Playtech (LSE: PTEC) recorded a 77% increase in adjusted EBITDA during the first half of 2026, comfortably exceeding analyst expectations as rapid growth in North America boosted its financial performance.

Revenue rose 10% to €425.1 million ($494.6 million), compared with €387 million ($450.2 million) in the same period last year. Adjusted EBITDA climbed to €162.5 million ($189.1 million), up from €91.6 million ($106.6 million).

The B2B division remained the company’s primary revenue driver, generating €394.8 million ($459.3 million), a 14% year-on-year increase. Adjusted B2B EBITDA advanced 75% to €128.1 million.

The adjusted EBITDA margin from operations improved to 30%, compared with 19% a year earlier. Free cash flow also rose substantially, reaching €101 million ($117.5 million) versus €6.6 million in the first half of 2025.

Playtech said the results marked its third financial guidance upgrade in 2026. CEO Mor Weizer described the performance as “significantly ahead of our expectations at the start of the year.”

Hard Rock Digital Drives North American Growth

Weizer highlighted the company’s “outstanding performance” in the United States, attributing much of the progress to its partnership with Hard Rock Digital.

Revenue from the US and Canada increased 161%, or 176% at constant exchange rates. Playtech attributed much of the growth to a new hybrid motor-racing and slot product that has performed particularly well on Hard Rock Bet in Florida.

The product uses results from historical motor-racing events rather than conventional random-number-generator mechanics. Playtech cautioned, however, that this exceptional revenue contribution will “normalise at a more sustainable level” in the second half of the year.

Playtech’s investment in Hard Rock Digital has also appreciated considerably. The company invested approximately €80 million in 2023 in exchange for a low-single-digit ownership stake. By the end of June 2026, that investment was valued at €246.7 million ($287 million).

The supplier has also broadened its presence in regulated US iGaming markets, reaching six states. Its partnerships include launches with Fanatics across multiple states, FanDuel in West Virginia, and Bet365 in Michigan.

Weizer also pointed to “excellent growth” in Latin America, supported by an amended agreement with Caliente Interactive.

Underlying revenue in the region increased 29%, while Playtech received €37.4 million in gross dividends from Caliente Interactive during the first half.

Despite its strong performance, Playtech maintained its full-year 2026 adjusted EBITDA guidance at above €270 million ($314.2 million). The company nevertheless expects second-half EBITDA to be lower than its first-half result.

The anticipated decline reflects the normalization of revenue from Hard Rock Bet, ongoing investment in Brazil, and the full-period effect of increased UK Remote Gaming Duty.

Playtech Links Results to Findings in Evolution Dispute

Alongside its financial results, Playtech used the announcement to address its ongoing legal dispute with Evolution, highlighting details from a report commissioned by Evolution itself.

Known as the Spectrum Report, the document has now been filed in full on the New Jersey court docket. Playtech said Evolution had opposed its public release for several months.

According to Playtech, the report “corroborates fundamental aspects of the Black Cube investigation.”

The company further claimed that Spectrum “identifies significant concerns regarding Evolution’s compliance and monitoring practices.”

Playtech also pointed to the report’s statement that Evolution “did not provide certain data requested by Spectrum to assess other serious allegations.”

Evolution originally commissioned Spectrum to challenge the findings of the controversial Black Cube investigation conducted in 2021. Playtech was identified in October 2025 as the party that had commissioned Black Cube.

Evolution has alleged that the original investigation contained false or misleading accusations that were distributed to regulators, legal representatives, and media organizations with the intention of harming its business.

The competing claims remain part of the broader legal dispute between the two gambling industry companies. Playtech’s account of the Spectrum Report reflects its interpretation of the findings, while Evolution has disputed the allegations arising from the earlier investigation.