Playtech PLC Changes to Italian Gambling taxation (3599L)

TIDMPTEC

RNS Number : 3599L

Playtech PLC

24 December 2018

Playtech PLC

('Playtech' or the 'Company')

Changes to Italian Gambling taxation

Playtech plc notes that on Sunday 23 December 2018 the Italian Senate passed the government's 2019 budget which includes legislation to increase taxation on various types of gambling activities. The legislation is expected to receive final approvals, including from the Chamber of Deputies, before the end of 2018.

The legislation is scheduled to take effect from 1 January 2019 and Playtech currently estimates that this is expected to reduce its 2019 Adjusted EBITDA by approximately EUR20-25 million before any mitigating actions.

The expected impact from this legislation is in addition to the previously announced impact from the 2018 Dignity Decree.

- ENDS -

For further information please contact:

 
 Playtech plc 
 
  Chris McGinnis, Director of 
  Investor Relations and Strategic 
  Analysis 
 
  James Newman, Director of Corporate 
  Affairs                                  [phone] 
 
 Headland (PR adviser to Playtech) 
 
  Lucy Legh, Stephen Malthouse           [phone] 
 
 

About Playtech

Founded in 1999 and premium listed on the Main Market of the London Stock Exchange, Playtech is a market leader in the gambling and financial trading industries.

Playtech is the gambling industry's leading technology company delivering business intelligence driven gambling software, services, content and platform technology across the industry's most popular product verticals, including, casino, live casino, sports betting, virtual sports, bingo and poker. It is the pioneer of omni-channel gambling technology through its integrated platform technology, Playtech ONE. Playtech ONE delivers data driven marketing expertise, single wallet functionality, CRM and responsible gambling solutions across one single platform across product verticals and across retail and online.

Playtech partners with and invests in the leading brands in regulated and newly regulated markets to deliver its data driven gambling technology across the retail and online value chain. Playtech provides its technology on a B2B basis to the industry's leading retail and online operators, land-based casino groups and government sponsored entities such as lotteries. As of June 2018, through the acquisition of Snaitech, Playtech directly owns and operates the leading sports betting and gaming brand in online and retail in Italy, Snai. Snaitech operates a B2B2C model as a service provider to franchisees in the retail market while operating the leading brand, Snai directly online as a B2C business.

Playtech's Financials Division, named TradeTech Group, is a technology leader in the CFD and financial trading industry and operates both on a B2C and B2B basis.

Playtech has in total c.5,800 employees across 17 countries and is headquartered in the Isle of Man.

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December 24, 2018 02:00 ET (07:00 GMT)