1. Zynga for mobile social casino and casual games.

2. The King (maker of Candy Crush) of social casino and other casual mobile games.

• Slotomania: A free-to-play social casino slot game offering a wide variety of virtual slot machines.
• Bingo Blitz: A free-to-play social bingo game that combines classic bingo with diverse rooms and mini-games.
• House of Fun: A free-to-play social casino slot game featuring numerous themed slot machines and daily bonuses.
• Caesars Slots: A free-to-play social casino slot game that replicates the experience of authentic Vegas casino slots.
• World Series of Poker (WSOP): A free-to-play mobile poker game allowing players to compete in Texas Hold'em tournaments and challenges.
• June's Journey: A popular hidden object puzzle game where players uncover clues and solve mysteries in a captivating story.
• Merge Mansion: A casual puzzle game where players merge items to discover new ones, renovate an old mansion, and uncover its secrets.

Playtika (symbol: PLTK) primarily sells to **individuals** who play its various mobile games. The company operates a free-to-play business model, generating revenue primarily through in-app purchases made by players.

Playtika serves the following categories of individual customers:

• Casual Mobile Gamers: These are individuals who download and play Playtika's diverse portfolio of mobile games (e.g., casino-style games like slots and bingo, card games) for entertainment, often engaging in short, frequent play sessions. They form the broad user base for Playtika's titles.
• Social Gamers: This category encompasses players who actively engage with the social features embedded within Playtika's games. This includes connecting with friends, joining clubs or teams, participating in competitive events, and interacting with other players, which drives community and retention.
• In-App Purchasers (or High-Value Players): A critical segment of players who make voluntary purchases within the games. These purchases often include virtual currency, power-ups, cosmetic items, or other benefits designed to enhance their gameplay experience, accelerate progress, or provide competitive advantages. This group is essential for Playtika's revenue generation.

• Apple Inc. (AAPL)
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• Amazon.com Inc. (AMZN)

The key risks to Playtika's (PLTK) business are primarily centered around regulatory challenges, its dependence on third-party platforms, and the potential for declining performance of its core game titles.

1. Regulatory Risks: Playtika faces significant regulatory scrutiny due to its social casino games and the use of "loot boxes," which are randomized selections of digital goods. The company has already reached a $38 million settlement with the Washington State Attorney General for alleged violations of gambling and consumer protection laws. There is ongoing potential for further regulation in various markets, including the EU and other parts of the US, which could impact the monetization and design of their games, thereby negatively affecting revenues. Chinese regulators have also previously denied Playtika access to its A-Share market, reportedly due to concerns about its business being partly considered illegal gambling.
2. Reliance on Third-Party Platforms: A substantial portion of Playtika's revenue is generated through third-party distribution platforms such as the Apple App Store and Google Play Store. These platforms have significant control over distribution terms, including charging considerable fees (around 30% of in-app purchases), and can unilaterally change their policies. Any adverse changes in these platform policies could directly impact Playtika's ability to generate revenue and acquire new users, despite the company's efforts to mitigate this risk by expanding its Direct-to-Consumer (DTC) platforms.
3. Over-reliance on Key Titles and Declining Performance of Legacy Games: Playtika's business model is highly dependent on a small percentage of its total users generating a majority of its revenues, and a significant portion of its revenue comes from a limited number of key titles, such as Slotomania and Bingo Blitz. There are growing concerns about declining user engagement and revenue from these established games. For instance, Slotomania's revenue saw a substantial year-over-year decrease of 46.7% in Q3 2025. The mobile gaming market is highly competitive with low barriers to entry, making it challenging for Playtika to continuously innovate, attract new players, and maintain the monetization of its existing player base, especially as the player base for some older games ages.

Increasing global regulatory scrutiny and potential legislative action targeting in-app purchase mechanics and "dark patterns" in game design. This emerging threat extends beyond existing "loot box" debates, focusing on psychological manipulation and potentially addictive design elements within social casino and casual games, particularly those targeting adult demographics with virtual currencies. Should new regulations mandate changes to monetization strategies, spending limits, disclaimers, or content restrictions, it could directly impact Playtika's revenue generation, user acquisition costs, and game design flexibility across its portfolio.

Playtika (PLTK) operates in the expansive mobile gaming market, primarily focusing on social casino games and a diverse portfolio of casual games. The addressable markets for their main products and services are global.

Global Mobile Gaming Market

The global mobile gaming market was estimated at approximately USD 106.53 billion in 2024 and is projected to reach USD 232.58 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 9.78% during the forecast period. Other estimates place the global mobile gaming market size at USD 139.38 billion in 2024, with a projection to reach USD 256.19 billion by 2030. Another report valued the market at USD 100.08 billion in 2024, with an estimated growth to USD 216.82 billion by 2033.

Global Social Casino Games Market

The global social casino market was valued at approximately USD 7.2 billion in 2024 and is expected to reach USD 20.5 billion by 2033, growing at a CAGR of 11.1% from 2025 to 2033. Another source states the market size as USD 8.69 billion in 2024, projected to grow to USD 13.16 billion in 2029 at a CAGR of 9.2%.

Global Casual Games Market

The global casual game market was valued at approximately USD 54.5 billion in 2023 and is anticipated to grow significantly to USD 139.2 billion by 2033, with a CAGR of 9.8% from 2025 to 2033. The online casual games market, a segment of this, is estimated to be USD 20.57 billion in 2025 and is projected to reach USD 27.73 billion by 2030, with a CAGR of 6.16%. Another report valued the casual game market at USD 19.48 billion in 2023, with a projection to reach USD 26.56 billion by 2030.

Playtika (PLTK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions and Integration of High-Growth Titles: Playtika's acquisition strategy, particularly the integration of SuperPlay, is a significant driver. The SuperPlay portfolio, including successful titles like "Disney Solitaire," "Dice Dreams," and "Domino Dreams," is contributing to exceptional growth and expanding Playtika's presence in the casual games market. "Disney Solitaire" has scaled faster than any other title in Playtika's history, tracking at an impressive annualized run rate exceeding $200 million.

2. Expansion of Direct-to-Consumer (D2C) Platforms: The company is actively focusing on and expanding its D2C segment, which has shown strong performance. D2C revenue increased by 20% year-over-year in Q3 2025 and comprised 31% of total revenue, with a strategic target to reach 40% within the next two years. This expansion aims to reduce reliance on third-party platforms and enhance monetization capabilities.

3. Launch of New Games and Content: Playtika plans to launch new titles, such as "Jackpot Tour" and another Disney-themed game in Q4 2025, to diversify its portfolio and attract new users. Additionally, the company is committed to introducing new content and strategic realignments for its existing successful games like Bingo Blitz and Solitaire Grand Harvest, and even working to stabilize titles like Slotomania.

4. Leveraging AI for Personalization and Operational Efficiency: Investments in AI initiatives are aimed at enhancing personalization within games and improving overall operational efficiency. While primarily focused on efficiency and cost management, better personalization can lead to increased player engagement, improved monetization, and ultimately, revenue growth.

Share Repurchases

• Playtika authorized a $150 million share repurchase program on May 9, 2024.
• The program is intended to offset the dilutive effects of equity awards granted to the company's directors, officers, and employees.
• Between October 1, 2024, and December 31, 2024, the company repurchased 110 shares for approximately $0.000773 million.

Share Issuance

• Additional paid-in capital increased by approximately $97.8 million, from $1,264.9 million at December 31, 2023, to $1,362.7 million at December 31, 2024, reflecting share issuances.
• The company issues new shares upon the exercise of stock options.

Outbound Investments

• Playtika acquired SuperPlay, with the acquisition closing in November 2024, as part of its growth strategy.
• The company acquired G.S InnPlay Labs Ltd. on September 14, 2023.
• Playtika made a small number of minority investments in early-stage, high-growth potential game developers during 2022, 2023, and 2024.

Capital Expenditures

• Expected capital expenditures for fiscal year 2025 are $95 million.
• For fiscal year 2024, capital expenditures were initially projected between $110 million and $115 million, later revised to $90 million.
• These investments are primarily focused on newly acquired studios in their early stages and integration activities, aiming to drive renewed EBITDA growth starting in 2026.