Playtech (LSE: PTEC), a provider of online gaming and sports betting software, has announced its financial results for the first six months of the year for its operations, including the performance of TradeTech Group.

Across the first half of this year, TradeTech Group, the financial division of Playtech, achieved a solid performance. This was driven by heightened levels of market volatility, which resulted in higher trading volumes across the majority of the six month period.

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In particular, in H1 of 2020, TradeTech’s revenues came in at €87.3 million. When measuring this against the first half of 2019, revenues have more than doubled, increasing by 123 per cent.

Additionally, adjusted EBITDA saw a significant uptick, increasing by 544 per cent from the €8.2 million figure posted in the first six months of last year, to reach €52.8 million for the first half of 2020.

Commenting on the Group’s performance, Mor Weizer, the CEO of Playtech, said in the statement: “The attitude of our people coupled with the resilience and diversification of our technology-led business model has delivered a strong first-half performance during an extremely challenging period for the industry. 

“These strengths, combined with early decisive action to focus on the safety of our employees and protect the Group’s cash flow, has placed us in a strong position to benefit from the recovery and to capture the exciting market opportunity in the U.S. and Latin America…”

Tradetech Acquisition

As Finance Magnates reported, Playtech confirmed in August that it is exploring a potential sale of its trading technology division TradeTech. Specifically, it is engaged in talks with ‘a number of parties’ that are interested to acquire TradeTech’s operations, which provides spread-betting services to businesses and consumers.

Following on from this, Israeli news agency Calcalist reported that Bank Leumi (TASE: LUMI) joined forces with two Israeli insurance companies to take part in negotiations to acquire Playtech’s trading technology division, TradeTech.