Playtech Finalizes HappyBet Sale, Solidifying Full Shift to B2B

Playtech has taken another decisive step in its strategic overhaul by finalizing the sale of its German consumer-facing betting brand, HappyBet, to NetX Betting, a subsidiary of Pferdewetten AG. The deal, announced on Wednesday, brings an end to Playtech’s presence in the B2C space, following the earlier sale of Snaitech to Flutter Entertainment.

This move underscores Playtech’s ongoing transition into a purely business-to-business (B2B) operator. The company, listed on the FTSE 250, initiated the divestiture of HappyBet just two months ago. The brand had already ceased operations in Austria, and a shutdown of its German presence had been on the table if a buyer couldn’t be secured.

Pferdewetten welcomed the acquisition, stating: “The agreement significantly strengthens the market position of Pferdewetten in the stationary sports betting business and marks another milestone on the company’s growth path.”

HappyBet posted an adjusted EBITDA loss of €11.8 million in the 2024 fiscal year, despite a modest 4% revenue increase to €18.9 million. Rising costs contributed significantly to the negative earnings.

The acquisition package includes around 600 pieces of physical equipment, such as point-of-sale systems and betting terminals, which Pferdewetten intends to incorporate into its existing operations. These assets are expected to be integrated into the company’s Sportwetten.de brand through new franchise partnerships.

During a transition phase, Pferdewetten will negotiate with franchisees and obtain necessary approvals from regional German regulators. Assets not absorbed by Pferdewetten will be phased out and ultimately dismantled.

Pierre Hofer, CEO of Pferdewetten, shared the company’s immediate expansion outlook: “We expect a mid-double-digit number of shops to be integrated into our network in the next three months. This corresponds to an expected additional annual turnover […] of around €7 million and a positive EBITDA contribution of over €1 million.”

Playtech’s decision to divest HappyBet is part of its broader initiative to simplify its business model and intensify focus on B2B operations. The centerpiece of this transformation was the €2.3 billion sale of its Italian subsidiary Snaitech to Flutter Entertainment, finalized on April 30.

Playtech highlighted that the sale would return significant value to investors. A special dividend ranging between £1.7 billion and £1.8 billion—equivalent to £4.56 to £4.83 per share—will be paid to shareholders on June 12. Furthermore, €150 million of senior secured notes due in 2026 will be redeemed, improving the company’s financial position.

Company CEO Mor Weizer emphasized the strategic rationale behind the Snaitech deal, describing it as a “compelling opportunity” to deliver maximum shareholder value, even though Snaitech had been a cornerstone of Playtech’s growth trajectory in recent years. HappyBet, integrated into Snaitech in 2021, had previously earned one of Germany’s initial federal sports betting licenses in October 2020.

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As Playtech reinforces its B2B stance, recent business activity reflects steady momentum. The first four months of 2025 saw robust performance in its core B2B segment, notwithstanding regulatory and market hurdles in some regions.

The company’s annual general meeting also marked a transition in leadership, with John Gleasure assuming the role of Chairman, following Brian Mattingley’s tenure.

Playtech’s growth ambitions are evident in its international pursuits, including a push into Ontario through Eyecon and SkillOnNet brands, and the introduction of over 120 UK-facing bingo platforms via ProgressPlay earlier this year.

Meanwhile, market responses to the HappyBet transaction were mixed. Playtech shares dipped 0.93% to 319.50 pence in London trading, whereas Pferdewetten AG’s stock saw a 6.83% uptick, reaching €2.97 on the Frankfurt exchange.

Source:

, igamingbusiness.com, May 28, 2025.