Leading software provider to the gaming industry Playtech is embroiled in a money dispute with one of its main clients, the well-known Mexican gaming site Caliplay.
According to Playtech, Caliplay has declined to pay a significant amount of money that includes accumulated fees from 2023 to 2024, amounting to €122 million ($131 million). Caliplay is trying to break its contractual relationship with Playtech as a result of this disagreement, which has turned into a legal dispute between the two parties. The Evening Standard said that despite the impending storm, Playtech is unwavering in its quest of justice and is relying on judicial intervention.
Impact on Playtech’s Financial Landscape
The ramifications of Caliplay’s non-payment have left a notable imprint on Playtech’s financial records. Despite the setback, Playtech’s fiscal year 2023 witnessed a remarkable upswing in profits, soaring to €235.8 million ($253 million). This robust financial performance encompasses the outstanding dues from Caliplay, underscoring Playtech’s steadfast belief in eventual reimbursement.
Furthermore, Playtech divulged a revenue tally of €1.7 billion ($1.84 billion), marking a noteworthy 7% surge from the previous year. Simultaneously, the company’s EBITDA climbed to €406.5 million ($440.3 million), denoting a commendable 12% upsurge.
Mor Weizer, the CEO of Playtech, exudes unwavering confidence in the company’s ability to weather the storm. He affirms the organization’s resilience in the face of adversity, expressing confidence in their strategic prowess and their unwavering commitment to creating value for shareholders.
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