Playtech has said that fees it says are owed to the company by Caliplay “remain uncollected” but insisted Caliplay is still a “highly important customer.”
Caliplay, a joint venture between Playtech and Mexico-facing operator Caliente, is still engaged in a long-running legal battle with Playtech.
Caliplay launched legal proceedings against Playtech in October, citing its impact on its regulated business in Mexico.
In March, according to the Evening Standard, Playtech said that €122m in fees from 2023 and 2024 are outstanding.
In an AGM Trading update on Wednesday, Playtech said the fees have still not been returned but said it is maintaining an “open dialogue with Caliplay to discuss a path forward.”
“While the company believes it has visibility over substantially all of the revenue generated by Caliplay's business, and as such, can confirm that Caliplay continues to perform strongly, Playtech has been unable to obtain full financial information from Caliplay during the period,” it added.
“As a result, the revenue generated from the additional B2B services element of the agreement is partly based on an estimation, which takes account of prior trends and information provided.”
Elsewhere in the update, Playtech said a “solid trading performance” from January 1 to April 30 this year was “partly offset by the impact of customer-friendly sporting results.”
The B2B division “performed well,” driven by revenue growth in regulated markets and “benefits from tighter cost control.”
“Growth in regulated markets was led by the Americas with the US and Canada increasing their contribution, albeit from a small base, while Mexico and Colombia continue to perform well,” Playtech said.
“Live continues to take advantage of the market's rapid expansion, delivering solid growth in the period, while Casino is also showing strength.
“The higher-margin, less capital-intensive SaaS business showed continued momentum with strong revenue growth, further launches and new customer signings.”
Snaitech, in the B2C division, “performed well on an underlying basis,” with wagers “showing strength” across both online and retail segments.
“This was achieved despite tough comparatives in 2023, which benefitted from pent-up demand post the football World Cup.
“As has been well-flagged by industry peers, strong volumes have been partly offset by customer-friendly sporting results in Italy. Notwithstanding this, we remain well-positioned to continue to benefit from the structural shift to the higher-margin online business in Italy.”
