Playtech expects a major Brazilian project to go live in early 2027 after political sensitivity around gambling during the country’s election period delayed its planned market expansion.
Chief executive Mor Weizer outlined the revised timetable during Playtech’s first-half results discussions, saying the supplier had been asked to hold back progress with a prospective Brazilian customer until after the elections. While Weizer did not identify the partner during the call, Playtech previously agreed to supply technology for the betting operations of state-owned bank Caixa Econômica Federal.
The Caixa project has faced repeated delays despite the bank having secured the required Brazilian betting authorisation. Under Brazil’s regulated framework, operators must pay a BRL30 million licence fee, with each authorisation allowing up to three betting brands and remaining valid for five years.
Caixa had initially been preparing to enter Brazil’s newly regulated betting market earlier, but its plans came under growing political scrutiny. In April, the launch was pushed back until at least 2027 following pressure from President Luiz Inácio Lula da Silva over the state-controlled bank’s involvement in gambling.
Election period delays progress
Brazil is approaching its general election, and gambling has become an increasingly sensitive political subject. Weizer said the election environment prompted a request for Playtech and its prospective customer to delay the project rather than continue with a launch during the campaign period.
Despite the postponement, Playtech has not changed its expectations for the opportunity. Management continues to anticipate completing an agreement and moving ahead with a launch around the beginning of 2027.
The project could become an important additional contributor to Playtech’s growth. The company has previously described the Caixa opportunity as potentially one of its most significant commercial prospects in the coming years.
Playtech is already active in Brazil through partnerships with operators and has continued expanding its local infrastructure. Its wider Brazilian strategy includes a São Paulo live casino studio and relationships with companies operating in the country’s regulated market. Playtech said in its 2025 full-year reporting that Brazil generated approximately $9.4 billion in gross gaming revenue during the first year of its national licensing system, which took effect on 1 January 2025.
Brazil could add upside to growth targets
CFO Chris McGinnis indicated that the Brazilian project could strengthen Playtech’s medium-term financial outlook because the opportunity was not explicitly included when the company originally established its growth targets.
Management is expected to reassess those targets alongside Playtech’s full-year results. If the Brazil project progresses as planned, it could therefore be incorporated more directly into future guidance rather than simply forming part of the company’s broader growth assumptions.
The comments came as Playtech reported a strong first half of 2026. Group revenue increased 10% year on year to €425.1 million, while adjusted EBITDA climbed 77% to €162.5 million. B2B adjusted EBITDA accounted for €128.1 million of the total.
North America was a major driver, with revenue from the US and Canada jumping 161% to €56.9 million. Playtech officially published its 2026 half-year results on 10 September.
Evolution dispute remains unresolved
The results discussion also touched on Playtech’s continuing legal dispute connected with Evolution.
Playtech commissioned intelligence company Black Cube to investigate Evolution’s activities, resulting in a report that alleged Evolution content had been available in prohibited and sanctioned markets. Evolution subsequently launched legal action against Black Cube and later identified Playtech Software Limited as one of the parties behind the investigation.
Playtech’s 2025 annual report said Evolution had announced plans to seek Playtech Software Limited’s addition to the lawsuit, although at the time of that report no claim had been served on Playtech or its subsidiaries.
The dispute returned to focus after Spectrum Gaming released a report commissioned by Evolution. Playtech said the findings supported a number of points raised in the earlier Black Cube investigation, but Weizer declined to discuss the litigation further during the results call because of legal and confidentiality restrictions.
For Playtech, the immediate strategic focus remains its expanding B2B operation and the delayed Brazilian opportunity. With the election period currently limiting progress, the company is now positioning early 2027 as the expected window for its next major step in the Brazilian regulated market.