Playtech (LSE: PTEC) announced a 77% increase in adjusted EBITDA for the first half of 2026, driven by strong growth in North America that surpassed analysts’ expectations.

Revenue rose to €425.1 million ($494.6 million), a 10% increase from €387 million ($450.2 million) the previous year. Adjusted EBITDA reached €162.5 million ($189.1 million), up from €91.6 million ($106.6 million).

The majority of the revenue came from the B2B sector, which saw a 14% increase to €394.8 million ($459.3 million), while adjusted B2B EBITDA rose by 75% to €128.1 million.

The adjusted EBITDA margin from operations also increased to 30% from 19%, with free cash flow surging to €101 million ($117.5 million) compared to €6.6 million in the first half of 2025.

Playtech noted that these results mark its third upgrade in 2026, with CEO Mor Weizer acknowledging that the first half of the year exceeded expectations.

Hard Rock Digital Drives Growth in North America

Weizer highlighted the exceptional performance in the US, attributed to Playtech’s partnership with Hard Rock Digital.

Revenue in the US and Canada increased by 161%, or 176% at constant currency. The surge was mainly driven by a new motor racing and slot hybrid product that saw strong performance with Hard Rock Bet in Florida.

Unlike random number generator mechanics, this product uses historical motor-racing event outcomes. Playtech mentioned that the substantial boost from this product will taper off to a more sustainable level in the second half of the year.

Furthermore, Playtech’s investment in Hard Rock Digital saw a significant increase in value, with the initial €80 million stake in 2023 now valued at €246.7 million ($287 million) as of June.

The company also expanded its presence in regulated iGaming to six US states, launching with Fanatics across various states, FanDuel in West Virginia, and Bet365 in Michigan.

Weizer also highlighted the strong growth in Latin America, aided by an updated agreement with Caliente Interactive.

Revenue in Latin America grew by 29% at its core, with Playtech receiving €37.4 million in gross dividends from Caliente Interactive in the first half.

Playtech maintained its adjusted EBITDA guidance for 2026 above €270 million ($314.2 million), although it expects second-half EBITDA to be lower than the first half due to normalization of Hard Rock Bet revenue, continued investment in Brazil, and higher UK Remote Gaming Duty impact.

Playtech Highlights Report Supporting Black Cube Findings

Playtech utilized its first half results to address its ongoing legal dispute with Evolution, showcasing new information from a report commissioned by Evolution itself.

The Spectrum Report has now been fully filed on the New Jersey court docket after months of Evolution resisting public disclosure, according to Playtech.

Playtech emphasized the importance of the report in corroborating key aspects of the Black Cube investigation and identifying significant compliance and monitoring issues within Evolution’s practices.

Furthermore, Playtech noted that Evolution did not provide certain data requested by Spectrum to evaluate additional allegations.

Evolution commissioned Spectrum to counter the contentious 2021 Black Cube investigation, where Playtech was eventually revealed as the commissioning party in October 2025.

Evolution asserts that the initial report contained false or misleading claims distributed to regulators, legal professionals, and the media in an attempt to harm its operations.