StockMarketWire.com - Gambling company Playtech forecast a drop in annual earnings after the Covid-19 pandemic hit demand.

Adjusted earnings before interest, tax, depreciation and amortisation for the year through December was expected to be at least €300 million, the company said.

Playtech did not provide a comparative figure, though last year it booked adjusted EBITDA of €383.1 million.

Separately, the company said it had sold YoYo Games, part of its discontinued casual and social gaming business, for around $10 million.

Playtech said it continued to be in discussions regarding a possible sale of financials division Finalto.

'Due to the hard work, resilience and commitment of its people, Playtech made significant strategic and operational progress in 2020 despite the impact of the Covid-19 pandemic,' Playtech said.

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

'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,' the company added.




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