(AsiaGameHub) –   Playtech has initiated a strategic review of its UK-based white label Sun Bingo operation, Chief Financial Officer Chris McGinnis informed analysts on the company’s full-year 2025 earnings call.

McGinnis stated the business is projected to become unprofitable once the new 40% remote gaming duty takes effect in the UK this April.

Elaborating on the review, McGinnis expressed a long-term belief in Sun Bingo’s place within Playtech, noting that while it is customer-facing, the operation exhibits more business-to-business than business-to-consumer traits.

Playtech took over from Gamesys as the supplier for Sun Bingo in 2015. The company reported in its second-quarter 2025 results that Sun Bingo and other B2C activities were affected by stricter UK regulations. These regulatory shifts were a factor in a 17% revenue drop and lower adjusted EBITDA at that time.

Playtech’s overall B2C revenue fell 20% year-on-year in 2025 to €78.5 million, a decrease primarily attributed to the divestment of its German Happybet operation.

The supplier expressed significantly greater optimism for prospects in Brazil and the wider Latin American region, even after encountering challenges there in 2025 from Colombia’s temporary betting VAT and Brazil’s move to a regulated market early in the year.

Playtech bullish on Brazil Caixa bank opportunity

Chief Executive Mor Weizer showed strong enthusiasm for a potential partnership with Brazil’s state-owned Caixa Economica Federal bank to introduce a betting brand. Playtech won the tender to supply its platform in 2025, but Caixa’s intended launch was postponed in November following political pressure within Brazil.

Senator Damaras Alves strongly criticized Caixa in October, calling its plans a “contradictory, dangerous and profoundly irresponsible move”.

Although the initiative remains on hold for now, Caixa’s betting aspirations may find new life as Brazil approaches a general election in October.

Commenting on the deal, Weizer cautioned against over-optimism but suggested the Caixa tender might represent “one of the most significant opportunities for Playtech for the coming years”.

He stated: “This is one of the largest banks in a country with 150 million adults; it has 140 million registered customers. The market access and brand recognition are unmatched.”

Weizer is confident that a Caixa betting product has the potential to quickly become the market leader in Brazil.

On broader Brazilian operations, Playtech executives indicated the market will need additional capital expenditure in the upcoming year.

The Americas region was a notable performer for Playtech in 2025, driven by robust growth in the US (revenue increased around 100%) and an updated agreement with Caliente in Mexico.

Playtech anticipates a further boost in the region during 2026 from the World Cup, which will be partially hosted in Mexico, Caliente’s home base.

Playtech revenue dipped 10% in 2025

The group’s total revenue for 2025 decreased by 10% from the prior year to €763.6 million, with EBITDA also falling 9% to €197 million.

B2B revenue was down 9% year-on-year to €688.3 million, while adjusted EBITDA declined 36% to €141.4 million. Playtech said this was anticipated, resulting from the impact of the new Caliente Interactive contract.

Despite facing increased taxation in several markets, the group forecasts its full-year 2026 performance will exceed current market expectations.