to Colombia’s short-lived VAT on bets and Brazil’s transition to regulation in early 2025.
Playtech bullish on Brazil Caixa bank opportunity
CEO Mor Weizer was hugely optimistic about the possibility of Brazilian state-owned bank Caixa Economica Federal partnering with Playtech to launch its betting brand in Brazil. It secured the tender to provide its platform in 2025, but Caixa’s planned launch was delayed in November, due to political pressure in the country.
Senator Damaras Alves launched a scathing attack on Caixa in October, describing its plans as a “contradictory, dangerous and profoundly irresponsible move”.
While its plans remain paused indefinitely, there could be hope for Caixa’s betting ambitions as Brazil heads to the polls for a general election in October.
Speaking on the contract, Weizer said he didn’t want to get ahead of himself but the Caixa tender could be “one of the most significant opportunities for Playtech for the coming years”.
He said: “This is one of the largest banks in a country with 150 million adults; it has 140 million registered customers. [And] the access to the market and popularity of the brand is unparalleled.”
Weizer believes Caixa’s betting product could easily become the standout in Brazil.
Discussing Brazil further, the Playtech execs said the market would require further capex in the year to come.
The Americas region performed particularly well for Playtech during 2025, due to strong contribution from the US (revenue up approximately 100%) and its revised deal with Caliente in Mexico.
Playtech expects an uptick in the region in 2026 from the World Cup tournament, which is in part being hosted in Mexico, where Caliente is based.
Playtech revenue dipped 10% in 2025
Group revenue in 2025 was down 10% on the previous year to €763.6 million, while EBITDA also dropped 9% to €197 million.
B2B revenue declined 9% year-on-year to €688.3 million, while adjusted EBITDA declined 36% to €141.4 million. This was as expected, Playtech said, due to the impact of the new Caliente Interactive agreement.
The group expects to deliver FY26 ahead of current consensus expectations, despite tax headwinds across several markets.
Nicole Macedo
Nicole cut her teeth in local news rooms at home in Gibraltar, and helped to establish the peninsula’s first online-only broadcaster.
Original article: https://igamingbusiness.com/finance/full-year-results/playtech-fy25-sun-bingo-review-caixa-brazil/
