technology driven
diversified
growing
playtech plc 
annual report and accounts
for the year ended 31st december 2014
playtech plc annual report and accounts 2014 playtech plc annual report and accounts 2014
playtech is the world’s largest online gambling software and services 
supplier traded on the london stock exchange offering cuttingedge 
valueadded solutions to the industry’s leading operators playtech’s 
approach has been centred on the continual development of bestofbreed 
gambling products content and services built upon strong partnerships 
with our licensees
playtech has the most comprehensive product suite in the market fully 
integrated into a broad crossplatform offering our stateoftheart 
information management solution ims enables players to gamble online 
on mobile and on retail serverbased gambling terminals through a single 
account and wallet
the products services and distribution channels offered establish playtech 
as the ultimate onestop shop for operators in regulated markets and 
its pioneering attitude toward regulating markets plays a key role in its 
continued success
playtech’s licensees include established online operators sportsbooks and 
entertainment brands looking to upgrade or diversify their offering including 
bet365 betfair caliente gala coral ladbrokes paddy power sisal sky 
snai titan william hill and winner contents
strategic report
01 highlights of the year
02 about us
08 competitive landscape
09 trends
10 chairman’s statement
11 chief executive’s review
15 business model
16 our marketplace
18 our strategy
20 financial review
25 managing risks
28 our sustainability
governance
32  board of directors
34  chairman’s introduction to governance
35  directors’ governance report
43  audit committee report
46  remuneration report – annual statement
47  remuneration policy report
53  annual report on remuneration
60  directors’ report
financial statements
67  independent auditor’s report
73  consolidated statement of 
comprehensive income
74  consolidated statement of changes in equity
75 consolidated balance sheet
76 consolidated statement of cash flows
78 notes to the financial statements
110  company balance sheet
111  company statement of changes in equity
112  company statement of cash flows
113  notes to the parent company 
financial statements
116 fiveyear financial summary
playtech plc annual report and accounts 2014 01
highlights of the year
•  ladbrokes live spain 
and belgium including 
sports as well as denmark
• gala interactive in sweden
• mobile poker in france
•  innovative live offerings  
for skybet and ray
• launch of new bit solution
•  post year end acquired yoyo games limited in line with 
the casual games strategy
financial highlights
revenue
€457 0m 2013 €3672m 24
adjusted ebitda
€207 1m 2013 €1594m 30
adjusted net profit attributable to owners of parent
€1908m 2013 €1483m 29
adjusted basic eps 
650 € cents 2013 507 € cents 28
cash balances at year end 
€6923m 2013 €5274m 
t otal ordinary dividend per share
264 € cents 2013 232 € cents 
operational highlights
• completion of ladbrokes’ migration to playtech’s full product 
suite and ims infrastructure
• industryfirst roll out of a unique single login omnichannel 
solution to coral betting shops
• signed agreement with holland casino for the provision of 
casino live bingo and poker ahead of forthcoming regulations 
in the netherlands following a competitive tender
• structured agreements signed and launched with caliente 
in mexico and rcs media in italy and a turnkey solution for 
trinity mirror in the uk
• acquisition of aristocrat lotteries “aristocrat” creating the 
world’s largest vlt software business
• acquired a 333 stake in bgo gaining access to a game 
design studio enabling the creation of new content for 
playtech’s software platform 
a number of significant launches including
 adjusted numbers are calculated after adding back 
certain noncash charges cash expenses related 
to professional costs on acquisitions gains on sale 
of investments share of profit from who in 2013 
noncash accrued interest in respect of the convertible 
bond and certain oneoff charges see reconciliation in 
the financial review starting on page 20
 final dividend of 175 € cents is subject to shareholder 
approval at the forthcoming annual general meeting  playtech plc annual report and accounts 2014 02
about us
playtech offers the only true endtoend omnichannel gambling software 
solution whereby players can access all products in all formats on all 
platforms across all channels integrating retail web and mobile channels 
for the first time in the industry such players are proven to spend over 
two times more than other online players
technology driven
playtech is  number of customers 
signed up to coral connect 
in 2014
playtech plc annual report and accounts 2014 03
technology driven
playtech offers unique 
cuttingedge data
driven technology to 
take gambling to the 
next level
playtech is a highly innovative supplier 
and has developed next generation 
business intelligence technology bit 
for its forwardthinking licensees 
harnessing the power of data 
playtech’s highly sophisticated 
bit package allows operators to 
immediately differentiate and optimise 
their offerings personalise the user 
experience and significantly boost their 
acquisition and retention rates and 
overall revenues – all via automated 
processes in realtime
1 60000
players are over twice 
as valuable and cheaper 
to recruit
playtech’s global team of 
developers are rapidly able 
to identify and adapt our 
software and content to 
any device including new 
and emerging wearable 
technology such as the new 
range of smart watches 
that we have enabled to 
include our mobile sports 
betting product playtech has the most comprehensive product suite 
in the market offered through all distribution channels 
to its more than 120 licensees including many of the 
world’s most successful bluechip online operators
expanding our  
global footprint
playtech supports its licensees and 
is able to expand as they diversify 
their businesses geographically for 
example supporting ladbrokes as it 
moved to spain belgium and denmark 
as markets regulate there are further 
opportunities for playtech to sign up 
local operators as they seek to move 
their businesses online as it did with 
holland casino in 2014
increasing licensee 
product penetration
playtech does not supply all of its 
licensees with every product vertical 
there are substantial opportunities 
therefore to increase the number of 
products each licensee takes progress 
was made during the year for example 
launching live casino offerings for 
skybet and ray
playtech plc annual report and accounts 2014 04
about us continued
playtech is 
diversified playtech plc annual report and accounts 2014 05
revenue by geography
europe
57
asia
35
rest of world
8 the global online gambling market is estimated to 
have grown at a compound 86 per year over the 
past five years over that same timeframe playtech’s 
revenues have increased at a compound annual 
growth rate of 318
playtech plc annual report and accounts 2014 06
about us continued
growing
playtech is 
 source h2 gambling capital 2009 €201 billion 2014 €304 billion increasing our share  
of the market
during 2014 playtech achieved 
organic revenue growth of 20 
plus a further 4 derived from 
acquisitions playtech’s growth is 
achieved through the provision of 
an expanding portfolio of market
leading software and innovative new 
technology that continue to drive its 
licensees’ operations this is bolstered 
by the ability to sign up additional new 
licensees and to crosssell existing 
licensees with additional product or 
to support them in new markets
uniquely playtech can offer as a 
turnkey solution or as part of a 
structured agreement or joint venture 
valuecreating services including 
affiliate management media buying 
crm vip management and other 
operational services all designed to 
leverage the marketleading tools 
delivered by playtech’s ims platform
playtech also has an outstanding 
acquisition track record investing 
in new technology exciting content 
and new products companies have 
mostly been acquired on an earnout 
basis enabling playtech to leverage 
its existing business and licensee base 
to create strong synergies playtech 
is focused on making further similar 
bolton acquisitions given the group’s 
ability to generate cash and strength 
of its balance sheet following the sale 
of its stake in william hill online and 
convertible bond issue the board is 
seeking strategic ma opportunities 
to take the business to the next level
revenue derived from playtech’s mobile channel 
increased 64 in 2014 yet it remains immature 
with significant opportunity for future growth
playtech plc annual report and accounts 2014 07
revenue growth rate between 
2009–2014
318 fiveyear cagr playtech plc annual report and accounts 2014 08
competitive landscape
the single most realistic alternative to outsourcing to 
playtech is for operators to utilise their own proprietary 
platform together with proprietary and third party software 
which while currently accounting for around 30 of the total 
online gambling market playtech management believe is an 
increasingly unsustainable model
playtech enjoys significant scale advantages by being able 
to leverage operating and development costs of more than 
120 licensees including the top 10 european and uk online 
gambling operators the company’ s strategy is to offer all 
product verticals via all distribution channels on an integrated 
platform that offers a single wallet and signon playtech is 
also the only supplier that can offer sophisticated marketing 
and operational services to drive player acquisition and 
retention via a modular range of flexible approaches from 
a full turnkey solution to equity joint ventures or structured 
agreements this enables operators to offer their players a 
true omnichannel approach across landbaseddigitalmobile 
channels providing the ultimate player experience
there are only a limited number of other b2b software 
suppliers that offer a platform solution these include 
microgaming gameaccount and gtech g2 none of which 
have the breadth or depth of playtech’ s offering 
most b2b software suppliers offer content across a limited 
number of product verticals including openbet net 
entertainment blueprint gaming nextgen gaming konami 
ainsworth and evolution gaming 
recognising that the majority of playtech’ s licensees have 
migrated to playtech from another supplier playtech enables 
third parties to supply game content through its gts and 
vf open platforms thus allowing operators to continue to 
offer their most popular games and derive the benefits of 
playtech’ s ims platform
consolidation
for a number of years there has been consolidation 
amongst suppliers as older technology is bought up and 
companies merge for strategic or tactical reasons 2014 saw 
unprecedented levels of corporate activity including the 
purchase of the rational group by amaya gt ech acquiring 
igt  scientific games acquiring bally t echnologies in 2014 
playtech acquired unilogic psiclone and the aristocrat 
lottery business management is considering further 
corporate activity 
barriers to entry 
scale
the faster growth and increased scale of playtech has 
enabled the development of a superior platform more 
relevant software and more products than other suppliers – 
providing defensive moats around the business new b2b 
operators or licensees are not able to undertake significant 
product development as they lack economies of scale  
this is even more apparent in new channels coming to 
market such as mobile or new products such as virtual 
racing games such as bingo or poker rely on liquidity to 
satisfy player demand networked casino games can also 
provide significant jackpot opportunities
t echnology
the playtech operating system is agnostic allowing upgrades 
and new features to be rolled out to every operator from a 
single platform allowing all operators the benefit of a more 
advanced offering playtech’ s rd costs vary from year 
to year but are typically around 17 of overall software 
revenue this development cost is shared across the licensee 
base and the revenue share model offered by playtech is 
cost effective when compared to selfdevelopment and 
allows licensees to remain at the cutting edge of the market 
operators also benefit from product development through 
twoway feedback with playtech
experience
as playtech’ s scale has increased over the 15 years since 
its incorporation its knowledge expertise and offering in all 
markets have enabled operators to grow their businesses 
and to diversify into new markets more quickly 
liquidity 
playtech offers greater liquidity in the bingo and poker 
markets and can provide high progressive jackpots for 
casino players
other barriers to entry are playtech’ s expertise in the 
services environment marketing hosting and affiliates and 
increasingly longerterm supply contracts and established 
relationships with licensees  playtech plc annual report and accounts 2014 09
trends
mobile
the number of mobile devices in use grows every day and 
increasing numbers of players are choosing mobile sports 
betting and gaming for the convenience it brings 
playtech launched its mobile sport offering in 2012 and it 
rapidly grew to become market leader in the uk europe 
and many other markets
also in 2012 playtech launched the mobile hub a 
customisable open framework designed to integrate content 
and provide players with a seamless user experience on 
mobile devices players get access to the operator’ s full 
offering on their smartphones or tablets through a branded 
and unified interface it can also be managed via a centralised 
management system
with over 350 mobile developers playtech is at the 
forefront of mobile development in 2014 only 11 of 
revenue was generated by mobile presenting a major future 
growth opportunity
it is forecast that mobile interactive gambling will grow at 
387 in 2015 with fouryear cagr forecast to be 247
convergence of online and landbased
a significant industry trend is the growing convergence of 
landbased and online market segments this is principally 
as a result of many new entrants in regulated online markets 
being existing landbased gaming betting and lottery 
operators who already have a substantial local presence 
wellrecognised brands and existing player databases and 
are familiar with the local regulatory environment
historically separate in their philosophy and systems there 
has been a fundamental shift in both segments towards 
common techniques for player attraction and retention such 
as vip levels and loyalty schemes operators are becoming 
more aware of the importance of player retention and of 
incentivising the player on an individual basis regardless of 
channel the retention of players and the ability to cross
sell them on to other products provides an opportunity for 
operators but also presents substantial technical challenges 
for them 
playtech has focused much of its recent development 
efforts on ensuring that it is able to deliver functionality player 
management and content across the full range of distribution 
channels and to capitalise on this trend of convergence 
it has proactively developed the most sophisticated of 
serverbased gaming systems unique capabilities in tv and 
broadcast and cuttingedge mobile and online products 
all managed by a single operator platform with a single player 
wallet across all formats
the gaming industry is undergoing fundamental and 
structural change and playtech is determined to remain 
a market leader in providing technology and services 
to the broadest range of participants with a focus on 
regulated business alan jackson chairman
“playtech has continued to deliver exceptional 
performance by focusing on consolidating its 
position as the world’s leading software and 
services provider to the online gambling 
industry by expanding its licensee 
relationships creating innovative new 
content enhancing its products and 
deepening its customer focus the business 
has continued to thrive”
playtech plc annual report and accounts 2014 10
chairman’s statement
for the year ended 31 december 2014 playtech again 
achieved an exceptional performance with total revenues up 
24 to €4570 million and adjusted ebitda increasing 30 
to €2071 million demonstrating further progress in executing 
our proven strategy
the group continues to be highly cash generative driving 
progress through strong organic growth successful 
acquisitions strategic partnerships and joint ventures as 
demonstrated throughout this year playtech’ s impressive 
results have been achieved through the continued growth 
of its flagship casino product ptts services division strong 
growth in sport as well as expansion of our mobile and 
landbased offerings it is also pleasing to see a progressive 
improvement in the proportion of revenues generated from 
regulated markets the industry is in the midst of a transition 
towards regulation and the group is ideally placed to continue 
taking advantage of this trend
in order to better position the business for future opportunities 
the group successfully issued a convertible bond in 
november which was oversubscribed the board remains 
focused on the most effective use of the group’ s cash 
resources including the potential for further strategic activity 
the focus here remains that of growing playtech’ s presence 
in regulated and soontobe regulated markets via bolton or 
more strategic acquisitions and partnerships 
governance
playtech is committed to the highest levels of corporate 
governance and has strengthened its regulatory and internal 
audit teams with senior management appointments while 
appointing hilary stewartjones as deputy chairman at the 
beginning of december
dividend
in line with the company’ s dividend policy of distributing 40 
of adjusted net profit the board has recommended a final 
dividend of 175 € cents per share giving a total ordinary 
dividend of 264 € cents per share for 2014 2013 232 € 
cents per share an increase of 138
subject to shareholder approval of the final dividend at 
the annual general meeting to be held on 20 may 2015 
the dividend will be payable on 5 june 2015 to those 
shareholders on the company’ s register as at the record date 
of 8 may 2015 the exdividend date is 7 may 2015
for any shareholders who elect to receive their dividends in 
sterling the conversion exchange rate from euros into sterling 
will be set on 8 may 2015 and election forms should be 
returned to the company’ s registrars by 15 may 2015
outlook
in summary this is another very strong financial performance 
by the group which continues to deliver on its strategy and 
marketleading offering supported by a strong balance sheet 
the board continues to evaluate the potential for further 
valueenhancing acquisitions joint ventures and partnerships 
focusing on regulated markets evaluating these against the 
possibility of a return of capital to shareholders playtech has 
a proven ability of generating value through successful 
acquisitions and management is confident that this 
will continue
while there are anticipated changes in our markets 
playtech’ s diversity and position within a global growing 
industry gives the board confidence of the group’ s prospects 
both in 2015 and beyond
alan jackson 
chairman
26 february 2015 mor weizer chief executive officer
“the group introduced and deployed a true 
omnichannel solution all products in all 
formats on all platforms across all channels 
integrating retail web and mobile channels 
for the first time in the industry”
playtech plc annual report and accounts 2014 11
chief executive’s review
overview
in 2014 playtech continued to make excellent operational 
progress in key areas such as casino sport mobile land
based and services additionally the group introduced and 
deployed a true omnichannel solution all products in all 
formats on all platforms across all channels integrating retail 
web and mobile channels for the first time in the industry 
this approach is an evolution of the multichannel offering 
that enables customers to deliver a seamless consumer 
experience through all available distribution channels including 
computers mobile internet devices and bricksandmortar 
the board strongly believes this approach will become the 
standard for retail and online operators alike
the group’ s first deployment of its new omnichannel 
solution for coral exemplifies its offer to licensees delivering 
a single customer login and the ultimate customer journey 
across retail web and mobile additionally it maximises 
profitability through full visibility across all delivery channels 
and an enhanced customer experience
in line with its strategy playtech continued to diversify its 
business by supporting its licensees as they expand into 
new markets extending into additional regulated and soon
tobe regulated markets with new and existing licensees 
signing additional structured agreements with licensees 
that have great future potential and extended into a new 
vertical – casual gaming – by establishing plamee a games 
development studio 
playtech’ s mobile strategy places portable devices at 
the heart of the company’ s research and development 
activities given mobile is rapidly becoming the natural choice 
for players mobile revenues continued to grow strongly 
reflecting playtech’ s investment in mobile technology which 
coincides with players embracing the greater convenience of 
mobile gambling
as management has stated previously the ability to offer 
a comprehensive sportsbook has long been a significant 
milestone in unlocking additional growth opportunities 
with new and existing licensees having delivered a highly 
competitive sport offering integrated with the ims the 
group has seen revenues from this vertical of the business 
grow substantially and it has been instrumental to winning 
high profile new structured agreements in mexico and italy 
sport remains a catalyst for playtech’ s future success 
regulated markets
playtech continued to improve future regulated markets 
revenue starting the year by signing holland casino in 
preparation for regulation of the dutch market in addition 
the group completed the migration of ladbrokes onto 
its platform whilst also expanding ladbrokes into spain 
belgium and denmark bet365 extended its activities with 
playtech in italy the group launched skybet with casino and 
live and also provided live to ray  additionally playtech 
signed a turnkey solution agreement with trinity mirror and 
significant structured agreements with caliente and rcs 
media for the mexican and italian markets respectively
regulated regulating and soontobe regulated markets 
continue to present significant opportunities for revenue 
growth and playtech is ideally positioned to benefit from 
global market trends and specifically developments in 
europe africa and asia the board continues to believe 
that its strategic commitment to and proven track record 
in regulated markets makes playtech the natural choice for 
operators in regulated and soontobe regulated markets 
in 2014 regulated markets represented 36 of revenue 
2013 35 and grew faster growth than dotcom activities 
while playtech made significant progress in regulated 
markets dotcom operators remain an important part of the 
group’ s future progress as those markets continue to grow 
and move toward regulation  playtech plc annual report and accounts 2014 12
chief executive’s review continued
strategic update
playtech’ s longterm strategy of organic growth and 
developing new business opportunities and joint ventures 
supported by targeted acquisitions has for many years driven 
the company’ s performance benefitting from the significant 
opportunities in the global gambling industry in 2014 this 
strategy continued to drive growth with playtech winning 
substantial new business from new and existing licensees 
in addition to strong likeforlike growth 
management continues to focus on accelerating this growth 
using the company’ s significant cash resources and cash 
flow to identify and secure strategic opportunities that can 
drive additional growth and create shareholder value
playtech continued to invest in its marketleading offering 
both organically and via a number of smaller strategic 
acquisitions to bolster its flagship casino sport and retail 
offerings in acquiring the aristocrat business in september 
playtech became the world’ s largest supplier of vlt software 
and will look to create further opportunities by investing 
in new and emerging product verticals that will create the 
foundations for future growth 
our unique omnichannel solution combined with our leading 
sport offering is attracting much attention from new and 
existing operators who are keen to adopt this marketleading 
technology it will enable them to extend their operations 
beyond retail to online as markets regulate across different 
continents significantly enhancing the service they provide 
customers by enhancing the customer journey and meeting 
changing regulatory demands while bestofbreed products 
are important ingredients of this solution we now take a 
holistic view that extends beyond channels platforms or 
products focusing on delivering an offering that will create 
the ultimate player journey as part of this development 
playtech rolled out its landmark bit solution a package 
of cuttingedge datadriven performanceenhancing tools 
which combine and boost the power of the ims platform 
this flexible tool set consists of playtech optimiser game 
adviser playtech analytics bi reporting and smart installer 
it enables new levels of insight and personalisation of the 
entire player lifecycle from preacquisition through to all player 
activities consequently operators now have greater player 
intelligence and increased control over their activities
early in 2014 playtech established plamee a new casual 
games development studio with the intention of penetrating 
the lucrative and rapidly growing casual gaming market 
the studio’ s first game rolled out early in 2015 and is now 
available on different social networks including facebook 
and mailru additional games are expected to be rolled out 
later in 2015 the new initiative is the first element of our 
unique threepronged strategy that includes internal casual 
games development capabilities casual games development 
platforms and technology as well as publishing and online 
marketing capabilities supporting marketing of both internally 
developed and thirdparty games 
casino
playtech’ s flagship casino product was a key driver of 
growth throughout the year with revenue increasing 29 
and beating 2013’ s performance this was driven by a 
combination of organic growth and new licensees including 
ladbrokes the expansion of the games portfolio and growth 
from the mobile and live offerings
agreements already in place with sky bet trinity mirror 
caliente and holland casino along with proposed changes 
in the spanish market are enabling playtech to secure future 
casino growth while the continued regulation of additional 
markets will provide further opportunities over a longer 
time horizon
services
services revenue was 20 higher than 2013 and playtech’ s 
unique offering remains a significant competitive advantage 
to existing betting and gaming operators and for companies 
with an understanding of local markets such as media 
groups wanting to take advantage of regulatory changes and 
newly regulating markets across europe south america 
africa and elsewhere
the ability to successfully operate an online gambling 
operation requires three elements a strong brand to build 
trust with the consumer bestinclass technology and the 
knowhow expertise and unique capabilities necessary to 
efficiently monetise and retain players to drive player value 
these skills differ significantly from those used by operators 
of existing landbased businesses and are totally different in 
the case of media groups playtech’ s unique ability to meet 
the technological and operational needs of these customers 
makes it a natural partner 
experience shows that the largest operators in regulated 
markets or soontobe regulated markets look for a strategic 
partner that can supply the technology marketing expertise 
and sophisticated crm solutions combined with advanced 
player management tools which are of particular interest to 
new market entrants requiring a full turnkey solution as well as 
to existing operators wanting to boost their online gambling 
operations in 2014 two new structured agreements 
incorporating significant services elements were signed 
with caliente in mexico rcs media in italy and a turnkey 
solution for trinity mirror in the uk further such agreements 
are expected playtech plc annual report and accounts 2014 13
sport
this year has been one of significant progress for playtech’ s 
sport offering firstly in rolling out the unique omnichannel 
offering that supports the convergence of retail web and 
mobile the acquisition of a retail sports betting supplier 
giving playtech a unique atoz sport offering of retail 
online and mobile rolling out the playtech sport platform for 
ladbrokes in spain and belgium securing additional growth 
opportunities in mexico and italy and demonstrating the 
platform’ s robust performance having successfully traded 
through an entire calendar of sports events including the 
football world cup
sports betting is one of the largest elements of gambling 
worldwide and frequently acts as a gateway for players to 
access other gaming experiences it is also usually one of 
the first products to be approved in newly regulated markets 
sport revenue increased 54 in 2014 and is expected 
to continue growing strongly benefitting from operators 
launched during 2014 and from a strong pipeline of potential 
licensees that are keen to revamp their legacy systems with 
a new integrated retail web and mobile solution provided 
by playtech 
bingo
playtech gained a number of new licensees over 2014 
including trinity mirror ladbrokes in spain and paddy 
power in italy as expected bingo on mobile devices was 
up on the previous year and in time is expected to become 
the predominant bingo format as more players transacted 
through mobile devices in 2014 – including the company’ s 
new tablet version while playtech continues to operate the 
industry’ s largest bingo network – working with its licensees 
to create marketleading promotions to further improve 
the player experience across all distribution channels – the 
industry remains in a state of transition as indicated at the 
interim results
a revamped bingo product offering a new more appealing 
experience to players is currently under test and initial 
feedback from operators is very pleasing the new product 
offers a featurerich user interface customised for different 
channels including web smartphones and tablet devices 
landbased
playtech’ s landbased vertical enjoyed revenue growth of 
35 over 2014 benefitting from the acquisition of aristocrat 
which further diversified revenues supplying 6700 terminals 
in two fully regulated markets the company also acquired 
a retail sport offering which while currently modest is 
expected to form the base for significant future opportunities 
sales cycles of gaming machines are longer than online and 
trials are running in two other key markets giving a strong 
potential pipeline for 2015 and beyond
the trend continues for existing online customers to enquire 
about extending their relationship to create a seamless player 
offering using a single user name and password giving a 
familiar experience and the same content across channels
the acquisition of the psiclone games studio brought 
immediate revenue growth from its existing and new market
leading gaming content
poker
while playtech continued to invest in its leading independent 
ipoker
®
 network and welcomed a number of new licensees 
the broader decline in the market was not fully mitigated 
playtech’ s innovative rake distribution structure is now being 
rolled out and the company expects further innovation to 
encourage operators to invest in poker and therefore improve 
the ecology of the poker market
poker remains a small but important element of playtech’ s 
overall offering being one of the first gaming formats currently 
to be regulated – and in some markets the only gaming 
product allowed it also remains an incremental product 
for licensees who are keen to provide a full offering to 
their customers playtech plc annual report and accounts 2014 14
chief executive’s review continued
mobile
playtech’ s marketleading mobile offering uniquely positions 
it to benefit from one of the global online gambling industry’ s 
most significant growth drivers as it offers the largest portfolio 
of mobile games the most extensive pipeline of new games 
for all channels and a hub that incorporates all of those 
alongside sports and other betting and gaming products 
supporting their growth through crossselling opportunities
over 2014 revenue from playtech’ s mobile channel increased 
64 reflecting investment into new technology greater 
marketing investment by operators and a greater acceptance 
by players the company’ s mobile hub remains the pre
eminent platform for a seamless mobile player journey which 
remains central to the success of licensees playtech’ s mobile 
proposition is customised for specific smartphone and tablet 
models and can be adapted over time as player trends 
emerge – typically mobile sessions are more frequent but 
shorter and in aggregate players engage for a longer period 
of time 
during 2014 the company continued with its mobilefirst 
approach and invested heavily into this channel further 
developing its mobile development framework which 
enables the company to simultaneously roll out games 
across html5 for web as well as native ios and android 
supporting all mobile devices and tablets this framework 
allows the company to release existing games on to mobile 
platforms and enables the release of an increased number of 
new games across all channels going forward in increasingly 
competitive markets operators can leverage marketing 
the release of games across all channels at the same time 
rather than offering different games on different channels 
or alternatively release the games at different times without 
harming the return on marketing spend 
casual and social
playtech’ s casual gaming strategy is unique and intended to 
create a comprehensive development environment in which 
the company will have its own games creation capabilities 
an open platform supporting thirdparty games developers 
and publishing capabilities enabling the company to 
mass market games developed internally as well as those 
developed by third parties 
an internally developed resource plamee was the first 
element of this strategy to be delivered and it has a pipeline 
of highly sophisticated 2d and 3d games some of which are 
already live or in advanced testing recently acquired yoyo is 
a leading development platform providing the company with 
access to more than 750000 games development partners 
through its software development kit management is looking 
into other businesses that can bolster this new offering and 
grow playtech’ s presence and competence in both casual 
and social gaming
these transactions complement playtech’ s experienced 
management team and can act as gateway into soontobe 
regulated markets management continues to believe that 
this is an area of future potential that can generate significant 
longterm shareholder value 
people
playtech has continued to invest in human resources to 
maintain its position as the leading supplier of software and 
services to the online gambling industry our people are the 
single most important facet of the business and vital to our 
current and future success only by developing our people to 
realise their true potential can we progress as a business and 
maintain our marketleading position
trading update
playtech has continued momentum with a strong start to 
2015 with daily average revenues for the first eight weeks of 
the year up over 22 on q1 2014 and up over 5 on q4 
2014 including some benefit from current euro weakness
in summary over 2014 playtech built on its position as 
the leading provider of software and services to the global 
gambling market adding products and services that will 
help secure future opportunities playtech will continues to 
capitalise on its clear strategy and strong balance sheet 
and while there are anticipated regulatory developments 
ahead management looks forward with confidence to 2015 
and beyond
mor weizer
chief executive officer
26 february 2015 turnkey  
solutions
ptts delivers services that offer material 
value and expertise to its licensees across 
the key elements of player acquisition and 
retention together with the opportunity to realise 
substantial cost efficiencies through the outsourcing 
of certain operational activities that benefit 
from economies of scale including customer 
support hosting fraud prevention
structured  
agreements and  
joint ventures
we work with partners who are looking to 
develop a marketleading online offering supported 
by highly experienced marketing and player 
management capabilities partners recognise 
the benefits of playtech’ s expertise when they 
are competing against established international 
businesses transitioning from being offshore 
dotcom operators to local market participants 
partnerships may be by structured 
agreement or equity joint venture
products  
and distribution  
channels 
playtech has industryleading content 
and player networks combined with unique 
crossplatform capabilities
playtech offers a full suite of gambling 
products including casino sports bingo 
poker  videobet and lottery  virtual sports 
binary options and social games
all products are available across multiple 
distribution channels including web 
mobile and landbased
playtech plc annual report and accounts 2014 15
business model 
our business model is centred on the continual development of market
leading gambling products and content these together with a broad 
range of ancillary services are provided to a diverse range of operators 
across both locally regulated markets and globally through a variety of 
distribution channels
we continue to develop our three highly complementary business 
channels products and distribution channels turnkey solutions and 
structured agreements and joint ventures supported by organic growth 
and targeted acquisitions  online gambling development
the online gambling market developed in the mid1990s 
initially with online casinos and then with the launch of online 
poker in 1998 in 2014 the total online gambling market 
defined by h2 gambling capital to include casino poker  
bingo sports betting skill based gaming and lotteries was 
estimated as having gross gambling revenues “ggr” of 
approximately €304 billion 2013 €274 billion an increase of 
112 this represents an estimated 86 2013 80 of the 
overall gambling market
the global online market continues to benefit from the transition 
of landbased revenue to online revenue regulation improved 
broadband penetration and capacity  faster mobile data 
transfer rates improved smartphone penetration a growing 
number of market participants and greater acceptance of 
online gambling as a mainstream leisure pastime along with 
increased marketing expenditure by operators through a wide 
range of marketing channels
market
data from h2 gambling capital show that in 2013 the largest 
online market by player location was the united kingdom 
which accounted for just over 15 of the overall interactive 
market china and japan follow with approximately 11 each 
and the us at 8 since the passing in 2006 of the unlawful 
internet gambling enforcement act “uigea” that outlawed 
online gaming in the us the main focus of larger operators 
has been on europe and asia and in particular on the growing 
number of markets where legislation allows various forms of 
online gaming on a locally regulated basis 
of the total global online market europe is estimated by h2 
gambling capital to be the largest segment comprising 
approximately 48 of the overall market with the uk 
accounting for approximately onethird of european ggr 
the global market is expected to grow by approximately 
9 per year over the next four years driven mainly by sport 
which accounts for approximately 46 of the overall market 
casino is the next largest component of online gambling at 
about 21 and lotteries which account for around 11 of 
the market are forecast to grow at more than 12 over this 
period the fastest growing regions over the next four years are 
expected to be latin america and the caribbean and north 
america assuming the latter introduces legislation to permit 
online gambling
since the closure of the french market in 2010 ahead of 
regulation the overall online market has enjoyed compound 
annual growth of 94 over the last three years over the same 
period playtech has enjoyed a compound growth in revenue of 
301 driven mainly by the underlying growth of the business 
penetration into new markets new licensees new products 
an increase in mobile penetration and acquisitions
market share
excluding sports lotteries and skillbased gaming given 
playtech’ s current limited penetration in these product 
verticals in 2014 the online market in which playtech 
competes is estimated to be worth approximately €111 billion 
2013 €104 billion therefore assuming a weighted average 
royalty rate of 13 playtech’ s share of the global online 
casino bingo and poker b2b market was estimated to be 
19 2013 17 assuming the same royalty rate playtech’ s 
approximate share of the global casino market was 29 
2013 25 share of the total bingo market 8 2013 9 
and share of the total poker market 4 2013 4
regulation
the regulation of online gambling can be a catalyst for market 
growth depending on how the regulation is enacted which 
product verticals are permitted by the regulator and the tax 
rate introduced this combination of factors is a material 
factor in determining whether online gambling is likely to be 
commercially attractive in the longer term
once regulated some former dotcom operators will take 
a licence and local operators are attracted into the market 
these can include licensed betting operators lotteries and 
local casino groups who were historically unwilling to operate 
online over time media groups may enter the market 
attracted by their retained audience and lower cost of player 
acquisition following regulation the introduction of taxes 
and increased competition operators’ financial margins may 
be lower  
this last factor may be mitigated by the ability to advertise 
more freely across a broad range of media formats such as 
television print media and online raising awareness of online 
gambling as a leisure activity and increase potential player 
awareness which is also underpinned by a perceived safer 
player environment it is the combination of these factors 
that have led to growth in players and revenues in regulated 
markets such as the uk italy and spain for playtech 
with its unique comprehensive multichannel offering the 
opportunities across a range of newly regulated and soon
tobe regulated markets are substantial as a broad range of 
providers look to participate the implementation of regulation 
is expected to remain a key focus for market participants 
and an important driver of online gambling revenue growth 
over the next few years as markets move from a dotcom 
to a regulated regime there are expected to be notable 
opportunities together with some uncertainties through the 
transition period
for the majority of 2014 the uk was a regulated offshore 
market ie regulated without levying online gambling tax 
and therefore participants could enjoy some of the highest 
operating margins and the associated valuation metrics but 
this position changed with the introduction of a new licensing 
and tax regime in late 2014 playtech is an active provider 
to the uk market spending the necessary rd to remain 
the market leader leveraging its investment by targeting 
other international markets creating opportunities for 
revenue growth 
playtech plc annual report and accounts 2014 16
our marketplace markets that have or are planning to regulate in the near 
future such as the netherlands sweden switzerland and 
south africa where landbased casinos generally dominate 
the market represent a significant opportunity for playtech 
as the size of the player market increases due to improved 
accessibility other factors such as increased marketing by 
licensees new entrants to the market and new marketing 
channels add to the potential growth of newly regulating 
markets playtech has been able to sign new licensees 
or joint ventures in respect of certain markets in advance 
of regulation 
markets which are illegal and then become regulated 
represent a significant incremental opportunity as revenue 
increases from a zero base markets such as the us and 
turkey may eventually fall into this category 
some markets are too small andor not economically viable 
and playtech assesses each jurisdiction before entering into 
a new licensee agreement or extending existing licensee 
agreements into that jurisdiction to ensure that they are 
economically viable earnings accretive and have an 
acceptable return on investment
playtech chose not to enter new jersey with initial forecasts 
of market size being substantially larger than revenues 
actually recorded growth since the regulation of new jersey 
is generally accepted to have been disappointing
over recent years there has been considerable momentum in 
countries regulating or looking to become regulated for online 
gambling by 2018 h2 gambling capital forecasts that 50 
31 december 2013 41 of ggr will be regulated with 
the us being a major driver of this change as the proportion 
of regulated revenue derived from north american revenue 
grows from 23 in 2014 to 60 in 2018 
countries which are yet to regulate have the advantage of 
being able to use the experience of other countries that have 
already undergone regulation which will mean economically 
viable tax rates and pragmatic regulation at 31 december 
2014 there were 20 countries and three us states that were 
regulated for some form of online gambling
global online gambling market 2014
3
4
56
2
€304bn
1
1  eur ope 477
2 asiamiddle east 303
3 north america 134
4  oceania 60
5  latin america 
caribbean 19
6  africa 07
source h2 gambling capital
global online gambling market by 
product vertical fy14
global market by product vertical
3
4
3
5
6
2
1
€304bn
1 sports betting 471
2 casino 212
3 lotteries 105
4 poker 96
5  bingo 58
6 skill 58
playtech plc annual report and accounts 2014 17
onshore versus offshore gambling
 onshore
 offshore
10 0 20 30 40 50 60 70 80 90 100
2018e
2017e
2016e
2015e
2014e
2013
2012
2011
2010
2009
2008 playtech plc annual report and accounts 2014 18
our strategy
1
support organic growth
in 2014 playtech’ s licensees achieved organic growth 
of 20 exceeding the growth of the underlying global 
market the breadth and depth of playtech’ s offering 
enables playtech’ s licensees to run some of the most 
successful online gambling businesses
organic growth
20
our progress against our
strategic objectives in 2014
playtech’s strategy of organic development new business targeted acquisitions 
strategic agreements and joint ventures has enabled it to maximise opportunities 
created by the significant changes afoot in the online gambling industry 
the industry is moving towards locally regulated markets as governments see the 
implementation of gambling taxes and the sale of regulatory licenses as significant 
revenue streams landbased and digital channels are converging as regulatory 
authorities issue gambling licenses to landbased operators for both traditional 
and online offerings through being able to offer a full turnkey solution playtech is 
able to partner with established operators and new entrants to take advantage of 
these opportunities 
mobile gambling is one of the most significant growth drivers of the global online 
gambling industry playtech’s mobile hub has combined the established mobenga 
mobile sports betting solution with other gambling products this combination 
uniquely positions the company to capitalise on further developments in this 
sector mobile gambling is essential to playtech’s future success and we have 
invested heavily to develop the next generation of products maximising new 
functionality on tablets and smartphones while continuing to roll out products 
across all mobile platforms including android apple ios and html5
 
see page 20 for more detail
2
crosssell products 
and services 
on average playtech’ s licensees take a limited 
number of products there is a trend for 
larger licensees eg gala coral ladbrokes 
and paddy power to leverage playtech’ s 
ims and take more products from playtech’ s 
product suite enhancing their crosssell ability 
playtech also supports its licensees as they 
enter new markets eg ladbrokes moving to 
spain denmark and mexico
 
see page 20 for more detail playtech plc annual report and accounts 2014 19
3
attract new 
licensees
playtech has enjoyed a successful track 
record of attracting approximately five to 
10 new licensees every year attracted by 
our marketleading product and service 
offering the unique capabilities of the ims 
and support for both established and 
new operators in regulating markets
5
improve quality of 
earnings through 
greater regulated 
market penetration 
playtech is focused on growing its 
presence in regulated markets increasing 
the proportion of regulated revenue to 36 
in 2014 2013 35 future regulation 
will provide an opportunity to increase this 
proportion further and the group continues 
to work on progressing in regulated markets – 
such as our recent agreements with caliente 
rcs media skybet and trinity mirror
6
acquisitions remain key
playtech has an outstanding acquisition track 
record investing in new technology 
exciting content and new products 
companies have mostly been acquired 
on an earnout basis enabling playtech 
to leverage its existing business 
and licensee base to create strong 
synergies playtech is focused on making 
further similar bolton acquisitions 
given the group’ s ability to 
generate cash and strength of 
its balance sheet along with 
the €297 million convertible 
bond issue the board is 
seeking strategic ma 
opportunities to take the 
business to the next level
4
enhance  
the 
company’s 
leading 
position 
increase 
product 
service and  
distribution capability
playtech’ s strategy as the leading 
technology provider in the online 
gambling industry is to offer all product 
verticals across all distribution channels 
playtech invests to expand its offering 
to support its licensees with new 
technologies avenues to market and 
products eg the mobile hub virtual 
racing binary options social gaming
 
see page 20 for more detail
 
see page 20 for more detail
 
see page 20 for more detail
  
see page 20 
for more detail
2014 36
2013 35 playtech plc annual report and accounts 2014 20
financial review
ron hoffman chief financial officer 
“in a year in which the group continued 
to make strong operational performance 
playtech yet again delivered an exceptional 
financial performance”
in a year in which the group continued to make strong 
operational performance playtech yet again delivered 
an exceptional financial performance t otal revenue 
increased by 24 to €4570 million 2013 €3672 million 
driven by a combination of strong organic growth new 
business wins and bolton acquisitions made in the last 
24 months adjusted ebitda for the year increased by an 
impressive 30 to €2071 million 2013 €1594 million 
reflecting improved margins in the ongoing business and 
management’ s continued focus on cost inflation across 
the group adjusted ebitda growth is also aligned to the 
growth in adjusted profit attributable to owners of the parent 
which was €1908 million up 29 on the comparable period 
2013 €1483 million
the directors believe that in order to best represent the 
group’ s consistent trading performance and results certain 
charges should be excluded in arriving at adjusted figures 
including professional costs on acquisitions declines in 
fair value and sale of availableforsale investments finance 
costs on deferred consideration income from associates 
employee stock incentive expenses noncash accrued 
interest in respect of the convertible bond and amortisation of 
intangibles on acquisitions a full reconciliation of all adjusted 
performance measures is set out below and in note 5 to the 
financial statements
when looking at the underlying performance of the group 
which also strips out the effect of acquisitions made in 
the 24 months to 31 december 2014 total underlying 
revenue increased by 21 to €4278 million underlying 
adjusted ebitda increased 27 to €1932 million 
2013 €1527 million and underlying adjusted profit grew 
30 to €1815 million 2013 €1393 million after a oneoff 
prior year adjustment in amortisation of intangibles 
adjusted earnings per share “adjusted eps” and diluted 
adjusted eps increased by 283 and 291 to 650 
€ cents and 647 € cents respectively 2013 507 € cents 
and 502 € cents respectively flattered marginally by the 
establishment of an employee benefit trust during the period 
playtech remains a highly cash generative business with 
significant cash conversion from adjusted ebitda to 
operating cash of 96 reflecting the strength of its business 
model as consistently shown over the years cash balances 
as at 31 december 2014 were €6923 million 31 december 
2013 €5274 million bolstered by the issuance of a 
convertible bond in november 2014 amounting to 
€2970 million net proceeds of €2911 million
revenues
2014
€’000
2013
€’000 change 
casino 244235 189216 29
services 132792 111116 20
sport 26306 17100 54
bingo 17468 18464 5
landbased 16612 12275 35
poker 13813 14680 6
other 5754 4355 32
total 456980 367206 24
t otal revenue increased by 24 to €4570 million 
2013 €3672 million of the increase 13 was derived 
organically from existing business including strong growth 
in mobile casino sport and asia 7 from new business 
defined as new licensees or new products launched in the 
past 18 months and 4 coming from acquisitions including 
pokerstrategy acquired in july 2013 aristocrat lotteries 
acquired at the end of september 2014 eurolive and others
casino remains the biggest revenue line item and continues 
to be a key driver for growth increasing by 29 to 
€2442 million 2013 €1892 million the majority of which 
continued to be derived from the core casino offering 
this was complemented by growth in mobile casino which 
contributed 6 to overall growth with live contributing 1 
and premium content an additional 1 it is also noticeable 
that mobile casino growth accelerated as increasing numbers 
of games were deployed resulting in an impressive increase 
of 84 over 2013 reflecting 10 of overall casino revenue 
2013 7 playtech plc annual report and accounts 2014 21
adjusted ebitda
2014 
€‘000
2013
€‘000
ebitda 197903 543756
employee stock option expenses 364 1326
decline in fair value of availableforsale investments 8668 4127
professional expenses on acquisitions 212 208
gain on sale of investment in who – 340819
gain on sale of availableforsale investments – 31088
share of profit of who – 18086
adjusted ebitda 207147 159424
adjusted ebitda margin 453 434
ebitda related to acquisitions 13929 6684
underlying adjusted ebitda 193218 152740
underlying adjusted ebitda margin 452 431
services revenue increased by 20 to €1328 million 
2013 €1111 million impacted by the acquisitions 
of pokerstrategy and eurolive which contributed an 
aggregate of €264 million in 2014 2013 €130 million 
excluding acquisitions services revenue increased by 8 
mainly as a result of the increasing live services activity which 
has offset the impact of the decrease in dotcom activities 
in europe as licensees refocus their marketing spend 
it is important to note that these figures feature only marginal 
contributions from new business which include the new 
structured deals with caliente and the rcs group due to 
the timing of entering these agreements and excludes any 
contribution from the services agreement with ladbrokes
the sport vertical enjoyed the highest percentage growth 
compared to last year with revenue totalling €263 million 
2013 €171 million a significant increase of 54 
mobile sport grew 51 driven by a full year of revenues from 
ladbrokes along with a good world cup performance 
core sport activity was up 67 reflecting both organic 
growth and new business
reported bingo revenue was €175 million 
2013 €185 million down 5 on the year impacted 
by certain larger licensees opting to take further product 
verticals leading to a change in royalty structure partially 
mitigated by an appreciation of sterling against the euro 
the bingo product vertical also contributed revenues of 
€113 million relating to casino side games in 2014 reported 
under the casino line item which altogether represents total 
bingo contribution of €287 million 2013 €298 million 
mobile bingo while still in its infancy continues to grow 
and accounted for 14 of bingo revenue
landbased revenue was €166 million 2013 €123 million 
an increase of 35 principally driven by acquisitions 
underlying landbased revenue increased 13 
predominantly complemented by increased revenues from 
igs new business and the appreciation of sterling against 
the euro 
poker revenue was €138 million 2013 €147 million 
reflecting continued market weakness despite these 
broad market trends poker remains an important vertical in 
playtech’ s offering into which the group continues to invest 
poker also contributes additional revenues of €44 million 
from casino side games embedded as part of the poker client 
2013 €62 million which is reported under the casino line 
item in aggregate poker reflects 4 of total revenue in 2014
the mobile channel continues to grow strongly yet remains 
immature with significant opportunity for future growth 
over 2014 mobile casino grew by 84 to €236 million 
2013 €129 million becoming the largest mobile segment 
sport which was the first product vertical to adopt a mobile 
format was €222 million 2013 €147 million a 51 
improvement benefitting from new business and the football 
world cup while mobile bingo revenue was 21 improved 
over the prior year penetration into the channel improved to 
12 from 11 mobile poker was €02 million for the year 
the first full year of participation 
adjusted ebitda
adjusted ebitda margin was 453 2013 434 up 
190 bps mostly as a result of a reduced proportion of 
revenuedriven costs operational leverage acquisitions 
and exchange rates playtech plc annual report and accounts 2014 22
financial review continued
cost of operations
adjusted operating expenses before depreciation 
and amortisation increased by 20 to €2498 million 
2013 €2078 million of which 7 related to acquisitions
operating expenses excluding acquisitions increased by 16 
to €2347 million 2013 €2015 million mainly as a result of 
increased employeerelated costs being the biggest cost line 
item and cost of service
revenuedriven costs were €375 million 2013 €379 million 
and comprise mostly direct marketing costs relating to 
the services division and licence fees paid to third parties 
including games developers and branded content which 
are typically calculated as a share of the revenues generated 
revenuedriven costs now represent 82 of revenues 
2013 103 impacted by acquisitions increasing revenues 
that do not incur such costs and other factors
during the year the cost of dedicated teams was reclassified 
from employeerelated costs to cost of service the following 
comparison to 2013 takes into account this reclassification
employeerelated costs as a proportion of adjusted non
revenuerelated costs of operations increased marginally 
to 627 impacted by acquisitions when excluding those 
this cost line item remained at the same level to 2013 of 
approximately 610 capitalisation of development cost 
excluding acquisitions also remained at the same level of 
approximately 14 total capitalised development cost 
was €202 million 2013 €184 million t otal employee
related costs excluding acquisitions were €1180 million 
2013 €1014 million an increase of 16 mostly as a result 
of additional investment in the sport product including virtual 
sport mobile and casual gaming
cost of service was €328 million 2013 €233 million 
and comprise mostly hosting expenses license of various 
software costs online and offline marketing costs and the 
cost of dedicated teams the cost of service excluding 
acquisitions was €322 million 2013 €227 million
the increase was mainly as a result of additional thirdparty 
technology licence fees and an increase in ondemand 
dedicated teams fully recharged to licensees together with an 
increase in hostingrelated costs
another increase in costs was in rent and office costs 
reflecting the costs of new offices of newly established 
companies in various locations 
playtech remains focused on managing cost inflation across 
the business
financial income and tax
financial income was €192 million 2013 €144 million 
comprising €160 million related to exchange rate differences 
2013 €69 million mainly attributed to the sterling 
cash balances held €16 million from interest received 
2013 €24 million and dividends received from availablefor
sale investments of €16 million 2013 €51 million
finance costs of €28 million 2013 €54 million include a 
€13 million interest expense with respect to the convertible 
bonds 2013 nil €05 million 2013 €12 million bank 
charges and interest paid €04 million 2013 €29 million 
related to the outstanding balance in deferred and contingent 
consideration and a remaining provision of €06 million 
2013 €13 million against irrecoverable cash balances 
relating to the banking collapse in cyprus during 2013
the group is tax registered managed and controlled 
from the isle of man where the corporate tax rate is zero 
the group’ s subsidiaries are located in other jurisdictions and 
mainly operate on a cost plus basis and are taxed on their 
residual profit
the tax charge in 2014 was €29 million 2013 €25 million 
the effective tax rate was 20 2013 20 excluding profits 
on disposals and the finance costs on deferred consideration
analysis of adjusted operating expenses 
2014 
€’000
2013 
€’000
adjusted operating expenses 249833 207782
revenuedriven cost 37495 37922
adjusted operating expenses excluding revenue driven costs 212338 169860
employeerelated costs 133034 627 105094 619
cost of service 32805 154 23333 137
administration and office costs 22753 107 17656 104
other operational costs 15248 72 14907 88
travel exhibition and marketing costs 8498 40 8870 52 playtech plc annual report and accounts 2014 23
net profit and earnings per share
reported net profit for 2014 attributable to owners of 
the parent was €1403 million 2013 €4886 million 
reported eps for the year were 478 € cents based on 
a weighted average number of shares of 2934 million 
2013 1670 € cents 2926 million shares diluted eps for 
the year were 476 € cents based on a weighted average 
number of shares of 2947 million 2013 1653 € cents 
2956 million shares
t otal amortisation in 2014 was €601 million 
2013 €475 million amortisation on acquisitions of 
€391 million 2013 €382 million include amounts relating 
to the historic acquisition of virtue fusion gts ptts 
ash gaming pokerstrategy and more recently aristocrat 
lotteries of the remaining €210 million 2013 €93 million 
€157 million 2013 €69 million was from internally 
generated development costs €42 million related to the 
release of the buyout of a reseller agreement and €11 million 
2013 €24 million related to other intangibles
cash flow
playtech continues to be a highly cash generative business 
cash as at 31 december 2014 was €6923 million 
31 december 2013 €5274 million bolstered by the 
€2911 million net proceeds from the convertible bond issue 
undertaken in november cash represents 55 2013 49 
of the group’ s total assets
in the year ended 31 december 2014 the group 
generated €2208 million cash from operating activities 
2013 €1932 million the cash conversion rate from 
adjusted ebitda was 96 2013 97 excluding 
who share of profit when adding back capitalisation of 
development costs
the group’ s net cash used for investing activities was 
€1292 million 2013 €1717 million excluding the dividends 
received from who of €222 million and the net proceeds 
from the sale of investment in who acquisition payments 
totalled €434 million including the final instalment related to 
the ptts acquisition 2013 €1289 million mainly due to two 
instalments related to the ptts acquisition €218 million 
2013 €199 million related to capitalised development 
costs €338 million 2013 nil related to investments into 
equityaccounted associates and joint ventures €252 million 
2013 €107 million related to the acquisition of property 
plant and equipment and €63 million 2013 €67 million 
related to the acquisition of intangible assets
cash inflow from financing activities was €573 million 
2013 outflow €1365 million the most significant 
components being the €2911 million net proceeds of the 
convertible bond issue dividend payments of €1923 million 
2013 €679 million and a payment of €485 million toward 
shares held in an employee benefit trust 2013 nil in the 
comparable period a repayment of €692 million of bank 
borrowings occurred
adjusted net profit and adjusted earnings per share
2014 
€’000
2013 
€’000
net profit – attributable to owners of the parent 140327 488578
amortisation of intangibles on acquisitions incl amortisation on investment in associates 39057 39867
decline in fair value of availableforsale investments 8668 4127
employee stock option expenses 364 1326
professional costs on acquisitions 212 208
gain on sale of investment in associate – 340819
gain on sale of availableforsale investments – 31088
noncash accrued bond interest 1113 –
finance costs – movement in deferred and contingent consideration 439 2862
oneoff provision against irrecoverable cash 593 1330
income from associates – 18086
adjusted net profit – attributable to owners of the parent 190773 148305
adjusted basic eps in € cents 650 507
adjusted diluted eps in € cents 647 502
adjusted net profit related to acquisitions 12394 5842
oneoff adjustment to amortisation of intangibles 3119 3165
underlying adjusted net profit – attributable to owners of the parent 181498 139298 playtech plc annual report and accounts 2014 24
financial review continued
balance sheet
on 31 december 2014 the group held cash balances 
of €6923 million 31 december 2013 €5274 million 
that included monies held on behalf of operators in 
respect of funds attributed to jackpots security deposits 
and other in the amount of €606 million 31 december 
2013 €490 million trade receivables were €451 million 
31 december 2013 €413 million
intangible assets as at 31 december 2014 were 
€3811 million 31 december 2013 €3931 million of 
which €1415 million comprised assets acquired from ptts 
31 december 2013 €1792 million and the remainder relate 
to assets and associated goodwill from acquisitions including 
pokerstrategy tribeca gts virtue fusion igs mobenga 
ash gaming geneity aristocrat lotteries and other patent 
and other intellectual property rights and development costs 
of new games and products
availableforsale investments were €242 million 
31 december 2013 €337 million as of 31 december 2014 
the company had an investment balance of €198 million 
related to uk quoted equity securities 31 december 
2013 €301 million
investments in equityaccounted associates were 
€338 million 31 december 2013 €16 million mainly 
related to the investment in bgo and the investment in 
structured agreements
the convertible bond liability was €2470 million 
31 december 2013 nil and its option reserve was 
€454 million 31 december 2013 nil the bonds were 
issued in november 2014 for total net proceeds of 
€2911 million 
postbalance sheet events
on 16 february 2015 the group announced the acquisition 
of yoyo games for us164 million of which 30 will be held 
in escrow for up to 36 months after closing to provide security 
in respect of claims in addition an earnout consideration 
and a retention plan is expected to add a further us525 to 
the aggregate cost
dividend
the company’ s dividend policy is to pay out 40 of adjusted 
net profit which has been supported by strong underlying 
growth in earnings and cash generation
in october 2014 the group paid an interim dividend for 2014 
of €260 million 89 € cents per share 2013 €228 million 
or 78 € cents per share the board has recommended 
a final dividend of €506 million 175 € cents per share 
2013 €452 million or 154 € cents per share giving a total 
2014 dividend of approximately €764 million 264 € cents 
per share 2013 €679 million or 232 € cents per share 
up 138 and up 30 on a likeforlike basis excluding 
the who share of profit in 2013
principal risks and uncertainties
the key risk areas which are discussed on pages 25 to 27 
are as follows
• regulation
• taxation
• competitive landscape
• economic climate
• cash management
• security and
• key employees
directors’ responsibility statement
we confirm to the best of our knowledge
1  the group and company financial statements prepared 
in accordance with ifrss as adopted by the european 
union give a true and fair view of the assets liabilities 
financial position and profit of the group and company 
and
2  the business review which is incorporated into 
the directors’ report includes a fair review of the 
development and performance of the business and 
the position of the group and company together with 
a description of the principal risks and uncertainties 
they face
the directors of playtech plc are listed on pages 32 and 33 
a list of current directors is maintained on playtech’ s website 
wwwplaytechcom
the strategic report on pages 1–31 is approved by the 
board and signed on its behalf
by order of the board
mor weizer ron hoffman
chief executive officer chief financial officer
26 february 2015 26 february 2015 area of risk
playtech plc annual report and accounts 2014 25
managing risks
the risks outlined below are those principal risks and uncertainties that are material 
to the group they do not include all the risks associated with group activities and 
are not set out in any order of priority how these risks are identified is described 
in the corporate governance section on pages 32 to 66 achieving playtech’s 
strategic objectives while minimising the key risks the business faces will deliver 
sustainable and longterm growth
regulation – licensing requirements
risk mitigation
the group holds a number of licences for its activities from 
regulators principally for its activities as a software provider 
including those issued by the gambling commission 
of great britain and the alderney gambling control 
commission loss of all or any of these licences may 
adversely impact on the revenues andor reputation of 
the group
the group has an established compliance function that 
maintains relationships with regulators monitors the 
regulatory environment closely and ensures continuation 
of all necessary licences and permits that allow the group 
to continue its current business
regulation – changing landscape
risk mitigation
the group licences its products to operators in the online 
gambling industry whose ability to operate in any jurisdiction 
may be impacted by changes in regulations or failure to 
obtain any necessary licences laws and regulations relating 
to the supply of gambling services are complex inconsistent 
and evolving and the group may be subject to such laws 
indirectly insofar as it has assisted the supply to licensees 
who are themselves subject to such laws and so subject to 
enforcement risks
as an established regulated supplier to the online gambling 
industry the company is vigilant over legal and regulatory 
issues that could apply to its activities not only in those 
jurisdictions where the company is located but also in 
the jurisdictions where its licensees are accepting bets 
and wagers from end users using playtech’ s software 
and services under the terms of its agreements with its 
licensees the group prohibits the acceptance of players 
from certain identified jurisdictions
regulation – local requirements
risk mitigation
new licensing regimes may impose conditions such as 
the requirement to locate significant technical infrastructure 
within the relevant territory or establish and maintain realtime 
data interfaces with the regulator that present operational 
challenges or may prohibit the ability of licensees to offer 
the full range of the group’ s products
the group closely monitors developments in jurisdictions 
seeking to introduce new licensing regimes and seeks 
to establish joint venture relationships or other close 
contractual relationships with key local operators with 
influence on the development of local regulation in addition 
through the participation of the group in industry bodies 
such as the remote gambling association gaming 
standards association and gambling business group it 
seeks to influence the shape of new licensing regulations playtech plc annual report and accounts 2014 26
managing risks continued
t axation
risk mitigation
the group benefits from favourable arrangements in some 
of the jurisdictions in which it is established changes in 
taxation legislation and rates may impact the group’ s net 
earnings and cash flows
the group works closely with its tax advisers to review its 
tax position undertake periodic tax audits and monitor any 
changes in tax legislation
competitive landscape
risk mitigation
the gambling industry is extremely competitive and so is the 
related software and services industry that supports it failure 
to compete effectively may result in the loss of licensees and 
also the inability to attract new licensees
the group continues to invest significant resources 
in research and development in order to enhance its 
technology products content and services and in making 
acquisitions to broaden the range of technologies products 
and services that it can offer to licensees
economic climate
risk mitigation
the vast majority of the company’ s revenue is generated 
as a share of the revenue of its customers any downturn 
in consumer discretionary spending could result in reduced 
spend by consumers on gambling and the group’ s revenues 
would fall macroeconomic factors such as licensing 
regulatory tax or other developments outside of playtech’ s 
control could deter existing or potential licensees from using 
the group’ s products in certain markets
playtech’ s licensees are geographically diverse which should 
mitigate reliance on any particular region management 
closely monitors business performance and if a downturn 
were to occur remedial action commensurate with the 
nature and scale of the slow down could be taken
cash management – use of cash
risk mitigation
playtech has significant cash balances which may be used 
to acquire other businesses such acquisitions may not 
deliver the expected synergies andor benefits and may 
destroy shareholder value in addition foreign exchange 
exposures could impact on the group’ s financial position
the company has made a number of very successful 
value creating acquisitions and has an established process 
in place and experienced staff to conduct thorough due 
diligence before completing any transaction
cash management – counterparty risk
risk mitigation
playtech has significant cash balances and is therefore 
exposed to counterparty credit risks
playtech holds its cash and cash equivalents in a number of 
“aaa” rated banks and financial institutions to mitigate the 
risk of a default it also closely monitors foreign exchange 
fluctuations playtech plc annual report and accounts 2014 27
security
risk mitigation
the group and its licensees are constantly vulnerable to 
hacking distributed denial of service “ddos” attacks 
malicious acts and cybercrime
the group adopts industrystandard protections to detect 
any intrusion or other security breaches together with 
preventative measures safeguarding against sabotage 
hacking viruses and cybercrime the group works 
continuously to improve the robustness and security of the 
group’ s information technology systems in addition the 
group has put in place disaster recovery processes
intellectual property
risk mitigation
the group’ s ability to compete effectively depends amongst 
other things on its ability to protect register and enforce as 
appropriate its intellectual property rights
the group registers patents and trademarks where this is 
possible andor commercially viable to protect key aspects 
of its intellectual property in addition proprietary andor 
confidential information and intellectual property is protected 
through legal and physical security process and playtech 
vigorously defends itself against thirdparty claims
key employees
risk mitigation
the group’ s future success depends in large part on the 
continued service of a broad leadership team including 
executive directors senior managers and key personnel 
the development and retention of these employees along 
with the attraction and integration of new talent cannot 
be guaranteed
the group provides a stimulating professional environment 
and has a comprehensive performance evaluation system 
to identify key talent and to ensure that key personnel are 
appropriately rewarded and incentivised through a mixture of 
salary annual bonus and longterm incentives linked to the 
attainment of business objectives and revenue growth playtech plc annual report and accounts 2014 28
our sustainability
by embracing policies and behaviours that govern 
responsible conduct the company strives to create more 
valuable relationships with its stakeholders enhancing trust 
by demonstrating its focus on and management of the 
material nonfinancial risks in the business playtech believes 
that a responsible approach to these challenges together 
with risk assessment and mitigation will positively impact its 
ability to succeed operationally and strategically 
focus on sustainability 
playtech continues to improve its understanding and 
monitoring of material nonfinancial risks despite operating in 
a highlydynamic and rapidlychanging environment 
our programme to put in place consistent documentation 
and groupwide policies and procedures as well as a number 
of employeerelated improvements was introduced in 2011
hilary stewartjones deputy chairman and chairman 
of the risk committee has boardlevel responsibility 
for the programme 
the issues of interest to the company’ s stakeholders can be 
grouped into five areas 
1 workplace 
the wellbeing of our employees and how we attract 
develop and retain the best talent 
2 governance 
maintaining high standards of corporate governance to 
monitor and mitigate risks associated with the business 
3 marketplace 
working with regulators partners and licensees to further 
responsible gambling 
4 community 
our broader communityrelated obligations in those locations 
where our employees business partners and licensees live 
and work 
5 environment 
mitigating the company’ s environmental impact where 
relevant and appropriate to reflect the nature and scale 
of its business
workplace 
playtech understands that the success of its business is 
due to the vital contribution made by its employees it is 
therefore essential to the company’ s continued growth and 
development that it is able to attract and retain talented 
employees who will contribute to the longterm success 
of the business
the group is fully committed to equality of opportunity and 
dignity at work for all its primary aim in this area is to recruit 
the best and most appropriate employees irrespective of 
race religion ethnic or national origins gender sexuality 
disability class or age working to the highest standards 
across the group
playtech operates in a highly competitive industry where 
retaining key staff is a priority the company provides financial 
rewards and a positive working environment developing 
employees’ skills for improved performance and increased 
job satisfaction levels 
governance 
playtech’ s board is responsible for the group’ s financial and 
operational performance ensuring the continued success 
and sustainability of the business by directing and supervising 
the company’ s policies and strategies
in an industry that continues to undergo significant structural 
changes the board’ s role has never been more important 
the identification of significant risks facing the business and 
processes to monitor and mitigate them is covered in more 
detail on pages 34 to 42 
marketplace
playtech’ s csr marketplace metrics focus on stakeholder 
perceptions of the company’ s relationships with 
licensees and its responsiveness to their requirements 
and on playtech’ s relationships with regulators and other 
industry bodies 
the company will look to report on these in due course 
and include conduct surveys to ensure that it properly 
understands external perceptions of the business and 
manages its reputation 
customer service lies at the heart of playtech’ s business 
and playtech strives to deliver a high quality service to its 
licensees so that they can offer the best player experience 
the company works to monitor customer satisfaction 
levels across the licensee base as the retention of licensees 
is central to the sustainability of its business model 
playtech places great value on its relationships with gambling 
regulators around the world and works with them to ensure 
all aspects of the business meet or exceed their standards
in a rapidly changing industry environment where newly
regulating markets play a central role it is critical that the 
company’ s reputation as the best partner in the industry 
is maintained and promoted playtech’ s customers are its 
licensees and the company plays a central role in helping 
them to manage their gambling operations responsibly 
the company’ s approach to responsible gambling is 
discussed in detail on page 31 
the group has an experienced head of regulatory affairs 
and compliance who focuses the company’ s efforts on 
regulatory matters and this is of particular significance as 
playtech continues to expand its regulated markets offering  playtech plc annual report and accounts 2014 29
community
the company values the positive influence on its employees’ 
personal and professional development that can be found 
through volunteer work and sees it as important for the 
business over the long term the company’ s employees are 
actively engaged in supporting charities and playtech has 
expanded its social involvement programme to focus on 
initiatives that deliver educational support and assistance to 
disadvantaged children in those countries where the group 
has operations
in 2014 playtech gave approximately €100000 to charitable 
organisations working in the fields of education and research 
into and treatment of problem gambling 2013 €170000 
playtech also provided nonfinancial support to these and 
other community causes including computer hardware 
employee time and training in april playtech employees in 
bulgaria planted 700 trees in a local nature park as part of a 
wider conservation effort 
environment 
in comparison to other global companies playtech has a 
relatively low environmental impact by virtue of the fact that it 
is primarily an online business with a limited number of local 
office locations the daytoday running of the business will 
inevitably have an environmental impact particularly in terms 
of energy consumption and travel and the company has put 
in place processes to monitor its carbon dioxide emissions 
from air travel and reduce any unnecessary travel 
where it is necessary to take new office space consideration 
is made for the implementation of greater energyefficient 
measures in estonia the building was designed with a 
highly efficient cooling system for the computer room and 
in all new locations there has been a move to reduce energy 
consumption with a ratio of employees to printers of over 
30 the offices can be seen to be increasingly paperless 
environments in addition bottled water has been largely 
replaced by water fountains and where local schemes 
exist waste is separated and recycled as are printer toner 
cartridges all offices have secure bicycle parking and in 
the uk the company participates in a scheme whereby 
employees can purchase a bicycle in a tax efficient manner 
in israel estonia and bulgaria the company operates 
a recycle programme separating bottles papers and 
other trash
locations and people 
playtech is headquartered in the isle of man and has 
offices in 15 other countries including its principal software 
development centres in estonia ukraine the uk sweden 
and bulgaria live dealer facilities are located in latvia and 
the philippines a central finance function is located in cyprus 
and marketing from israel 
in 2014 playtech employed an average of 3972 
people at the end of the year total headcount was over 
4220 people 
product development 
playtech’ s software business is structured along product 
lines with separate business units for each product area 
such as the ims casino poker bingo and sports and 
across the online mobile and landbased delivery channels 
this structure aims to ensure that playtech can manage the 
demands of increasing operational scale as existing licensees 
develop and new customers migrate to the company’ s 
gambling platform
in practice this approach colocates product teams so that 
for example those employees working on playtech’ s casino 
product are all located in t artu estonia with content and 
software developers quality assurance and product delivery 
teams working closely together on the same office floor in line 
with best development standards this approach enhances 
collaboration and enables the team to quickly identify and 
resolve any technical issues that may arise
playtech deploys a software delivery management process 
known as next generation mobile using the most advanced 
mobile technologies which has reduced the timeto
market for new games and launch time for new licensees 
the company’ s intelligent approach to managing project 
workflows is a significant competitive advantage when 
compared to its peers 
playtech has also looked to utilise outsourcing resources 
or to deliver a greater ability to licensees to selfmanage 
their content this greater degree of control has benefits 
for the licensee in terms of faster deployment time for new 
content and helps to maximise the productivity of playtech’ s 
development teams playtech’ s rd operations are among 
the biggest in the online gambling industry and employ over 
1500 people principally devoted to software development 
of which over 350 are developing specifically for mobile 
the scale of playtech’ s rd function helps it to maintain a 
competitive advantage in technology innovation content 
development and product pipeline
the company’ s extensive experience and capabilities enable 
it to be agnostic to technology platform or system when 
developing new solutions for licensees so that it is able to 
offer its marketleading products and services to the widest 
possible customer base this flexibility offers a substantial 
advantage as licensees increasingly look for a combination 
of mobile retail and more traditional formats for the 
same games playtech plc annual report and accounts 2014 30
our sustainability continued
customer service
the serviceorientated philosophy underpinning playtech’ s 
content development activities is replicated in its product and 
infrastructure operations with a team of over 150 people 
providing a 247 support service to licensees
from the beginning of every project playtech supports 
its licensees drawing on its extensive experience 
dedicated teams staffed by professionals from all disciplines 
provide complete project and launch management assisting 
with strategy and business planning through to recruitment 
and team building
playtech provides its customers’ operational teams with an 
intensive twoweek training programme ahead of launch 
thereafter each licensee is assigned an experienced 
account manager who provides daytoday support and a 
point of contact customers can draw on a pool of product 
and technology specialists to advise on any issues and a 
consulting team provides valueadded input to optimise the 
tools available on the playtech platform
valuing our people
playtech’ s marketleading position is a significant asset in its 
efforts to attract the best talent in the industry candidates are 
drawn to playtech by the combination of its highly motivated 
entrepreneurial team culture its breadth of knowledge and 
ability to harness cuttingedge technology this has also 
been an important factor in playtech’ s corporate acquisitions 
where the potential to benefit from such a large and 
experienced support network has been a key discussion 
point and decision factor for a management team assessing 
the benefits of joining playtech
a formal onboarding process exists in playtech’ s major 
employment centres including various employee handbooks 
and guides formally structured meetings with hr and the 
new employee’ s line manager additional training provides 
a broader overview of the group and its culture and any 
specialist technical training or regulatory training as required
playtech’ s culture focuses on the continued improvement 
of its workforce driven by a strong ethos of innovation 
technological development and the delivery of market
leading performance many of playtech’ s new employees 
are referred by existing staff reflecting the company’ s focus 
on developing a closeknit collegiate corporate culture 
ongoing training and career development are important 
elements of playtech’ s sustainability efforts
during 2014 a group wide employee survey was conducted 
by an independent third party the results were analysed 
and will be used to influence company polices and practices 
going forward
welfare activities
playtech recognises the value in keeping employees engaged 
and well motivated welfare programmes run through 
the year and are tailored to each country each site has a 
generous budget for local activities such as team building 
parties birthday gifts and a yearly site trip during 2014 to 
raise staff awareness of health issues canteen menus were 
adjusted to include more fruit vegetables and healthy snacks 
in addition employees are provided with sports facilities and 
are supported in sporting endeavours such as ‘vertical rush’ 
a sponsored run up the stairs of t ower 42 in london the kiev 
marathon in which 30 playtech employees participated and 
‘t oughest’ a swedish ultra endurance event
employee performance
while the development of marketleading software and 
products is at the heart of playtech’ s growth licensees 
naturally expect 247 operational performance and efficient 
delivery the company’ s business units are integral to 
ensuring playtech meets the requirements of its licensees and 
employees are rewarded accordingly
playtech’ s appraisal system is based around individual 
business unit and groupwide objectives which are 
directly aligned to group strategy and specific areas of 
implementation and execution employees have clearly 
defined objectives and targets that are set in each review 
period and their performance is routinely measured against 
these objectives
employee remuneration includes competitive salaries an 
annual bonus annual salary review noncash and adhoc 
bonuses which are set by reference to the achievement of 
the aforementioned objectives and by the demonstration 
of other competencies and contributions to the group 
a revised longterm sharebased incentive scheme to attract 
and retain the best operational and business managers was 
adopted in 2012
an “employee of the quarter” programme recognises 
exceptional performance with a small financial reward
employee engagement surveys are conducted around the 
business and in estonia the “fish programme” which has 
been running for over 10 years has benefited both playtech 
estonia and videobet by improving retention
employee conduct
playtech continues to monitor our code of conduct and 
antibribery policy the aim of these policies is to
• set standards of behaviour organisational values and 
business ethics for playtech and
• provide structures for reporting
training initiatives to ensure that both policies are 
communicated to and understood by employees are in place playtech plc annual report and accounts 2014 31
responsible gambling
philosophy
responsible gambling is an integral part of playtech’ s 
institutional mindset and a significant factor in all of its 
activities as a software provider the company is not 
typically directly in contact with players but responsible 
gambling nonetheless remains a fundamental issue for 
the company in safeguarding its business and reputation 
and for the continued development of the industry in a 
sustainable manner
within ptts playtech works with its licensees in relation 
to player acquisition and retention and is consequently 
dedicated with its operators to a substantial focus on 
the proper management of the relevant responsible 
gambling protocols
t echnology to support responsible gambling
the company’ s fullyintegrated management system 
provides operators with the latest responsible gambling 
protocols embedded systems and controls ensure fair play 
through frauddetection services and facilitate responsible 
gambling tools for players and ensure a safe playing 
environment for all
every licensee is provided with playtech’ s transparency 
toolkit which is embedded in the company’ s software 
and includes viewable player protection content and the 
following elements
• compulsive gambling prevention
• age verification
• deposit limits
• bet limits
• session time limits
• selfexclusion tools
the company also provides comprehensive training and 
ongoing support to licensees to allow them to provide the 
maximum protection to their customers 
where playtech provides external andor internal marketing 
services to a licensee it puts in place clear protocols and 
procedures for player engagement playtech’ s technology 
platform provides tools to operators that can identify and 
manage any player thought to be showing indications of 
problem gambling and regular dialogue reporting and joint 
training exercises with licensees address any concerns 
that arise
this dialogue focuses on the early identification by the 
operator of the small percentage of players that have the 
potential under certain circumstances to develop gambling
related problems and the smaller group who demonstrate an 
inability to control their gambling habits or actions
the group contributes financially to the work of the 
responsible gambling trust formerly the great foundation 
and gamcare uk charities dedicated to supporting research 
into problem gambling education and training 
playtech is also an associate member of the world lottery 
association wla the global professional association for 
state lottery and gambling organisations the wla and its 
members are committed to maintaining the highest ethical 
standards of gambling 
certification and regulation 
as a responsible supplier to the regulated gambling industry 
playtech’ s systems comply with all the guidelines published 
by the variety of regulated jurisdictions in which its licensees 
operate the company partners with regulatory and 
governmental bodies to ensure its systems are compliant
playtech is an executive member of the remote gambling 
association rga which has developed an industry code of 
practice on social responsibility and age verification which the 
company fully supports as part of the certification process 
playtech’ s games and their software engines – including 
the random number generators – are regularly tested and 
certified by leading industry bodies to ensure consistency 
and fair play playtech also supports the gaming standards 
association an organisation working towards global shared 
technology standards
the group holds a certificate of evaluation from the 
accredited testing facility tst which is part of gaming 
laboratories international gli the world’ s largest 
independent gambling testing and certification laboratory 
playtech is certified and licensed by the alderney gambling 
control commission agcc the united kingdom gambling 
commission the dirección general de ordenación del juego 
dgoj in spain and the malta gaming authority mga 
additionally in italy france estonia and finland playtech’ s 
software has been reviewed and passed for use by the 
local regulators
fraud money laundering and fair play 
an integral part of playtech’ s technology platform is its ability 
to monitor and identify potential fraud and money laundering 
playtech employs a dedicated security team focused on 
ensuring that it is at the forefront of industry best practice in 
this area with comprehensive monitoring of transactions and 
gambling behaviour licensees are able to ensure that players 
cannot gain an advantage through unfair means this is a 
particular focus in playertoplayer games such as poker to 
minimise any risk of player collusion  playtech plc annual report and accounts 2014 32
board of directors
alan jackson aged 71 
nonexecutive chairman
appointment to the board
alan was appointed to the board in 2006 
on the company’ s flotation on the alternative 
investment market and became chairman 
in october 2013 
career 
alan has over 40 years’ experience in 
the leisure industry from 1973 to 1991 
he occupied a number of positions at 
whitbread both in the uk and internationally 
principally as managing director of beefeater 
steakhouse and also the whitbread 
restaurant division where he was responsible 
for the creation and development of the 
beefeater travel inn and tgi friday brands 
and was responsible for whitbread’ s 
international restaurant development 
in 1991 he founded inn business group 
plc which was acquired by punch t averns 
plc in 1999 he has been chairman of 
the restaurant group plc since 2001 
he stepped down from his role as deputy 
chairman and senior nonexecutive director 
at redrow plc in september 2014 
skills competences and experience 
having held several board positions in both 
an executive and nonexecutive capacity in 
a variety of listed companies in the uk he 
brings substantial experience of working in 
public and private companies along with 
strategic and leadership experience 
board committees 
he is chairman of the nominations 
committee and a member of the 
remuneration audit and risk  
compliance committees
mor weizer aged 39 
chief executive officer 
appointment to the board
mor was appointed as playtech’ s chief 
executive officer in may 2007 
career 
prior to being appointed ceo mor was the 
chief executive officer of one of the group’ s 
subsidiaries t echplay marketing ltd 
which required him to oversee the group’ s 
licensee relationship management product 
management for new licensees and the 
group’ s marketing activities before joining 
playtech mor worked for oracle for over four 
years initially as a development consultant 
and then as a product manager which 
involved creating sales and consulting 
channels on behalf of oracle israel and 
oracle europe the middle east and africa 
earlier in his career he worked in a variety of 
roles including as an auditor and financial 
consultant for pricewaterhousecoopers 
and a system analyst for t adiran electronic 
systems limited an israeli company that 
designs electronic warfare systems 
skills competences and experience 
mor is a qualified accountant and brings 
considerable international sales and 
management experience in a hitech 
environment and extensive knowledge of the 
online gambling industry until june 2013 he 
was a nonexecutive director of sportech 
plc as the company’ s representative 
and resigned when playtech disposed of 
its shareholding
board committees 
he chairs the management committee 
and attends the remuneration risk 
 compliance and nominations 
committees at the invitation of the chairs 
of those committees
ron hoffman aged 38 
chief financial officer 
appointment to the board
ron was appointed as playtech’ s chief 
financial officer on 1 january 2013 having 
joined the group in 2004 
career 
ron is a qualified accountant and worked 
at ernst  young where he rose to the 
position of senior manager ron joined 
playtech shortly after its formation he spent 
eight years at playtech as vice president of 
finance managing the finance department 
including its listing on aim in 2006 the 
transition to the main market in 2012 and 
supporting the growth of the business 
through its operations acquisitions financial 
planning and reporting 
skills competences and experience 
ron brings over 10 years’ experience 
and expertise in relation to the online 
gambling industry he is responsible for 
the finance tax treasury and accounting 
teams at playtech and provides strategic 
and operational financial experience 
to the group including in relation to 
investment arrangements
board committees 
ron sits on the management committee 
and attends meetings of the audit 
committee and the risk  compliance 
committees at the invitation of the chairs 
of those committees 
governancev38indd   32 16042015   1132 playtech plc annual report and accounts 2014 33
hilary stewartjones aged 53 
nonexecutive deputy chairman
appointment to the board
hilary was appointed to the board in 
october 2013 and became deputy 
chairman in december 2014 
career 
hilary is a qualified solicitor and worked 
inhouse at ladbrokes plc becoming head 
of the inhouse gambling legal team before 
joining the law firm berwin leighton paisner 
llp as a partner in 2000 she joined dla 
piper uk llp as a partner in 2011 but 
stepped down from that role in may 2014 
and has since held a consultancy position 
with the firm hilary is recognised as a 
leading international expert in gambling law 
and has over 20 years’ experience advising 
companies on gamblingrelated issues 
skills competences and experience 
hilary brings considerable expertise in 
the regulation of online gambling around 
the world having advised many leading 
companies in the sector as well as in legal 
matters generally she enjoys an excellent 
relationship with many of the key industry 
regulators and is a regular speaker on 
gambling law and regulation
board committees 
hilary is chair of the remuneration 
committee and of the risk  compliance 
committee and sits on the audit committee 
and nominations committee
 andrew thomas aged 72 
senior nonexecutive director
appointment to the board
andrew was appointed to the board in 
june 2012 shortly before the company’ s 
admission to the main market 
career 
andrew has enjoyed a career as an 
accountant and businessman much of 
which has been within the leisure industry 
andrew is currently chairman of randalls 
limited a familyowned pub company in 
jersey where he lives andrew previously 
served as chairman of the greenalls group 
plc and as a nonexecutive director of a 
number of private and public companies 
he is the founding partner of the cheshire
based accounting firm moors andrew 
thomas  co llp  andrew is a member 
of the institute of chartered accountants 
in england  wales and a member of the 
institute of t axation 
skills competences and experience 
andrew combines many years’ detailed 
experience of advising on taxation 
matters with financial expertise both as a 
chartered accountant and sitting as a non
executive director of a number of publicly 
listed companies 
board committees 
andrew chairs the audit committee which 
oversees the work of the internal auditors 
and sits on the remuneration nomination 
and risk  compliance committees  
he is also the senior independent  
nonexecutive director 
governancev38indd   33 16042015   1132 alan jackson chairman
“the board believes that high standards 
of corporate governance contributes to 
playtech’s performance and continued 
success”
playtech plc annual report and accounts 2014 34
chairman’s introduction to governance
dear shareholder 
on behalf of the board i am pleased to present playtech’ s 
governance reports to shareholders the board believes 
that high standards of corporate governance contributes 
to playtech’ s performance and continued success it has 
been a busy year for the group during which time the 
board has been able to provide strategic leadership and i 
would like to pass on my gratitude for the enthusiasm and 
dedication which the directors and senior management have 
demonstrated during this busy time we have however 
continued to focus on ensuring that we have an appropriate 
governance framework in place
the board has confidence in the future of the group and 
sees significant growth opportunities and remains focused 
on looking for such opportunities in regulated and soontobe 
regulated markets changes in the regulatory frameworks 
in key markets have led to enhanced engagement with 
regulators in terms of us applying for holding and maintaining 
regulatory licences we successfully applied for all relevant 
licences required under the new uk licensing regime which 
was introduced in late 2014 we also worked closely with 
regulators in markets such as italy to assist with problems 
faced by the local regulator arising from the proliferation of 
unlicensed operators 
during 2014 we undertook significant work with pwc 
on an internal audit exercise covering key areas of our 
business – both in terms of a review of the effectiveness of 
our processes and procedures together with focused work 
on the identification and mitigation of risk t o bolster our 
efforts in this area we have recently recruited robert penfold 
an experienced risk professional with significant sector 
experience as our head of internal audit 
we continued to listen to and understand the views of our 
shareholders in addition to the usual processes we met 
with institutional shareholders particularly around results 
announcements and at different investor conferences with 
a focus on the strategic vision of the group and the quickly 
evolving developments in our industry in terms of innovation 
regulation and tax
we also held an investor day for institutional shareholders 
and sector analysts at which we demonstrated certain of the 
group’ s new products the board continues to strive to ensure 
that the group’ s governance structure protects the sustainability 
of its businesses and the communities in which it operates 
while maximising shareholder value and treating all shareholders 
fairly  the board also sets the tone for the company  the way 
in which it conducts itself its attitude to ethical matters its 
definitions of success and the assessment of appropriate risk all 
define the atmosphere within which the executive team works 
the board is cognisant of the need to strike a careful balance 
to ensure that shareholders and other stakeholders are 
appropriately protected by robust processes and procedures 
while providing an environment that fosters an entrepreneurial 
spirit that allows our senior management team and employees 
to continue to deliver the yearonyear growth that we 
have achieved in recent years this balance enables us to 
clearly focus on the key risks facing the group but to be 
flexible enough in our approach to accommodate changes 
resulting from developments in our strategy or changes in the 
regulatory environment 
we have set out in the following sections how we seek 
to manage the principal risks and uncertainties facing the 
business more details on our governance framework and have 
sought to explain how our corporate governance practises 
support our strategy  
the annual general meeting “agm” is an important opportunity 
for the board to meet with shareholders particularly those who 
may not otherwise have the chance to engage with the board 
and senior management our 2015 agm is scheduled for 
1000 am on 20 may 2015 at the sefton hotel douglas isle of 
man and we look forward to seeing you there
alan jackson 
chairman
26 february 2015
governancev38indd   34 16042015   1132 playtech plc annual report and accounts 2014 35
directors’ governance report
introduction 
responsibility for corporate governance lies with the 
board which is committed to maintaining high standards 
of corporate governance and is ultimately accountable to 
shareholders the report which follows explains our most 
important governance processes and how they support the 
group’ s business in particular we have applied the principles 
of good governance advocated by the uk corporate 
governance code the “code”the code applied to playtech 
throughout the financial year ended 31 december 2014 
a copy of the code is available at wwwfrcorgukourwork
codesstandardscorporategovernanceukcorporate
governancecodeaspx
compliance statement 
we continued to make improvements during the year both 
to our board structure and our governance procedures and 
i am delighted to be able to report that it is the view of the 
board that the company has been fully compliant with the 
principles of the code during 2014 save in relation to c31 
of the code 
as regards c31 of the code following the company 
qualifying for inclusion in the ftse 350 the board concluded 
that the composition of the audit committee comprising the 
three nonexecutive directors including the chairman was 
sufficiently robust for the committee to fulfil its responsibilities 
without the need for the appointment of a further non
executive director the board will review the position during 
the course of the year
we noted in the 2013 annual report that certain historic 
option awards made to executive directors all of which 
were made while the company was on the alternative 
investment market did not contain any performancerelated 
vesting conditions the remaining options were exercised 
in 2014 and in accordance with the current policy of the 
remuneration committee as stated in its reports on pages 
46 to 59 future awards to directors will be subject to 
challenging performance criteria
on 9 october 2013 hilary stewartjones was appointed 
as a nonexecutive director considered to be independent 
by the board hilary is a leading international expert in 
gambling law and has over 20 years’ experience advising 
companies on gamblingrelated matters and was at the time 
of her appointment a partner in the firm of dla piper llp 
the “firm” she stepped down from that role in may 2014 
and has since been engaged as a consultant to the firm 
the firm has provided and continues to provide regulatory 
and legal advice to the company from time to time however 
given the overall size of the firm and the relatively small 
scale of fees received this relationship is not considered 
to impact on her independence in addition in order to 
reinforce her independence it has been agreed that since her 
appointment hilary would not be involved in the provision of 
advice by the firm to the group her remuneration from the 
firm would not be linked directly or indirectly to the receipt of 
fees from the group and that any potential residual conflicts 
will be managed carefully
as detailed in note 26 to the financial statements hilary’ s 
husband jeanpierre houareau was engaged during 2014 
by the group as a consultant and also owns a company 
which is a small supplier to the group mr houareau has 
worked in the online gaming industry for nonrelated 
companies such as pkr for 10 years and has been 
retained to assist in connection with some of the group’ s 
consumer facing activities in the uk and other regulated 
markets hilary was not involved in the decision to retain 
mr houareau and did not participate in discussions relating 
to fee arrangements
the board consider that hilary continues to be independent 
for the purposes of the code
the company’ s auditor bdo llp  is required to review 
whether the above statement reflects the company’ s 
compliance with the code by the listing rules of the uk 
listing authority and to report if it does not reflect such 
compliance no such negative report has been made
the board is accountable to the company’ s shareholders for 
good governance and the statement set out below describes 
how the group applies the principles identified in the code 
governancev38indd   35 16042015   1132 playtech plc annual report and accounts 2014 36
directors’ governance report continued
the board
composition 
as at 31 december 2014 the board comprised the non
executive chairman the chief executive officer the chief 
financial officer a nonexecutive deputy chairman and an 
independent nonexecutive director the list of directors 
holding office during the year to 31 december 2014 and their 
responsibilities are set out on pages 32 and 33
all of the directors served throughout the financial year 
the nonexecutive directors are all considered by the 
board to be independent of management and free of any 
relationship which could materially interfere with the exercise 
of their independent judgement as explained above 
the company secretary acts as secretary to the board 
and its committees and his appointment and removal is a 
matter for the board as a whole following the departure 
of paul wright the former company secretary the board 
appointed brian moore as his successor in january 2015 
the company secretary is a member of the group’ s 
management team and all the directors have access to 
his advice and services 
director’ s name title
alan jackson nonexecutive chairman
mor weizer executive director chief executive officer
ron hoffman executive director chief financial officer
hilary stewartjones nonexecutive deputy chairman
andrew thomas nonexecutive senior independent director
board operation 
the roles of the chairman alan jackson and the chief executive officer mor weizer are separated clearly defined and their 
respective responsibilities are summarised below
chairman 
• overall effectiveness of the running of the board 
• ensuring the board as a whole plays a full part in 
the development and determination of the group’ s 
strategic objectives 
• keeping the other directors informed of shareholders’ 
attitudes towards the company 
• safeguarding the good reputation of the company and 
representing it both externally and internally 
• acting as the guardian of the board’ s decisionmaking 
processes and 
• promoting the highest standards of integrity probity and 
corporate governance throughout the company and 
particularly at board level 
chief executive officer 
• executive leadership of the company’ s business on a 
daytoday basis 
• developing the overall commercial objectives of the group 
and proposing and developing the strategy of the group in 
conjunction with the board as a whole 
• responsibility together with his senior management 
team for the execution of the group’ s strategy and 
implementation of board decisions 
• recommendations on senior appointments and 
development of the management team and 
• ensuring that the affairs of the group are conducted 
with the highest standards of integrity probity and 
corporate governance 
governancev38indd   36 16042015   1132 playtech plc annual report and accounts 2014 37
matters considered by the board in 2014
month material matters considered
january
• review of operational roadmap for 2014
• approval of budget for 2014
• approval of the acquisition of psiclone games limited a retail games developer
february
• update in relation to status of related party arrangements
• review of the 2013 financial results and approval of the annual report and accounts for 2013 
• consideration of a special dividend and a final dividend 
• approval of notice of agm and resolutions to be put to the meeting
• approval of establishment of employee benefit trust
april
• detailed evaluation of ma opportunities and use of cash resources
• consideration of plans to implement operational efficiencies and cost savings
• consideration of forthcoming regulatory changes in key markets
• review of updated risk register
may
• consideration of implications of unrest in kiev on the group’ s operations
• update into rd and new developments such as the group’ s new business intelligence products
• consideration of the potential impact of the proposed poc tax on the group
• preparation for the agm 
june
• evaluation of potential strategic agreements including in mexico and italy
• review of the poker division and its strategic plans
• acquisition of a software provider that developed a sports betting solution for developing markets
august
• review of interim results
• consideration of interim dividend 
• evaluation of proposed uk licensing regime and related application processes 
• approval of investment in and related software arrangements with bgo limited
• approval of acquisition of aristocrat lotteries
october
• review of human resources recruitment and employee incentivisation plans
• detailed evaluation of ma opportunities and use of cash resources
• consideration of expansion into new geographical markets 
november
• approval of announcement in relation to share price movement
• approval of the placement of €297 million unsecured convertible bonds
• appointment of hilary stewartjones as deputy chairman
• approval of amendments to relationship agreement with brickington trading limited as required by 
virtue of changes to the listing rules
governancev38indd   37 16042015   1132 playtech plc annual report and accounts 2014 38
directors’ governance report continued
responsibility and delegation
the chairman is primarily responsible for the efficient 
functioning of the board he ensures that all directors 
receive sufficient relevant information on financial business 
and corporate issues prior to meetings the chief 
executive officer’ s responsibilities focus on coordinating 
the group’ s business and implementing group strategy 
regular interaction between the chairman and chief 
executive officer between meetings ensures the board 
remains fully informed of developments in the business at 
all times
there remains in place a formal schedule of matters 
specifically reserved for board consideration and approval 
which includes the matters set out below 
• approval of the group’ s longterm objectives and 
commercial strategy 
• approval of the annual operating and capital expenditure 
budgets and any changes to them 
• major investments or capital projects 
• the extension of the group’ s activities into any new 
business or geographic areas or to cease any 
material operations 
• changes in the company’ s capital structure or 
management and control structure 
• approval of the annual report and accounts preliminary 
and halfyearly financial statements interim management 
statements and announcements regarding dividends 
• approval of treasury policies including foreign currency 
exposures and use of financial derivatives 
• ensuring the maintenance of a sound system of internal 
control and risk management 
• entering into agreements that are not in the ordinary 
course of business or material strategically or by reason of 
their size 
• changes to the size composition or structure of the board 
and its committees and 
• corporate governance matters 
how the board functions 
in accordance with the code the board is collectively 
responsible for the longterm success of the company 
the board provides entrepreneurial leadership for the 
company within a framework of prudent and effective 
controls that enable risk to be assessed and managed 
the board sets the company’ s strategic aims and ensures 
that the necessary resources are in place for the company to 
meet its objectives and reviews management performance 
the board meets regularly and frequently with eight meetings 
scheduled and held in 2014 during the year it was also 
necessary for the board to hold an unscheduled board 
meeting by telephone in accordance with the articles of 
association in connection with the approval of the placing of 
a €297 million unsecured convertible bond 
during the year the chairman met the other nonexecutive 
directors in the absence of the executive directors to re
confirm and take account of their views all nonexecutive 
directors have sufficient time to fulfil their commitments to 
the company
in addition to receiving reports from the board’ s committees 
reviewing the financial and operational performance of the 
group and receiving regular reports on ma legal regulatory 
and investor relations matters at the board meetings the 
other key matters considered by the board during 2014 are 
set out in the table page 37
board meetings are generally held at the registered office of 
the company on the isle of man though during the year a 
meeting was held in gibraltar giving the board an opportunity 
of reviewing the group’ s poker operations and a meeting 
was held in berlin in conjunction with a major european 
gambling conference that gave the nonexecutive directors 
an opportunity to broaden their knowledge of the european 
gambling industry
directors are provided with comprehensive background 
information for each meeting and all directors were 
available to participate fully and on an informed basis in 
board decisions in addition certain members of the senior 
management team including the chief operating officer the 
general counsel the head of regulatory and compliance 
and the head of investor relations are invited to attend the 
whole or parts of the meetings to deliver their reports on 
the business any specific actions arising during meetings 
are agreed by the board and a comprehensive followup 
procedure ensures their completion
details of the attendance of the directors at meetings of the 
board and its committees are set out in the table below
number of meetings board audit remuneration nominations risk
alan jackson 9 of 9 4 of 4 3 of 3 – 4 of 4
mor weizer 9 of 9 – – – –
ron hoffman 9 of 9 – – – –
hilary stewartjones 8 of 9 4 of 4 3 of 3 – 4 of 4
andrew thomas 9 of 9 4 of 4 3 of 3 – 4 of 4
governancev38indd   38 16042015   1132 playtech plc annual report and accounts 2014 39
in addition the board has adopted a formal delegation of 
authorities memorandum which sets out levels of authority 
for employees in the business 
the board has delegated certain of its responsibilities to a 
number of committees of the board to assist in the discharge 
of its duties the principal committees currently are the 
audit committee the remuneration committee the risk 
 compliance committee and the nominations committee 
the minutes of each of these committees are circulated to 
and reviewed by their members the company secretary 
is secretary to each of these committees the t erms of 
reference for each of the committees are available to view 
on the company’ s website wwwplaytechcom
audit committee 
the audit committee’ s key objectives are the provision 
of effective governance over the appropriateness of the 
group’ s financial reporting including the adequacy of 
related disclosures the performance of both the internal 
and external audit function and the management of the 
group’ s systems of internal control business risks and related 
compliance activities
the audit committee’ s report is set out on pages 43 to 45 
and details the audit committee’ s membership activities 
during the year significant issues that it considered in relation 
to the financial statements and how those issues were 
addressed the report also contains an explanation of how 
the committee assessed the effectiveness of the external 
audit process and the approach taken in relation to the 
appointment or reappointment of the auditors 
remuneration committee 
the remuneration committee is responsible for making 
recommendations to the board on remuneration policy for 
the chairman executive directors and senior management 
the directors’ remuneration report is set out on pages 46 
to 59 and contains details the remuneration committee’ s 
membership activities during the year and the policy on 
remuneration the chairman of the remuneration committee 
attends the annual general meeting to respond to any 
questions that shareholders might raise on the remuneration 
committee’ s activities 
risk  compliance committee 
under the code the board is responsible for determining the 
nature and extent of the significant risks it is willing to take in 
achieving its strategic objectives the board should maintain 
a sound system of risk management and internal control 
systems main principle c2 
the risk  compliance committee is chaired by hilary 
stewartjones the other members of the committee 
are alan jackson nonexecutive chairman and andrew 
thomas nonexecutive director david mcleish general 
counsel ian ince head of regulatory and compliance and 
robert penfold head of internal audit attend the committee 
the company secretary brian moore is secretary to 
the committee 
in addition pwc llp  in their capacity as providers of 
internal audit services and members of the group’ s senior 
management including the chief information officer the chief 
executive officer chief financial officer and chief operating 
officer may be invited to attend meetings to present matters 
or for the committee to have the benefit of their experience 
the primary responsibilities delegated to and discharged by 
the committee include 
• review management’ s identification and mitigation of key 
risks to the achievement of the company’ s objectives 
• monitor incidents and remedial activity 
• agree and monitor the risk assessment programme 
including in particular changes to the regulation of online 
gambling and the assessment of licensees’ suitability 
• agree on behalf of the board and continually review a risk 
management strategy and relevant policies for the group 
including the employee code of conduct antibribery 
policy antimoney laundering policy and wider social 
responsibility issues 
• satisfy itself and report to the board that the structures 
processes and responsibilities for identifying and managing 
risks are adequate and
• monitor and procure ongoing compliance with the 
conditions of the regulatory licenses held by the group 
governancev38indd   39 16042015   1132 playtech plc annual report and accounts 2014 40
directors’ governance report continued
the risk  compliance committee met formally four times 
during the year and in addition held a number of conference 
calls throughout the year and a summary of the key matters 
considered by the committee during 2014 are set out below 
• monitor the regulatory position in a number of jurisdictions 
including those which are of relative importance to the 
group financially and those where changes may represent 
a risk or opportunity for the group 
• consider the costs and regulatory requirements 
for the group to seek relevant licenses in newly 
regulating markets 
• applications by or on behalf of the group for licences in 
existing or newly regulated markets 
• monitor developments in relation to changes in the 
regulatory regime in the united kingdom and receiving 
reports in relation to the likely impact on the group and the 
need for entities within the group to apply for licences 
• consider the overall effectiveness of the compliance 
strategy and the regulatory risks to the group’ s operations 
and revenues 
• receive and consider reports on discussions with and the 
results of audits by regulators 
• monitoring compliance with regulatory licences held in 
all jurisdictions and adapting procedures products and 
technology as appropriate
• review reports by pwc as external advisers on risk 
management and
• consideration of the risks identified from the group’ s risk 
register and of the effectiveness of actions taken to mitigate 
such risks
the committee has been kept informed of any changes to 
the regulatory position in any significant jurisdiction where the 
group through its licensees may be exposed and updated 
on progress in relation to agreed action items on a regular 
basis the committee can also convene meetings on a more 
frequent basis or as when matters arise if it is determined 
that enhanced monitoring of a specific risk is warranted 
a table setting out the principal significant risks identified by 
the group including with the oversight and input of the risk  
compliance committee and the mitigating actions that have 
been undertaken by the group in relation to these is set out 
on pages 25 to 27 of this document 
nominations committee 
the board is required by the code to establish a nominations 
committee which should lead the process for board 
appointments and make recommendations for appointments 
to the board a majority of members of the nominations 
committee should be independent nonexecutive directors 
the nomination committee’ s key objective is to ensure that 
the board comprises individuals with the necessary skills 
knowledge and experience to ensure that it is effective in 
discharging its responsibilities
the nominations committee comprises alan jackson 
chairman andrew thomas and hilary stewartjones 
the nominations committee reviews the structure size 
and composition of the board and its committees and 
makes recommendations with regard to any changes 
considered necessary in the identification and nomination 
of new directors the reappointment of existing directors 
and appointment of members to the board’ s committees 
it also assesses the roles of the existing directors in office 
to ensure that there continues to be a balanced board 
in terms of skills knowledge experience and diversity 
the nominations committee reviews the senior leadership 
needs of the group to enable it to compete effectively in 
the marketplace the nominations committee also advises 
the board on succession planning for executive director 
appointments although the board itself is responsible for 
succession generally
the nominations committee has not set itself any formal 
targets for diversity including gender and believes that 
appointments should be based on merit compared against 
objective criteria with the ultimate aim of ensuring the board 
has the right skills knowledge and experience that enable it 
to discharge its responsibilities properly 
the nominations committee meets on an asneeded basis 
no meetings were held in 2014
disclosure committee 
the disclosure committee ensures accuracy and timeliness 
of public announcements of the company and monitors 
the company’ s obligations under the listing rules and 
disclosure and transparency rules of the uk listing 
authority meetings are held as required at the date of 
this report the disclosure committee comprises andrew 
thomas chairman of the audit committee ron hoffman 
chief financial officer david mcleish general counsel 
brian moore company secretary and adam kay head of 
investor relations 
governancev38indd   40 16042015   1132 playtech plc annual report and accounts 2014 41
management committee 
the senior management committee is the key management 
committee for the group the standing members of the 
committee are mor weizer chief executive officer ron 
hoffman chief financial officer shay segev chief operating 
officer uri levy vp business development shimon akad 
ceo israel david mcleish general counsel ian ince head 
of regulatory and compliance and brian moore company 
secretary other members of senior management are invited 
to the committee as and when required the committee 
considers and discusses plans and recommendations 
coming from the operational side of the business and from 
the various product verticals in the light the group’ s strategy 
and capital expenditure and investment budgets including 
the implications of those plans in areas such as resources 
budget legal and compliance the committee either 
approves the plans or as necessary refers the proposal for 
formal board review and approval in accordance with the 
company’ s formal matters reserved for the board 
board tenure 
in accordance with the company’ s articles of association 
every new director appointed in the year is required to stand 
for reelection by shareholders at the annual general meeting 
“agm” next following their appointment also under the 
articles of association at each agm onethird of the directors 
excluding any director who has been appointed by the 
board since the previous agm or if their number is not an 
integral multiple of three the number nearest to onethird 
but not exceeding onethird shall retire from office but so 
that if there are fewer than three directors who are subject 
to retirement by rotation under the articles one shall retire
notwithstanding the provisions of the articles of association 
the board has decided to comply with the code 
requirements that directors of companies in the ftse350 
index submit themselves for reelection annually therefore all 
directors are seeking their reappointment at this year’ s agm 
the board has collectively agreed that the directors proposed 
for reelection at this year’ s agm have made significant 
contributions to the business since their last reelection and 
each has a key role to play in the formulation of the group’ s 
future strategy
in certain circumstances directors are entitled to seek 
independent professional advice under an agreed board 
procedure which would then be organised by the company 
secretary and in this regard the company would meet their 
reasonable legal expenses 
balance of the board 
the board comprises individuals with wide business 
experience gained in various industry sectors related to the 
group’ s current business and it is the intention of the board to 
ensure that the balance of the directors reflects the changing 
needs of the business 
the board considers that it is of a size and has the balance 
of skills knowledge experience and independence that 
is appropriate for the group’ s current business while not 
having a specific policy regarding the constitution and 
balance of the board potential new directors are considered 
on their own merits with regard to their skills knowledge 
experience and credentials
the nonexecutive directors continue to contribute their 
considerable collective experience and wideranging skills to 
the board and provide a valuable independent perspective 
where necessary constructively challenging proposals policy 
and practices of executive management in addition they 
help formulate the group’ s strategy 
evaluation 
the board is committed to an ongoing evaluation process 
of itself and its committees to assess their performance 
and identify areas in which their effectiveness policies and 
processes might be enhanced alan jackson in discussion 
with the senior nonexecutive director undertook a review of 
the performance of individual directors andrew thomas as 
senior nonexecutive director considered the performance 
of mr jackson taking into account the views of the executive 
directors there were no material areas of concern 
highlighted and the main outcome of the evaluation this 
year was to shape and define the board’ s objectives for the 
coming year continuing the focus on group strategy and 
ensuring the structures capabilities and reporting are in place 
to achieve the board’ s goals 
a review of the board’ s effectiveness was conducted in 
late 2014 the review was facilitated by independent audit 
limited using their thinking board online assessment 
service their facilitation helped ensure that the review was 
rigorous and covered the important influences on the board’ s 
effectiveness as independent advisers they discussed 
the focus and coverage of the board and committee 
questionnaires administered the questionnaires on a 
confidential basis analysed the results independently from 
the board and management and presented the findings and 
their suggestions in a paper which was discussed with the 
chairman and provided to all directors the board is in the 
process of considering the report with a view to adopting and 
implementing a plan to further develop the effectiveness of 
the board during 2015 
newly appointed directors can expect a detailed and 
systematic induction on joining the board they meet various 
members of senior management and familiarise themselves 
with all core aspects of the group’ s operations on request 
meetings can be arranged with major shareholders 
members of senior management are invited to attend board 
meetings from time to time to present on specific areas of the 
group’ s business 
governancev38indd   41 16042015   1132 playtech plc annual report and accounts 2014 42
directors’ governance report continued
relationship with shareholders 
primary responsibility for effective communication with 
shareholders lies with the chairman but all the company’ s 
directors are available to meet with shareholders throughout 
the year alan jackson mor weizer and ron hoffman met 
with a number of shareholders to discuss the company’ s 
business strategy throughout the year the executive 
directors prepare a general presentation for analysts 
and institutional shareholders following the interim and 
preliminary announcements details of these presentations 
together with the group’ s financial statements and other 
announcements can be found on the investor relations 
section of the company’ s website further presentations 
are also prepared following significant acquisitions and 
whenever the board considers it beneficial to shareholders 
to do so regular meetings with shareholders and potential 
shareholders are also held by the head of investor relations 
and in conjunction with either the chief executive officer 
or the chief financial officer the company also held an 
investor day during 2014 at which shareholders and sector 
analysts were invited to hear about certain of the group’ s 
new products
the company endeavours to answer all queries raised 
by shareholders promptly
the company’ s largest shareholder is brickington trading 
limited “brickington” brickington is a wholly owned 
subsidiary of a trust one of the ultimate beneficiaries of which 
is t eddy sagi one of the group’ s founders in connection 
with the company’ s premium listing on the main market of 
the london stock exchange the company and brickington 
entered into a relationship agreement pursuant to which 
brickington has agreed that i it will vote its shares in such 
a manner so as to procure that each member of the group 
is capable of carrying on its business independently of 
brickington and its associates and ii it will not exercise 
any of the voting rights attaching to its shares in such a 
manner so as to procure any amendment to the articles of 
association which would be inconsistent with undermine or 
breach any of the provisions of the relationship agreement 
brickington also agreed that all transactions and relationships 
between it or any of its associates and the company will be 
on arm’ s length terms and on a normal commercial basis 
on 14 november 2014 the company and brickington 
entered into a variation to the relationship agreement in order 
to ensure compliance with amendments made to the listing 
rules during 2014 the principal change to the relationship 
agreement was to provide that brickington would not take 
steps to prevent the articles of association from permitting the 
election or reelection of independent directors
the board believes that the provisions of the relationship 
agreement provides reassurance that brickington will not 
seek to exercise its shareholding capriciously and reenforces 
the independence of the company
separately mr sagi entered into an agreement with the 
company in 2012 pursuant to which he will as and when 
requested to do so by the board provide advisory services 
to the company for a nominal fee of €1 per annum until 
either mr sagi ceases to be interested whether legally or 
beneficially in any ordinary shares or either party terminates 
the agreement following its fifth anniversary whichever 
is the earlier during the year the company has sought 
advisory services on occasion in relation to certain significant 
strategic matters
shareholders are encouraged to participate in the company’ s 
agm at which the chairman will present the key highlights of 
the group’ s performance the board will be available at the 
agm to answer questions from shareholders
investor relations and communications 
the company has wellestablished investor relations 
“ir” processes which support a structured programme 
of communications with existing and potential investors 
and analysts executive directors and members of the ir 
team participated in a number of investor events attending 
industry conferences and regularly meet or are in contact 
with existing and potential institutional investors from around 
the world ensuring that group performance and strategy 
is effectively communicated within regulatory constraints 
other representatives of the board and senior management 
meet with investors from time to time the head of ir 
provides regular reports to the board on related matters 
issues of concern to investors and analyst’ s views 
and opinions 
whenever required the executive directors and the chairman 
communicate with canaccord genuity to confirm shareholder 
sentiment and to consult on governance issues 
during 2014 44 regulatory announcements were released 
informing the market of acquisitions corporate actions 
important customer contracts financial results the results 
of annual general meetings and board changes copies of 
these announcements together with other ir information 
and documents are available on the group website 
wwwplaytechcom 
summary 
in presenting this report and having monitored reviewed or 
approved all shareholder communications in 2014 and since 
the end of the financial year the board is confident that it has 
presented a balanced and understandable assessment of the 
company’ s position and prospects
alan jackson
chairman
26 february 2015
governancev38indd   42 16042015   1132 playtech plc annual report and accounts 2014 43
audit committee report
composition 
the audit committee comprises three independent non
executive directors and is chaired by andrew thomas who is 
a qualified chartered accountant and member of the institute 
of t axation therefore andrew has recent relevant financial 
experience in compliance with the code provision c31 and 
was appointed to chair the committee on his appointment 
to the board in june 2012 the other members of the audit 
committee are alan jackson and hilary stewartjones both 
nonexecutive directors the committee is authorised to 
obtain independent advice if considered necessary 
the chief financial officer attended all meetings of the 
audit committee by invitation and the head of finance 
was invited to attend the meetings of the committee that 
considered the audited accounts and the interim financial 
statements as was the external auditor bdo llp “bdo” 
the members of the committee were also able to meet the 
auditors without any executive directors being present in 
order to receive feedback from them on matters such as 
the quality of interaction with management the chairman 
of the committee also met with bdo separately on several 
occasions to discuss matters involving the audit process 
during the year the chairman of the audit committee 
met individually and in private with members of the 
management team in order to understand more fully the 
context and challenges of playtech’ s business operations 
and thereby ensure the committee’ s time was used most 
effectively he also visited various operations of the business 
the activities of the committee members during the last 
year have enabled it to gain a good understanding of the 
culture of the organisation the risks and challenges faced 
and the adequacy and timeliness of the action being taken 
to address them 
responsibilities 
the audit committee’ s primary function is to assist the board 
in fulfilling its financial oversight responsibilities the board 
is required by the code to establish formal and transparent 
arrangements for considering how it should apply required 
financial reporting standards and internal control principles 
and also for maintaining appropriate relationships with the 
company’ s external auditors bdo the committee’ s terms 
of reference can be viewed on the company’ s website 
wwwplaytechcom 
in particular the code calls for the description of the work 
of the audit committee to include the significant issues 
considered in relation to the financial statements and how 
they were addressed how the committee assessed the 
effectiveness of the external audit process the approach of 
the committee to appointing the auditors and how objectivity 
and independence are safeguarded relative to  
nonaudit services 
the primary responsibilities delegated to and discharged by 
the committee included 
• monitoring and challenging the effectiveness of internal 
control and associated functions 
• approving and amending group accounting policies 
• reviewing and ensuring the integrity of interim and 
annual financial statements in particular the actions and 
judgements of management in relation thereto before 
submission to the board 
• monitoring the implementation of the company’ s code of 
business ethics “code of ethics” and compliance with 
their provisions 
• reviewing the company’ s arrangements for its employees 
to raise concerns anonymously or in confidence and 
without fear of retaliation about possible wrongdoing in 
financial reporting or other matters arising under the code 
of ethics 
• reviewing promptly all reports on the company from the 
internal auditors and reviewing and assess the annual 
internal audit plan 
• monitoring the external auditor’ s independence and 
objectivity including the effectiveness of the audit services
• monitoring and approving the scope and costs of audit 
and 
• ensuring audit independence and preapproving any 
significant nonaudit services to be provided by the auditor 
audit committee’s activities 
in 2014 the audit committee met formally four times
matters that were considered by the committee during the 
year included
• valuation of availableforsale investments held by 
the group
• management of the group’ s cash balances in particular 
the effectiveness of the group’ s treasury management 
and hedging practices and stability of the group’ s 
banking relationships
• adoption of an updated risk register for the group
• effectiveness of the group’ s system of internal controls and 
risk management 
•  entry into related party transactions and 
structured agreements
• updates on people risk and cybersecurity risks and
• results of internal audit reviews management action 
plans to resolve any issues arising and the tracking of 
their resolution
governancev38indd   43 16042015   1132 playtech plc annual report and accounts 2014 44
audit committee report continued
its work also included reviewing the final and interim financial 
statements and matters raised by management and bdo 
after discussion with both management and the external 
auditor the committee determined that the key risks of 
misstatement of the group’ s financial statements related 
to the following areas which are described in the relevant 
accounting policies and detailed in the notes to the financial 
statements on pages 78 to 109 
revenue recognition 
the audit committee reviewed the judgements made in 
respect of revenue recognition in particular to assess the 
recognition of revenue from turnkey and other contracts 
where the group is to be remunerated other than by way 
of a simple revenue share arrangement and undertook a 
review of key contracts following this review the committee 
concluded that the timing of revenue recognition continues 
to be in line with ifrs requirements bdo performed detailed 
audit procedures on revenue recognition and reported their 
findings to the committee which was satisfied as a result of 
the review process that the approach taken by the group in 
the financial statements was appropriate 
capitalisation of software development costs 
the audit committee considered the group’ s policy 
regarding the capitalisation of its software development costs 
taking into account ifrs requirements the committee 
concluded that the policy was compliant and bdo as part of 
its audit procedure undertook an exercise to verify that such 
policy was being applied correctly
goodwill and intangible assets 
during the year the audit committee also considered the 
judgements made in relation to the valuation methodology 
adopted by management to support the carrying value of 
goodwill and other intangible assets to determine whether 
there was a risk of material misstatement in the carrying 
value of these assets and whether an impairment should be 
recognised the committee considered the assumptions 
estimates and judgements made by management to 
support the models that underpin the valuation of intangible 
assets in the balance sheet business plans and cashflow 
forecasts prepared by management supporting the future 
performance expectations used in the calculation were 
reviewed the committee received a report on the outcome 
of the impairment review performed by management 
the impairment review was also an area of focus for 
the external auditor who reported their findings to the 
committee the committee satisfied itself that no material 
impairments were required to the carrying value of goodwill 
or other intangible assets
legal and regulatory 
given the developing nature of the gambling sector in many 
countries across the world there is a risk that potential 
material legal or regulatory matters are not disclosed or 
provided for in the financial statements and therefore 
the committee considered with the group’ s compliance 
and legal departments whether there were any known 
instances of material breaches in regulatory and licence 
compliance that needed to be disclosed or other claims that 
required provisions to be made in the financial statements 
in particular the committee considered forthcoming changes 
in the regulatory environment in a number of jurisdictions 
in which the group’ s licensees operate in particular in 
the united kingdom where a new licensing regime was 
introduced during 2014 that required the group to obtain 
regulatory licences the committee considered the control 
systems adopted to identify potential regulatory issues and 
the compliance control systems operating in the group 
discussions were held with both the head of regulatory and 
compliance and the general counsel following this review 
the committee were satisfied that adequate provisions 
and disclosures were being made for any potential 
contingent liabilities
related party transactions 
the audit committee examined the practices and 
procedures adopted by the group to ensure that related 
party transactions are conducted on arm’ s length terms 
the committee considered the processes followed in relation 
to such transactions that were entered into during 2014 and 
concluded that the process had worked effectively and that 
all related party transactions had been properly conducted 
on an arm’ s length basis and appropriately disclosed in the 
financial statements bdo undertook a review of this area as 
part of its audit work
tax
the audit committee reviewed and approved the overall 
tax management and strategy of the group during the 
year in light of the external and internal advice sought by 
management and reviewed how the group considers tax 
as part of its overall business planning consideration was 
given to transfer pricing studies carried out on behalf of 
the group in the period and assessed in respect of earlier 
studies whether there had been any change in the basis of 
operations in the relevant territories 
financial statements
the group’ s financial statements are reviewed by the audit 
committee in advance of their consideration by the board 
the committee confirms that it is satisfied that the auditor has 
fulfilled its responsibilities with diligence and professionalism
having undertaken the processes described above 
the committee is satisfied that the financial statements 
appropriately address the critical judgements and key 
estimates both in respect to the amounts reported and 
the disclosures
governancev38indd   44 16042015   1132 playtech plc annual report and accounts 2014 45
on the basis of the above the committee consider that 
the annual report and accounts taken as a whole is fair 
balanced understandable and provide the information 
necessary for shareholders to assess the group’ s 
performance business model and strategy
internal control 
in 2013 the company established a cosourced internal 
audit function responsible for reviewing reporting and 
monitoring improvements in internal control performance 
across its operations involving pricewaterhousecoopers llp 
“pwc” and the group’ s chief information officer 
during the year pwc were engaged to perform a review of 
a number of areas of the group including disaster recovery 
arrangements and processes and procedures in the legal 
and compliance departments pwc were also asked to assist 
in the production of an updated risk register the output of 
these workstreams was considered by the audit committee 
along with the members of the risk  compliance 
committee and in the light of recommendations made by the 
pwc certain actions were agreed in mitigation of identified 
risks and to enhance existing processes further work being 
undertaken focuses on key risk processes and is intended to 
provide an ongoing independent assurance that these key 
processes remain effective
in recognition of the increasing levels of complexity in relation 
to internal controls the group recently appointed robert 
penfold a risk professional with extensive sector experience 
as the group’ s head of internal audit robert will report to the 
audit committee on a regular basis and engage pwc and 
other specialists where appropriate
the board confirms that any necessary action will be taken to 
remedy any significant failings or weaknesses identified from 
any internal audit reviews this system of internal controls 
and audit is designed to ensure local legal and regulatory 
compliance and manage rather than eliminate the risk of 
failure to achieve business objectives it can therefore only 
provide reasonable and not absolute assurance against 
material misstatement or loss 
auditor’s independence 
the audit committee on behalf of the board undertakes a 
formal assessment of the auditor’ s independence each year 
which includes 
• a review of nonaudit related services provided by bdo 
and related fees 
• a discussion with the auditor of a written report detailing 
all relationships with the group and any other parties 
which could affect independence or the perception 
of independence 
• a review of the auditor’ s own procedures for ensuring 
independence of the audit firm and partners and staff 
involved in the audit including the periodic rotation of the 
audit partner 
• obtaining written confirmation from the auditors that they 
are independent and 
• a review of fees paid to the auditors in respect of audit and 
nonaudit services 
during the year the auditors undertook certain specific pieces 
of nonaudit work including work in relation to tax matters 
and the evaluation of potential acquisition targets bdo were 
selected to undertake these tasks due to their familiarity with 
the gambling industry and as regards tax their alignment 
with work carried out under the audit in order to maintain 
bdo’ s independence and objectivity bdo undertook its 
standard independence procedures in relation to those 
engagements further details of the nonaudit fees are 
included in note 6 to the financial statements on page 89 
the audit committee will continue to assess the effectiveness 
and independence of the external auditors in doing so 
the audit committee will consider a formal tender process 
in accordance with the provisions of the code the audit 
committee will continue to comply with the competition 
commission order relating to the statutory audit market for 
ftse 350 companies which came into effect from 1 october 
2014 the audit committee expects a formal tender process 
to be held no later than 2018 
andrew thomas 
chairman of audit committee 
26 february 2015
governancev38indd   45 16042015   1132 playtech plc annual report and accounts 2014 46
remuneration report – annual statement
dear shareholder 
on behalf of the board i welcome the opportunity to 
present the remuneration committee’ s report on directors’ 
remuneration for the year to 31 december 2014 this report 
as required by the code describes how the board has 
applied the principles of the code to directors’ remuneration 
although playtech is an isle of man incorporated entity 
and as such is not required to comply with the new uk 
regulations on directors’ remuneration we recognise the 
importance of shareholder transparency accordingly 
we can confirm that the company adheres to the uk 
regulations and the report below is divided into i this annual 
statement ii the remuneration policy report containing 
a representation of the group’ s remuneration policy as 
approved by shareholders at the 2014 agm and which is 
not being amended at this time and iii the annual report on 
remuneration or “arr” that reports on the implementation 
of the company’ s stated remuneration policy for the year 
to 31 december 2014 the arr will be the subject of an 
advisory shareholder resolution at the forthcoming agm
philosophy
our remuneration policy which is set out in more detail in 
this report is designed to reward the contributions of senior 
management but also to incentivise them to maintain and 
enhance playtech’ s position as the software and services 
provider of choice to the gambling sector 
remuneration is delivered via relatively modest fixed 
remuneration and simple and transparent incentivebased 
plans enabling the executive directors to be rewarded for 
delivering strong financial performance and sustainable 
returns to shareholders 
performance outcome for 2014 
as set out in more detail in the strategic report 2014 
was a year of exceptional performance for playtech 
the performance was driven by the continued growth of the 
group’ s flagship casino product the ptts services divisions 
strong growth in sport as well as the expansion of our mobile 
and landbased offerings progress has been driven through 
strong organic growth and successful acquisitions and 
strategic agreements 
this excellent performance resulted in achieving impressive 
results across our key financial performance measures 
including growth in revenue 24 adjusted ebitda 30 
adjusted net profit 29 and adjusted eps 28 the 2014 
results significantly exceeded both internal forecasts and 
external market expectations against a backdrop of an ever 
evolving regulatory and tax landscape 
given the very strong financial results the remuneration 
committee considered that the executive directors had 
far exceeded both the challenging financial targets and 
the other strategic objectives given to them at the start 
of 2014 including expanding the business in regulated 
and soontobe regulated markets and strengthening the 
group’ s regulatory functions in light of increased regulation 
in the uk and elsewhere accordingly in recognition of this 
exceptional performance the committee has consistent 
with the remuneration policy approved by shareholders 
at last year’ s annual general meeting awarded a bonus of 
200 of salary to the ceo and 150 of salary to the cfo 
the committee is more than satisfied that this level of bonus 
reflects the delivery of superior financial performance which 
was significantly ahead of the levels expected at the start of 
the year together with the strong personal performance of 
the executive directors during 2014 further details of the 
bonuses are set out below
no longterm incentive plan award was due to vest in relation 
to performance which ended at 31 december 2014 in view 
of the fact that the executive directors do not currently hold 
any options in the company the remuneration committee 
intends to make grants to them pursuant to the group’ s long 
t erm incentive plan 2012 at the next available opportunity 
as part of its efforts to secure the management team for the 
coming years 
the committee is satisfied that the total remuneration of 
the executive directors is reasonable in the context of 
performance delivered and is below the total remuneration 
delivered in comparable businesses in the travel  
leisure sector
remuneration policy for 2015
no changes are proposed to the remuneration policy 
from that presented and approved at last year’ s agm 
further details of the company’ s remuneration policy and 
structure are provided in this report the remuneration 
committee believes the current policy reinforces the 
company’ s strategy to create a business with significant 
scale and a full product and service capability underpinned 
by a preeminent technology platform we believe that the 
remuneration policy and incentive framework we have in 
place can support the company’ s strategy in the current 
economic environment and help to retain and motivate our 
management team in order to assist in driving strong returns 
for our shareholders the committee will review the continued 
appropriateness of the remuneration policy during 2015 
the remuneration committee encourages dialogue with the 
company’ s shareholders the committee and i hope we can 
count on your continued support at the 2015 agm
hilary stewartjones 
on behalf of the remuneration committee
26 february 2015 
governancev38indd   46 16042015   1132 playtech plc annual report and accounts 2014 47
remuneration policy report
the remuneration policy was approved by shareholders at 
the 2014 agm with the expectation it would be applied for a 
period of three years from that date the remuneration policy 
is represented here for completeness and transparency 
some minor amendments have been made to i references 
to particular years ii page and note references and iii 
the removal of the t otal remuneration opportunity charts 
which were in relation to 2014 pay levels the full original 
report can be viewed at httpplaytechirproduction
investiscommediafilespplaytechirresultsreports
webcasts20142013reportandaccountspdf 
the remuneration committee reviews the company’ s 
remuneration philosophy and structure each year to ensure 
that the remuneration framework remains effective in 
supporting the company’ s strategic objectives is in line 
with best practice and fairly rewards individuals for the 
contribution that they make to the business having regard to 
the international nature size and complexity of the group’ s 
operations and the need to attract and motivate employees 
of the highest calibre 
remuneration packages are designed to reward the 
executive directors and members of the senior management 
team fairly for their contributions whilst remaining within the 
range of benefits offered by similar companies in the sector 
the committee believes that the individual contributions 
made by executive directors and senior management are 
fundamental to the successful performance of the company 
the committee after discussion with the executive directors 
and its advisers new bridge street has therefore adopted a 
remuneration policy with the following objectives 
• seek to pay executives competitively recognising that they 
have highly marketable skills to companies already in and 
those considering entry to the online gambling industry but 
acknowledge local market levels and where appropriate 
practices 
• incentivise and reward behaviours that will contribute to 
superior company performance 
• avoid the need to make adhoc payments outside the 
formal structure 
• enable the company to attract and retain international 
executives at the required calibre particularly in potential 
new markets 
• be simple and understandable 
• provide good lockin of key employees through deferred 
elements and 
• avoid reward for failure 
the remuneration committee believes that its remuneration 
policy creates a coherent and appropriate framework 
for remunerating executive directors and other senior 
executives of the company and draws a clearer link between 
performance and reward the details of this policy are clearly 
set out in the following pages 
the committee considers that the targets set for the different 
components of performance related remuneration are both 
appropriate and sufficiently demanding in the context of the 
business environment and the challenges with which the 
group is faced as well as complying with the provisions of 
the code 
governancev38indd   47 16042015   1132 playtech plc annual report and accounts 2014 48
remuneration policy report continued
remuneration policy for executive directors 
the following table gives an overview of the remuneration policy for the executive directors
element and maximum purpose and link 
to strategy
operation maximum performance targets
salary t o attract retain and 
motivate high calibre 
individuals for the role 
and duties required
t o provide market 
competitive salary 
relative to the 
external market
t o reflect appropriate 
skills development 
and experience 
over time
normally reviewed 
annually by the 
committee effective 
in june
t akes account of 
the external market 
and other relevant 
factors including 
internal relativities and 
individual performance
other than when an 
executive changes 
roles or where 
benchmarking 
indicates individual 
salaries require 
realignment annual 
increases will not 
exceed the general 
level of increases 
for the group’ s 
employees taking into 
account the country 
where the executive 
ordinarily works
where benchmarking 
indicates that any 
individual salaries 
require realignment 
these may be spread 
over a period of 
time if the required 
adjustment is 
particularly large
na
bonus clear and direct 
incentive linked to 
annual performance 
targets
incentivise annual 
delivery of financial 
measures and 
personal performance
corporate measures 
selected consistent 
with and complement 
the budget and 
strategic plan
paid in cash normally 150 
of salary for the 
ceo but 200 in 
very exceptional 
circumstances as 
described below 
and 100 of salary 
for other executive 
directors but 150 
in very exceptional 
circumstances 
the additional limit 
will only be used 
in truly exceptional 
circumstances 
where performance 
significantly exceeds 
the targets already 
set for bonus and 
reflects the unique 
and challenging 
environment in 
which the company 
operates
based on a mixture of 
financial performance 
including adjusted 
ebitda and 
performance against 
strategic objectives
no less than 70 
of the bonus will be 
dependent on financial 
performance
bonus is paid on a 
sliding scale of 0 for 
threshold increasing 
to 100 for maximum 
performance
governancev38indd   48 16042015   1132 playtech plc annual report and accounts 2014 49
element and maximum purpose and link 
to strategy
operation maximum performance targets
long t erm incentive 
plan “l tip”
aligned to key 
strategic objective 
of delivering 
strong returns to 
shareholders and 
earnings performance
grant of performance 
shares restricted 
shares or options
awards may be 
subject to clawback in 
certain circumstances
150 and 100 of 
salary in performance 
shares for the ceo 
and cfo respectively
performance 
measured over 
three years 
performance 
targets aligned 
with the group’ s 
strategy of delivering 
strong returns to 
shareholders and 
earnings performance
25 of the awards 
vest for threshold 
performance
pension provide retirement 
benefits
provision of cash 
allowance
5 of salary na
other benefits t o help attract and 
retain high calibre 
individuals
provision of private 
medical permanent 
health insurance life 
insurance and rental 
and accommodation 
expenses on 
relocation
non pensionable
na na
share 
ownership 
guidelines
the company has a 
policy of encouraging 
directors to build a 
shareholding in the 
company
executive directors 
are required to retain 
50 of the net of 
tax outturn from the 
vesting of awards 
under the ltip until a 
shareholding with a 
minimum value has 
been achieved
na na
nonexecutive  
directors
t o provide a 
competitive fee for 
the performance of 
ned duties sufficient 
to attract high calibre 
individuals to the role
fees are set in 
conjunction with the 
duties undertaken
other than when an 
individual changes 
roles or where 
benchmarking 
indicates fees require 
realignment annual 
increases will not 
exceed the general 
level of increases 
for the group’ s 
employees
na
governancev38indd   49 16042015   1132 playtech plc annual report and accounts 2014 50
remuneration policy report continued
explanation of chosen performance 
measures and target setting 
performance measures have been selected to reflect the key 
performance indicators which are critical to the realisation of 
our business strategy and delivery of shareholder returns 
the performance targets are reviewed each year to ensure 
that they are sufficiently challenging when setting these 
targets the committee will take into account a number of 
different reference points including for financial targets the 
company’ s business plan and consensus analyst forecasts 
of the company’ s performance full vesting will only occur 
for what the remuneration committee considers to be 
stretching performance 
policy on recruitment or promotion of 
executive director 
base salary levels will be set to reflect the experience of the 
individual appropriate market data and internal relativities 
the remuneration committee may feel it is appropriate to 
appoint a new director on a below market salary with a view 
to making above market and workforce annual increases 
over a number of years to reach the desired salary positioning 
subject to individual and company performance
normal policy will be for the new director to participate in 
the remuneration structure detailed above including the 
maximum incentive levels of 350 and 250 of salary for the 
chief executive officer and chief financial officer respectively 
the committee may decide that different performance 
criteria will apply to awards made in the year of appointment 
from those stated in the policy above the committee may 
also provide relocation expensesarrangements legal fees 
and costs
the variable pay elements that may be offered will be 
subject to the maximum limits stated in the policy table 
the remuneration committee may consider it necessary and 
in the best interests of the company and its shareholders to 
offer additional cash andor make a grant of shares including 
use of awards made under section 942 of the listing rules 
in order to compensate the individual for remuneration that 
would be forfeited from the current employer where possible 
such awards would be structured to mirror the value form 
and structure of the forfeited awards or to provide alignment 
with existing shareholders 
in the case of an internal promotion any commitments 
entered into prior to the promotion shall continue to apply 
any variable pay elements shall be entitled to pay out 
according to its original terms on grant 
for the appointment of a new chairman or nonexecutive 
director the fee arrangement would be set in accordance 
with the approved remuneration policy in force at that time 
service contracts and exit payments 
executive directors 
the service agreements of the executive directors are 
with ptvb management limited a wholly owned isle of 
man incorporated subsidiary of the company the service 
agreement of the chief financial officer was entered into 
on 5 december 2012 and effective from 1 january 2013 
and the service agreement of the chief executive officer 
was amended effective from 1 january 2013 both service 
agreements are for an indefinite term and provide for formal 
notice of 12 months to be served to terminate the agreement 
either by the company or the director future service 
contracts will provide for a notice period of up to 12 months 
set out in the table below are the other key terms of the 
executive directors’ terms and conditions of employment 
provision detail
remuneration base salary and benefits 
company car
private health insurance for director and dependents
life assurance
25 days’ paid annual leave in the case of the cfo and 30 days’ paid annual 
leave in the case of the ceo
participation in annual bonus plan subject to plan rules
participation in ltip  subject to rules plan
contribution equal to 5 of salary to personal pension plan
change of control no special contractual provisions apply in the event of a change of control
notice period 12 months’ notice on either side 
t ermination payment the company may make a payment in lieu of notice equal to basic salary 
plus benefits for the period of notice served
restrictive covenants during employment and for 12 months thereafter
governancev38indd   50 16042015   1132 playtech plc annual report and accounts 2014 51
a bonus is not ordinarily payable unless the individual is 
employed and not under notice on the payment date 
however the remuneration committee may exercise its 
discretion to award a bonus payment for the notice period 
served not on garden leave
the ltip rules provide that other than in certain “good leaver” 
circumstances awards lapse on cessation of employment 
where an individual is a “good leaver” the committee’ s 
policy is for the award to vest on the normal vesting date or 
cessation of employment in the event of death following the 
application of performance targets and a prorata reduction 
to take account of the proportion of the vesting period that 
has elapsed the committee has discretion to partly or 
completely disapply prorating or to permit awards to vest 
on cessation of employment the committee acknowledges 
that executive directors leave for a variety of reasons that do 
not necessarily fall within the prescribed categories in the plan 
rules it therefore retains discretion to deem an individual to 
be a “good leaver” in accordance with the plan rules and in 
making that decision will take into account the performance 
of the individual in office and their reason for leaving 
nonexecutive directors 
the nonexecutive directors each have specific 
letters of appointment rather than service contracts 
their remuneration is determined by the board within limits 
set by the articles of association and is set taking into account 
market data as obtained from independent nonexecutive 
director fee surveys and their responsibilities nonexecutive 
directors are appointed for an initial term of three years and 
under normal circumstances would be expected to serve for 
additional threeyear terms up to a maximum of nine years 
subject to satisfactory performance and reelection at the 
annual general meeting as required 
on his appointment as chairman of the board being 
announced alan jackson entered into a new letter of 
appointment effective from 9 october 2013 when roger 
withers announced his decision to retire as chairman of the 
board in august 2013 
the following is a summary of the key terms of the letters 
of appointment for the nonexecutive directors 
in accordance with provision b32 of the code the letters 
of appointment of the nonexecutive directors are available 
for inspection at the company’ s registered office and will be 
available before and after the forthcoming agm
consideration of employment 
conditions elsewhere 
the remuneration committee when setting the policy for 
executive directors takes into consideration the pay and 
employment conditions through the company as a whole 
in determining salary increases for executive directors the 
committee considers the general level of salary increase 
across the company t ypically salary increases will be 
aligned with those received elsewhere in the company 
unless the remuneration committee considers that specific 
circumstances require a different level of salary increase for 
executive directors 
the company extends its annual bonus plan and share 
awards to senior management and other key members of 
the workforce as the remuneration committee feels that it is 
important to incentivise and retain these employees in order 
for the company to continue its development
consideration of shareholder views 
the company is committed to engagement with 
shareholders and will seek major shareholders’ 
views in advance of making significant changes to its 
remuneration policies 
name date term termination 
alan jackson 290813 until third agm after appointment 
unless not reelected
120 days’ notice on either side or if not 
reelected disqualification or commits 
gross misconduct
andrew thomas 190612 until third agm after appointment 
unless not reelected
120 days’ notice on either side or if not 
reelected disqualification or commits 
gross misconduct
hilary stewartjones
1
91013 until third agm after appointment 
unless not reelected
90 days’ notice on either side or if not 
reelected disqualification or commits 
gross misconduct
1 hilary stewartjones was appointed a nonexecutive director on 9 october 2013 and accepted the position of deputy chairman with effect from 
1 december 2014
governancev38indd   51 16042015   1132 playtech plc annual report and accounts 2014 52
remuneration policy report continued
legacy arrangements 
for the avoidance of doubt in approving the remuneration 
policy authority is given to the company to honour any 
commitments previously entered into with current or 
former directors that have been disclosed previously 
to shareholders
the policy described above includes some flexibility to 
allow the remuneration committee discretion to increase 
the maximum bonus payment to an executive director it 
was considered that given the unique fastchanging and 
challenging environment in which the group operates the 
committee needed some discretion if acting fairly and 
reasonably it feels that the payout is inconsistent with the 
company’ s overall performance taking account of any factors 
it considers relevant the committee would expect to consult 
with major shareholders before any exercise of its discretion 
to increase the bonus outcome 
discretion vested in the 
remuneration committee 
the remuneration committee will operate the annual bonus 
and ltip according to their respective rules or relevant 
documents and in accordance with the listing rules where 
relevant the committee retains discretion consistent with 
market practice in a number of regards to the operation 
and administration of these plans these include but are not 
limited to the following in relation to the ltip 
• the participants 
• the timing of grant of an award 
• the size of an award 
• the determination of vesting 
• discretion required when dealing with a change of control 
or restructuring of the group 
• determination of the treatment of leavers based on the 
rules of the plan and the appropriate treatment chosen 
• adjustments required in certain circumstances eg 
rights issues corporate restructuring events and special 
dividends and 
• the annual review of performance measures and weighting 
and targets for the ltip from year to year 
in relation to the annual bonus plan the remuneration 
committee retains discretion over 
• the participants 
• the timing of a payment 
• the determination of the amount of a bonus payment 
• determination of the treatment of leavers and 
• the annual review of performance measures and weighting 
and targets for the annual bonus plan from year to year 
in relation to both the company’ s ltip and annual bonus 
plan the committee retains the ability to adjust the 
targets andor set different measures if events occur eg 
material acquisition andor divestment of a group business 
which cause it to determine that the conditions are no 
longer appropriate and the amendment is required so that 
the conditions achieve their original purpose and are not 
materially less difficult to satisfy given the unique fast
changing and challenging environment in which the group 
operates the remuneration committee considers that it 
needs some discretion if acting fairly and reasonably it feels 
that the payout is inconsistent with the company’ s overall 
performance taking account of any factors it considers 
relevant any use of the above discretions would where 
relevant be explained in the annual report on remuneration 
and may as appropriate be the subject of consultation with 
the company’ s major shareholders 
governancev38indd   52 16042015   1132 playtech plc annual report and accounts 2014 53
annual report on remuneration
determination of 2014 bonus 
in accordance with the company’ s remuneration policy 
the ceo and cfo had the opportunity to earn a normal 
bonus in respect of 2014 of 150 and 100 of salary 
respectively and a further 50 of salary each in exceptional 
circumstances the 2014 performance was assessed against 
a mixture of financial and nonfinancial targets 
the financial targets representing 70 of bonus opportunity 
were based on the achievement of adjusted ebitda of 
€173 million payable on a scale of 90–105 around this 
target with 0 of bonus payable below 90 of target and 
100 of bonus payable for on or over 105 of target 
adjusted ebitda was selected as an appropriate measure 
as it is the key financial performance metric of the company 
most closely representing the underlying trading performance 
of the business and is calculated after adding back certain 
noncash charges cash expenses relating to professional 
costs on acquisitions gains on sale of investments and 
certain oneoff charges as set out in the financial statements 
on page 88 the nonfinancial performance targets were 
selected to underpin key strategic objectives of the group 
in particular recognising the challenges of expanding the 
business into regulated and soontobe regulated markets 
and strengthening the group’ s regulatory functions in light of 
increased regulation in the uk and elsewhere 
when reviewing the performance during 2014 the 
committee noted that the adjusted ebitda for the financial 
year ended 31 december 2014 was €2071 million 
representing a 30 increase on the prior year this was 
achieved at the same time as a significant improvement in 
other key financial indicators including growth in revenue 
24 adjusted net profit 29 and adjusted eps 28 
the operational highlights set out in the strategic report 
on page 1 demonstrate that a number of the key strategic 
objectives set for executives have already been successfully 
implemented particularly as regards securing business in 
regulated and soontobe regulated markets in addition 
the group bolstered its regulatory and compliance capability 
and secured all necessary licences from the gambling 
commission of great britain
the committee considered that the 2014 performance 
was exceptional as it far surpassed expectations and the 
targets set at the start of the financial year and therefore 
warranted additional recognition for the executive directors 
the committee therefore approved the use of the facility 
within the approved policy whereby up to an additional 50 
of salary can be payable to executive directors in exceptional 
circumstances where performance significantly exceeds the 
targets set
the sections of this report subject to audit have been highlighted 
directors’ emoluments in euros audited
executive director mor weizer ron hoffman
2014 2013 2014 2013
salary
1
543019 534725 270035 238757
bonus
2
1150200 802088 575100 238757
longterm incentives – – 3790 24747
benefits
3
19356 17583 23868 24604
pension 27151 26736 13534 11783
t otal emoluments 1739726 1381132 886327 538648
1 basic salary of the executive directors is determined in pounds sterling and then converted into euros at the average exchange rate applicable during the 
relevant financial year for the purpose of this report as noted on page 54 the salary for ron hoffman was increased from £200000 to £300000 with effect 
from 1 november 2014 and the salary of mor weizer was increased from £450000 to £550000 with effect from 1 january 2015 
2 the figure for bonuses in 2014 above represents a payment at the maximum entitlement for the executive directors given the exceptional performance during 
the period and by reference to their salaries as at 31 december 2014 the bonuses were determined in pounds sterling and then converted into euros at 
the exchange applicable as at 31 december 2014 details of a how the annual performance bonus for the executive directors was determined and b the 
timing of bonus payments is set out below the bonus figure for ron hoffman does not include sums paid pursuant to legacy bonus arrangements granted 
in 2011 and prior to him becoming a director 
3 benefits include private medical insurance permanent health insurance car and life assurance 
nonexecutive directors’ emoluments in euros audited
director fees annual bonus benefits pension t otal emoluments
2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
alan jackson 478314 246055 – – – – – – 478314 246055
andrew thomas 124561 106844 – – – – – – 124561 106844
hilary 
stewartjones
1
135211 45049 – – – – – – 135211 45049
1 hilary stewartjones was appointed to the board on 9 october 2013 her annual fees were increased from £100000 to £200000 per annum upon her 
appointment as deputy chairman on 1 december 2014
governancev38indd   53 16042015   1132 playtech plc annual report and accounts 2014 54
annual report on remuneration continued
accordingly the committee determined that the 
bonus payable for 2014 was €1150200 for the ceo 
200 of salary and a bonus of €575100 for the cfo 
150 of salary 
the bonus payments were awarded based on the salary rate 
at the end of 2014 it being noted that ron hoffman received 
a salary increase during the year this was considered 
appropriate in view of i the delay in the salary increase for 
ron hoffman set out below effective 1 november 2014 
rather than the normal effective date of 1 june 2014 
ii mr hoffman’ s previous salary having been significantly 
below the midmarket position and iii total remuneration 
being below midmarket position particularly in view of the 
lack of ltip award granted in the year 
notwithstanding the above in exercising its discretion the 
committee decided that 50 of the exceptional element 
of mr hoffman’ s bonus being €95850 will be payable on 
31 december 2015 conditional only on mr hoffman not 
having ceased to be employed by the group in customary 
“bad leaver” circumstances
the committee is satisfied that the annual bonus payments 
to executive directors are a fair reflection of corporate and 
individual performance during the year and that overall 
remuneration is not excessive given the size and complexity 
of the group’ s business and the industry in which it operates
ltip awards audited 
no awards have been made to executive directors under the 
ltip to date 
t ermination payments audited
no termination payments to directors were made in 2014
payments to past directors audited
following his retirement from the board in october 2013 
roger withers continues to be retained as a special adviser 
to the board during 2014 roger received advisory fees of 
€198849 
remuneration decisions made in 2014 
and 2015 audited
salary and benefits in kind 
the remuneration committee takes into account individual 
performance and experience the size and nature of the role 
the relative performance of the company pay policy within 
the company including the general pay and employment 
terms of all employees in the group and salaries in 
comparable companies 
due to significant corporate activity during the year the 
committee delayed commencing the normal salary review 
to the third quarter of 2014 as part of that exercise the 
committee reviewed the salary and total remuneration 
levels of the executive directors against comparable roles 
in companies of a similar size and with similar business 
operations the data identified a significant shortfall in salary 
and overall remuneration for both executive directors 
mor weizer’ s salary was set at £450000 over five years 
ago the committee concluded that the benchmark data 
clearly demonstrated that this was substantially below the 
midmarket position and that an increase was overdue 
and appropriate to reflect mr weizer’ s effective leadership 
of the company as a result mor’ s salary was increased to 
£550000 with effect from 1 january 2015 the committee 
considers that this salary moves him towards the midmarket 
position in recognition of his importance to the group and 
the increase in the size and complexity of its business over 
recent years
on ron hoffman’ s promotion to the board his salary 
was set at £200000 the same level as his predecessor 
we concluded as part of our review that this was substantially 
below the midmarket position and did not reflect 
mr hoffman’ s increasing importance to the group following 
his appointment to the board in advance of the second 
anniversary of his appointment the remuneration committee 
assessed that given his strong individual performance 
during this period the time was right to make a significant 
adjustment in his salary to move him towards the midmarket 
position the increase in salary to £300000 reflects his 
personal contribution towards the success of the business 
and his continued development in the role the revised salary 
was effective from 1 november 2014 
the committee considers that even with the above increases 
the salaries of the executive directors remain below the 
midmarket position in view of this the committee intends to 
reevaluate the salaries for both executive directors as part of 
the annual review which is expected to commence in june
governancev38indd   54 16042015   1132 playtech plc annual report and accounts 2014 55
the current basic salary levels of the executive directors are 
• m weizer £550000 equivalent to €685085 at the 
average exchange rate between £ and € used in the 
accounts which was effective 1 january 2015 and 
• r hoffman £300000 equivalent to €373683 at the 
average exchange rate between £ and € used in the 
accounts which was effective from 1 november 2014
fees currently payable to nonexecutive directors are
• chairman £384000 equivalent to €478314 at the 
average exchange rate between £ and € used in 
the accounts
• deputy chairman £200000 equivalent to €249122 at 
the average exchange rate between £ and € used in the 
accounts and
• nonexecutive director base fee £100000 equivalent to 
€124561 at the average exchange rate between £ and € 
used in the accounts
the nonexecutive director fees recognise core responsibilities 
and additional duties as chair of a board committee 
annual bonus 
for 2015 bonuses for the executive directors will be based 
on the following 
performance 
target weighting
adjusted ebitda
commercially 
confidential 70
nonfinancial and strategic 
objectives
commercially 
confidential 30
in setting the adjusted ebitda target the committee was 
mindful of a number of factors including the introduction of 
the poc tax in the uk with effect from 1 december 2014 and 
believe that the targets set are very challenging
the level of bonus payable by reference to the financial 
performance of the company will be determined on a sliding 
scale based on the company’ s budget for the forthcoming 
financial year 
long t erm incentive plan “l tip” 
awards made to executive directors vest on the third 
anniversary of grant subject to i participants remaining 
in employment other than in certain “good leaver” 
circumstances and ii achievement of challenging 
performance targets awards that are structured as options 
can be exercised up to 10 years after the date of grant or 
such shorter period in respect of vested options held by 
a leaver
awards granted in 2015 will be subject to the achievement 
of a mixture of performance conditions 70 of the award will 
be subject to a performance condition that the company’ s 
simple annual eps growth must match a threshold 
determined by the committee for 25 of this portion of 
the award to vest increasing to full vesting for achieving a 
maximum performance level eps will be measured over 
three financial years commencing with the financial year in 
which the award is granted the remaining 30 of any award 
would be subject to a performance condition comparing the 
company’ s total shareholder return against a comparator 
group of other international gambling companies over three 
financial years commencing with the financial year in which 
the award is granted
for median performance 25 of this portion of the award will 
vest increasing to full vesting for performance at the upper 
quartile the comparator group is likely to include william hill 
888 holdings bwin party ladbrokes betfair group and 
paddy power and will be finalised prior to grant
at the time of preparing this report eps targets have not 
been determined by the remuneration committee the eps 
targets will be stretching and demanding and these targets 
will be set out in stock exchange announcements when 
these awards are made
awards made to executive directors will also be subject to 
clawback provisions for a period of three years following 
vesting the committee may decide to clawback awards 
in the event of misconduct or material misstatement of the 
group’ s financial results resulting in an award vesting to a 
greater degree than would otherwise have been granted
awards may be satisfied by the issue of new shares market 
purchase shares or may be cashedout subject to the tax 
treatment in the hands of the recipient 
dilution limits 
all of the company’ s equity based incentive plans other than 
the option plan which was established before the company’ s 
admission to aim in 2006 incorporate the current abi 
guidelines on headroom which provide that overall dilution 
under all plans should not exceed 10 over a 10year period 
in relation to the company’ s issued share capital or reissue 
of treasury shares with a further limitation of 5 in any 
10year period for executive plans the committee monitors 
the position and prior to the making of any award considers 
the effect of potential vesting of options or share awards 
to ensure that the company remains within these limits 
any awards which are required to be satisfied by market 
purchased shares are excluded from such calculations 
no treasury shares were held or utilised in the year ended 
31 december 2014 
governancev38indd   55 16042015   1132 playtech plc annual report and accounts 2014 56
annual report on remuneration continued
review of performance 
the following graph shows the company’ s total shareholder return tsr performance over the past five years the company’ s 
tsr is compared with a broad equity market index the index chosen here is the ftse 350 travel  leisure index which is 
considered the most appropriate published index
1 for the financial year ended 31 december 2012 mor weizer decided in light of his overall aggregate remuneration to waive approximately threequarters of 
his earned bonus for that year 
2 as awards previously granted were share options without performance conditions under the regulations they are not required to be shown in this table 
the remuneration committee believes that the current 
remuneration policy and the supporting reward structure 
provide a clear alignment with the strategic objectives and 
performance of the company t o maintain this relationship 
the remuneration committee constantly reviews the 
business priorities and the environment in which the 
company operates the table below shows the total 
remuneration of mor weizer over the last five years and his 
achieved annual variable and longterm incentive pay awards 
as a percentage of the plan maxima
year ending 31 december
2009 2010 2011 2012 2013 2014
t otal remuneration €’000 636 826 808 800 1381 €1740
annual bonus  54 48 34 150
1
150 200
ltip vesting 
2
– – – – – –
0 
50 
100 
150 
200 
250 
300 
350 
400 
450 
dec 09 jun 10 
 tsr during period 
ptec 1041
ftse 350 – tl 1268
dec 10 jun 11 dec 11 jun 12 dec 12 jun 13 dec 13 jun 14 dec 14 
total shareholder return tsr performance
playtech  tsr ftse 350 travel  leisure  tsr 
governancev38indd   56 16042015   1132 playtech plc annual report and accounts 2014 57
percentage change in remuneration of 
chief executive officer 
in the financial year ended 31 december 2014 mor weizer 
received no increase in salary or taxable benefits but was 
awarded an exceptional bonus of 200 of salary compared 
with 150 of salary in the year ended 31 december 2013 
the average percentage changes for all ukbased fulltime 
employees were 1 salary increase 10 decrease in 
benefits and 2 increase in bonus payments respectively 
the uk workforce was chosen as a comparator group 
as the remuneration committee looks to benchmark the 
remuneration of the chief executive officer with reference 
mainly to the uk market albeit that he has a global role 
and responsibilities and remuneration packages across the 
group vary widely depending on local market practises and 
conditions as noted above mr weizer has received a salary 
increase effective 1 january 2015 although the committee 
believes his salary remains below the midmarket position 
relative importance of spend on pay 
the following table sets out the amounts paid in share buybacks dividends and total remuneration paid to all employees 
as follows 
payouts €m
2014
€m
2013
€m
change

dividends
1 2
763 1885 60
share buybacks – – na
t otal employee remuneration
3
1579 1228 29
1 consistent with the disclosure last year the total dividend in respect of the year ended 31 december 2013 includes the special dividend declared as a second 
interim dividend in respect of the financial year ended 31 december 2013 of 341 pence sterling per share on 20 february 2014 
2 the total dividend in respect of the year ended 31 december 2014 is calculated on the basis that the shareholders approve the proposed final dividends of 
175 € cents per share 
3 t otal employee remuneration for continuing and discontinued operations includes wages and salaries social security costs sharebased payments and 
pension costs for all employees including the directors the average number of employees including executive directors and parttime employees in 
continuing and discontinued operations was 3972 during the financial year to 31 december 2014
directors’ interests in options audited
director
number of 
options at 
1 january 
2014
1 2
date of grant exercise price
exercised 
during the 
year
3 4
number of 
options at 
31 december 
2014 
expiry of 
exercise 
period
mor weizer – – – – – –
ron hoffman 25000 18 april 2010 £512 25000 – –
32500 11 march 2011 £352 32500 – –
1  shared options are granted for nil consideration 
2 these options were granted in accordance with the rules of the playtech 2005 global share option plan the “option plan” options under the option plan 
are granted at market value and in the case of executive directors exclusively and the options vest and become exercisable on the third anniversary of the 
relevant grant date unexercised options expire 10 years after the date of grant unless the relevant employee leaves the group’ s employment in which case 
the unvested options lapse and any vested options lapse three months after the date that the employment ends it is not intended that the option plan will be 
used for future share option grants for executive directors or for members of senior management a new longterm incentive plan share was adopted by the 
group in 2012 t o date no awards have been made to the executive directors thereunder to date 
3 ron hoffman exercised 57500 options on 28 august 2014 the exercise was satisfied through the sale of an equivalent number of shares from the group’ s 
employee benefit trust resulting in an aggregate cash payment to mr hoffman of £165919
4 the closing share price on 31 december 2014 was 689 pence and the share price ranged between 5705 pence and 8475 pence during the year 
none of the nonexecutive directors have any options over shares in the company 
governancev38indd   57 16042015   1132 playtech plc annual report and accounts 2014 58
annual report on remuneration continued
role and membership 
the remuneration committee is comprised entirely of three 
independent nonexecutive directors as defined in the 
code the committee was chaired by hilary stewartjones 
the other members are andrew thomas and alan jackson 
details of attendance at the remuneration committee are 
set out on page 38 and their biographies and experience on 
pages 32 and 33 
the committee operates within agreed terms of reference 
detailing its authority and responsibilities the committee’ s 
terms of reference were reviewed at the time of move to 
a premium listing on the london stock exchange and 
are available for inspection on the company’ s website 
wwwplaytechcom and include 
• determining and agreeing the policy for the remuneration 
of the ceo cfo the chairman and other members of the 
senior management team 
• review of the broad policy framework for remuneration to 
ensure it remains appropriate and relevant 
• review of the design of and determine targets for any 
performancerelated pay and the annual level of payments 
under such plans 
• review of the design of and approve any changes to  
longterm incentive or option plans and 
• ensuring that contractual terms on termination and 
payments made are fair to the individual and the company 
and that failure is not rewarded
the remuneration committee also considers the terms 
and conditions of employment and overall remuneration of 
executive directors the company secretary and members 
of the senior management team and has regard to the 
company’ s overall approach to the remuneration of all 
employees within this context the committee determines 
the overall level of share options salaries incentive payments 
and performance related pay due to executive directors and 
senior management the committee also determines the 
performance targets and the extent of their achievement for 
both annual and longterm incentive awards operated by the 
company and affecting the senior management no director 
is involved in any decisions as to hisher own remuneration
the remuneration committee takes advice from both inside 
and outside the group on a range of matters including the 
scale and composition of the total remuneration package 
payable to people with similar responsibilities skills and 
experience in comparable companies that have extensive 
operations inside and outside the uk
during the year the remuneration committee received 
material assistance and advice from the company secretary 
who is also secretary to the committee 
the remuneration committee has a planned schedule of 
at least four meetings throughout the year with additional 
meetings and calls held when necessary during 2014 the 
committee met in person four times and these meetings 
together with a number of conference calls addressed a 
wide variety of issues including 
directors’ interests in ordinary shares audited
ordinary shares share options
total  
interests at  
31 december 
2014 director 2014 2013 2014 2013
executive directors
1
 
mor weizer 36000 – – – 36000
ron hoffman 10000 – – 57500
1
10000
nonexecutive directors
2
alan jackson 15000 5000 – – 15000
andrew thomas 7500 7500 – – 7500
hilary stewartjones – – – – –
1 mor weizer and ron hoffman currently hold shares to the value of 55 and 23 of salary based on mor’ s salary as of 31 december 2014 respectively 
based on the closing share price on 31 december 2014 the shares were acquired on 5 march 2014 at a price of 725 pence per share the committee 
encouraged the executive directors to purchase these shares and will continue to monitor progress towards the share ownership guidelines of 100 
of salary
2 alan jackson acquired 10000 shares on 13 march 2014 at a price of 707 pence per share 
governancev38indd   58 16042015   1132 playtech plc annual report and accounts 2014 59
external advisers 
new bridge street a trading name of aon hewitt limited is 
the committee’ s independent adviser new bridge street is 
a member of the remuneration consultants group and is a 
signatory to its code of conduct new bridge street does 
not provide any other services to the company new bridge 
street was paid €43037 in relation to advice provided 
during 2014 
engagement with shareholders and shareholder voting 
the remuneration committee is committed to ensuring open 
dialogue with shareholders in relation to remuneration and 
would normally consult with major shareholders regarding any 
significant future changes to remuneration policy 
the voting outcome at the agm held on 21 may 2014 in 
respect of the directors’ remuneration report for the year 
ended 31 december 2013 was as follows 
month principal activity
january • approving bonus and other incentivisation arrangements in relation to certain members of 
senior management
february • t o approve the group’ s remuneration policy
• t o approve the annual bonus payments to be made to the executive directors and set financial 
targets for 2014 bonuses
march • approving the establishment of an employee benefit trust and a related purchase of 5517214 
shares in the company at 725 pence per share
december • approval of salary increases for certain members of senior management including the ceo and 
the cfo
• approval of grant of nil cost options for a limited number of group personnel
for against withheld
approval of remuneration report
233546386 
9940
1404358 
060 386722
approval of remuneration policy
226475529 
9640
8457116 
360 404821
at 20 may 2014 the issued share capital of the company was 293492617 ordinary shares of no par value
by order of the board 
hilary stewartjones 
chair of the remuneration committee 
26 february 2015
governancev38indd   59 16042015   1132 playtech plc annual report and accounts 2014 60
directors’ report
the directors are pleased to present to shareholders their 
report and the audited financial statements for the year ended 
31 december 2014 
the directors’ report should be read in conjunction with the 
other sections of this annual report the strategic report 
corporate responsibility report and the remuneration 
report all of which are incorporated into this directors’ 
report by reference
the following also form part of this report
• the reports on corporate governance set out on pages 
32 to 66
• information relating to financial instruments as provided 
in the notes to the financial statements and
• related party transactions as set out in the notes to the 
financial statements
annual report and accounts
the directors are aware of the responsibilities in respect 
of the annual report the directors consider that the 
annual report taken as a whole is fair balanced and 
understandable and provides the information necessary 
for shareholders to assess the group’ s performance 
business model and strategy the statement of directors’ 
responsibilities appears on pages 65 and 66
principal activities and business review 
the group’ s principal activities are the development and 
licensing of software and the provision of ancillary services for 
the online and landbased gambling industries playtech plc 
is a public listed company with a premium listing on the main 
market of the london stock exchange it is incorporated and 
domiciled in the isle of man
the information that fulfils the requirement for a management 
report as required by rule 415 of the disclosure and 
transparency rules applicable to the group can be found in 
the strategic report on pages 1 to 31 which also includes 
an analysis the development performance and position 
of the group’ s business a statement of the key risks and 
uncertainties facing the business of the group at the end of 
the year is found on pages 25 to 27 of this annual report 
and details of the policies and the use of financial instruments 
is set out in note 2 to the financial statements
details of all important postbalance sheet events affecting 
the group are set out in note 29 to the financial statements 
directors and directors’ indemnity 
the directors of the company who held office during the 
2014 year and to date are 
appointed resigned
alan jackson 28032006 –
mor weizer 02052007 –
andrew thomas 1906 2012 –
ron hoffman 31122012 –
hilary stewartjones 09102013 –
all the directors stand for reelection as directors at the 
forthcoming annual general meeting
save as set out in note 26 to the financial statements no 
director had a material interest in any significant contract 
other than a service contract or contract for services with 
the company or any of its operating companies at any time 
during the year
as at the date of this report an indemnity is in place under 
which the company has agreed to indemnify alan jackson 
who held office during the year ended 31 december 2014 
to the extent permitted by law and by the company’ s 
articles of association in respect of all liabilities incurred in 
connection with the performance of his duties as a director 
of the company or its subsidiaries a copy of the indemnity 
is available for review at the company’ s registered office 
the company also purchased and maintained throughout 
2014 directors’ and officers’ liability in respect of itself and 
its directors
corporate governance statement 
the disclosure and transparency rules require certain 
information to be included in a corporate governance 
statement in the directors’ report information that fulfils the 
requirements of the corporate governance statement can be 
found in the governance report on pages 32 to 66 and is 
incorporated into this report by reference 
governancev38indd   60 16042015   1132 playtech plc annual report and accounts 2014 61
disclaimer 
the purpose of these financial statements including this 
report is to provide information to the members of the 
company the financial statements have been prepared 
for and only for the members of the company as a body 
and no other persons the company its directors and 
employees agents and advisers do not accept or assume 
responsibility to any other person to whom this document 
is shown or into whose hands it may come and any such 
responsibility or liability is expressly disclaimed 
the financial statements contain certain forwardlooking 
statements with respect to the operations performance 
and financial condition of the group by their nature these 
statements involve uncertainty since future events and 
circumstances can cause results and developments to 
differ materially from those anticipated the forwardlooking 
statements reflect knowledge and information available at 
the date of preparation of these financial statements and the 
company undertakes no obligation to update these forward
looking statements nothing in this document should be 
construed as a profit forecast 
results and dividend 
the results of the group for the year ended 31 december 
2014 are set out on pages 73 to 109 on 26 february 2015 
the board recommended the payment of a final dividend for 
the year ended 31 december 2014 of 175 € cents per share 
which will be paid to shareholders on the register as at 8 may 
2015 the payment of the final dividend requires shareholder 
approval which will be sought at the company’ s annual 
general meeting to be held at the sefton hotel douglas isle 
of man on 20 may 2015 if approved the final dividend will be 
paid on 5 june 2015 and together with the interim dividend 
of 89 € cents per share paid on 27 october 2014 makes a 
total dividend expressed in euros of 264 € cents per share 
for the year
shareholders who wish to receive their final dividend in 
sterling rather than euros will be required to return currency 
election forms to the company’ s registrars by 15 may 2015 
currency election forms are contained with the notice of 
annual general meeting that accompanies the annual report 
and further copies available from the company’ s website 
wwwplaytechcom
going concern responsibilities 
and disclosure
the current activities of the group and those factors likely to 
affect its future development together with a description of 
its financial position are described in the strategic report 
principal risks and uncertainties affecting the group and the 
steps taken to mitigate these risks are described on pages 
25 to 27 critical accounting estimates affecting the carrying 
values of assets and liabilities of the group are discussed in 
note 3 to the financial statements 
after making appropriate enquiries and having regard to 
the group’ s cash balances and normal business planning 
and control procedures the directors have a reasonable 
expectation that the company and the group has adequate 
resources to continue in operational existence for the 
foreseeable future in making this assessment the directors 
considered the going concern status for a period in excess 
of 12 months from the date of signing this report for this 
reason the directors continue to adopt the going concern 
basis in preparing the accounts 
significant shareholdings 
as of 31 january 2015 the company had been advised of 
the following significant shareholders each holding more 
than 3 of the company’ s issued share capital based on 
293492617 ordinary shares in issue
shareholder 
no of ordinary 
shares
brickington trading limited 336 98645782
standard life investments 39 11422906
greenlight capital 38 11029476
legal and general 
investment mgt 33 9722373
newton investment mgt 30 8844083
the persons set out in the table above have notified 
the company pursuant to rule 5 of the disclosure and 
transparency rules of their interests in the ordinary share 
capital of the company
the company has not been notified of any changes to the 
above shareholders between 31 january 2015 and the date 
of this report 
governancev38indd   61 16042015   1132 playtech plc annual report and accounts 2014 62
directors’ report continued
capital structure 
as at 31 december 2014 and 31 january 2015 the 
company had 293492617 issued shares of no par value 
the company has one class of ordinary share and each 
share carries the right to one vote at general meetings of the 
company and to participate in any dividends declared in 
accordance with the articles of association no person has 
any special rights of control over the company’ s share capital
the authorities under the company’ s articles of association 
granted at the last annual general meeting for the directors 
to issue new shares for cash and purchase its own shares 
remain valid until the forthcoming annual general meeting 
when it is intended that a resolution will be put forward to 
shareholders to renew the authority for the company to issue 
shares for cash and purchase its own shares the company 
did not acquire any of its own shares during the year 
however roxwell investments limited a wholly owned 
subsidiary of the company in its capacity as the initial trustee 
of the playtech employee benefit trust acquired 5517241 
ordinary shares on 5 march 2014 
articles of association 
the company’ s articles of association do not contain any 
specific restrictions on the size of a shareholder’ s holding
voting rights 
subject to any special rights or restrictions as to voting 
attached to any shares by or in accordance with the articles 
of association on a show of hands every member who is 
present in person or by proxy and entitled to vote has one 
vote and on a poll every member who is present in person or 
by proxy and entitled to vote has one vote for every share of 
which he is the holder
restrictions on voting 
no member shall unless the board otherwise determines 
be entitled to vote at a general meeting or at any separate 
meeting of the holders of any class of shares either in person 
or by proxy in respect of any share held by him or to exercise 
any right as a member unless all calls or other sums presently 
payable by him in respect of that share have been paid to 
the company in addition any member who having been 
served with a notice by the company requiring such member 
to disclose to the board in writing within such reasonable 
period as may be specified in such notice details of any past 
or present beneficial interest of any third party in the shares 
or any other interest of any kind whatsoever which a third 
party may have in the shares and the identity of the third party 
having or having had any such interest fails to do so may be 
disenfranchised by service of a notice by the board
transfer 
subject to the articles of association any member may 
transfer all or any of his or her certificated shares by an 
instrument of transfer in any usual form or in any other form 
which the board may approve the board may in its absolute 
discretion decline to register any instrument of transfer of a 
certificated share which is not a fully paid share or on which 
the company has a lien the board may also decline to 
register a transfer of a certificated share unless the instrument 
of transfer is i delivered for registration to the registered 
agent or at such other place as the board may decide for 
registration and ii accompanied by the certificate for the 
shares to be transferred except in the case of a transfer 
where a certificate has not been required to be issued by 
the certificate for the shares to which it relates andor such 
other evidence as the board may reasonably require to prove 
the title of the transferor and the due execution by him of the 
transferor if the transfer is executed by some other person on 
his behalf the authority of that person to do so provided that 
where any such shares are admitted to aim the official list 
maintained by the uk listing authority or another recognised 
investment exchange
amendment of the company’s articles of association 
any amendments to the company’ s articles of association 
may be made in accordance with the provisions of the isle of 
man companies act 2006 by way of special resolution 
appointment and removal of directors 
unless and until otherwise determined by the company by 
ordinary resolution the number of directors other than any 
alternate directors shall not be less than two and there shall 
be no maximum number of directors 
powers of directors 
subject to the provisions of the isle of man companies act 
2006 the memorandum and articles of association of the 
company and to any directions given by special resolution 
the business of the company shall be managed by the 
board which may exercise all the powers of the company 
governancev38indd   62 16042015   1132 playtech plc annual report and accounts 2014 63
appointment of directors 
subject to the articles of association the company may by 
ordinary resolution appoint a person who is willing to act to 
be a director either to fill a vacancy or as an addition to the 
existing board and may also determine the rotation in which 
any directors are to retire without prejudice to the power 
of the company to appoint any person to be a director 
pursuant to the articles of association the board shall have 
power at any time to appoint any person who is willing to 
act as a director either to fill a vacancy or as an addition to 
the existing board but the total number of directors shall 
not exceed any maximum number fixed in accordance with 
the articles of association any director so appointed shall 
hold office only until the next annual general meeting of the 
company following such appointment and shall then be 
eligible for reelection but shall not be taken into account 
in determining the number of directors who are to retire by 
rotation at that meeting
retirement of directors 
at each annual general meeting onethird of the directors 
excluding any director who has been appointed by the 
board since the previous annual general meeting or if their 
number is not an integral multiple of three the number 
nearest to onethird but not exceeding onethird shall retire 
from office but so that if there are fewer than three directors 
who are subject to retirement by rotation under this article 
one shall retire
removal of directors 
the company may by ordinary resolution passed at a 
meeting called for such purpose or by written resolution 
consented to by members holding at least 75 of the voting 
rights in relation thereto remove any director before the 
expiration of his period of office notwithstanding anything 
in the articles of association or in any agreement between 
the company and such director and without prejudice to 
any claim for damages which he may have for breach of 
any contract of service between him and the company 
may subject to the articles by ordinary resolution appoint 
another person who is willing to act as a director in his place 
a director may also be removed from office by the service on 
him of a notice to that effect signed by all the other directors 
significant agreements 
there are no agreements or arrangements to which the 
company is a party that are affected by a change in control 
of the company following a takeover bid and which are 
considered individually significant in terms of their impact on 
the business of the group as a whole 
the rules of certain of the company’ s incentive plans 
include provisions which apply in the event of a takeover 
or reconstruction
related party transactions 
details of all related party transactions are set out in note 26 
to the financial statements internal controls are in place to 
ensure that any related party transactions involving directors 
or their connected persons are carried out on an arm’ s length 
basis and are disclosed in the financial statements
political and charitable donations 
during the year ended 31 december 2014 the group made 
charitable donations of €203288 primarily to charities that 
fund research into and treatment of problem gambling but 
also to a variety of charities operating in countries in which the 
company’ s subsidiaries are based
the group made no political donations during this period 
2013 nil 
sustainability and employees 
information with respect to the group’ s impact on the 
environment and other matters concerning sustainability can 
be found on pages 28 to 31 applications for employment 
by disabled persons are always fully and fairly considered 
bearing in mind the aptitude and ability of the applicant 
concerned the group places considerable value on the 
involvement of its employees and has continued to keep 
them informed of matters affecting them as employees and 
on the performance of the group and has run information 
days for employees in different locations across the group 
during the year some employees are stakeholders in the 
company through participation in share option plans 
information provided by the company pursuant to the 
disclosure and transparency rules is publicly available via the 
regulatory information services and the company’ s website 
wwwplaytechcom 
branches
the company’ s subsidiaries playtech retail limited and pt 
turnkey services limited have established branch offices in 
the philippines
regulatory disclosures
the information in the following tables is provided in 
compliance with the listing rules and the disclosure and 
transparency rules “dtrs”
the dtrs also require certain information to be included in 
a corporate governance statement in the directors’ report 
information that fulfils the requirements of the corporate 
governance statement can be found in the governance 
report on pages 34 to 42 and is incorporated into this 
directors’ report by reference
governancev38indd   63 16042015   1132 playtech plc annual report and accounts 2014 64
directors’ report continued
disclosure table pursuant to listing rule 984c
listing rule information included disclosure
9841 interest capitalised by the group none
9842 unaudited financial information none
9844 longterm incentive scheme only involving a director none
9845 directors’ waivers of emoluments none
9846 directors’ waiver of future emoluments none
9847 non prorata allotments for cash none
9848 non prorata allotments for cash by major subsidiaries none
9849 listed company is a subsidiary of another not applicable
98410 contracts of significance involving a director none
98411 contracts of significance involving a controlling 
shareholder
note 26 to of the financial statements sets out details 
of transactions with the controlling shareholder as a 
related party
98412 waivers of dividends none
98412 waivers of future dividends none
98414 agreement with a controlling shareholder see disclosure against lr 984 11
additional information provided pursuant to lr986
listing rule information included disclosure
9861 interests of directors and their connected persons in 
the shares of the company at the year end and not 
more than one month prior to the date of the notice 
of agm
see page 58
9862 interests in playtech shares disclosed under dtr5 at 
the year end and at not more than one month prior to 
the date of the notice of agm
see page 61
9863 the going concern statement see page 61
9864a amount of the authority to purchase own shares 
available at the year end
29349261 ordinary shares which authority will 
expire at the agm and not be renewed
9864b off market purchases of own shares during the year none
9864c off market purchases of own shares after the year
end
none
9864d non prorata sales of treasury shares during the year none
9865 compliance with the main principles of the uk 
corporate governance code
see the statement on page 35
9866 details of noncompliance with the uk corporate 
governance code
see the statement on page 35
9867 re directors proposed for reelection the unexpired 
term of their service contract and a statement about 
directors without a service contract
detail of the executive directors service contracts are 
given in the directors’ remuneration report on pages 
50 and 51
the chairman and the nonexecutive directors serve 
under letters of appointment described on page 51
governancev38indd   64 16042015   1132 playtech plc annual report and accounts 2014 65
additional information under rule 41 of the disclosure and transparency rules
dtr requirement how fulfilled
413 publication of annual financial report within 
four months of the end of the financial year
this document is dated 26 february 2015 being a date 
less than four months after the year end
415 content of annual financial report the audited financial statements are set out on page 67 
to page 109
the information that fulfils the requirement for a 
management report can be found in the strategic report 
on pages 1 to 31
the statement of directors’ responsibilities can be found 
on pages 65 and 66
415 audited financial statements the audited financial statements set out on page 67 to 
page 109 comprise consolidated accounts prepared in 
accordance with ifrs and the accounts of the company
416 auditing of financial statements the financial statements have been audited by bdo llp
418  419 content of management report the strategic report on pages 1 to 31 includes an 
analysis using financial key performance indicators 
of the development performance and position of the 
company’ s business a review of the company’ s business 
and on pages 25 to 27 a description of the principal risk 
and uncertainties
41111 important events since the year end see note 29 to the audited financial statements on 
page 108
41112 future development the strategic report on pages 1 to 31 gives an indication 
of the likely future development of the company
41113 research  development the strategic report on pages 1 to 31 gives an indication 
of ongoing research and development activities 
41114 purchase of own shares see disclosure pursuant to lr9864 above
41115 branch offices see the statement on page 63
41116 use of financial instruments see note 2 to the audited financial statements on 
pages 78 to 84
4112  13 responsibility statement see the statement of the directors on page 65 below 
and page 66
statement of directors’ responsibilities 
the directors have elected to prepare the annual report and 
the financial statements for the company and the group in 
accordance with international financial reporting standards 
as adopted by the european union ifrs 
the directors are responsible under applicable law and 
regulation for keeping proper accounting records which 
disclose with reasonable accuracy at any time the financial 
position of the group for safeguarding the assets and for 
taking reasonable steps for the prevention and detection of 
fraud and other irregularities
international accounting standard 1 revised requires that 
financial statements present fairly for each financial year the 
group’ s financial position financial performance and cash 
flows this requires the faithful representation of the effects of 
transactions other events and conditions in accordance with 
the definitions and recognition criteria for assets liabilities 
income and expenses set out in the international accounting 
standards board’ s “framework for the preparation 
and presentation of financial statements” in virtually 
all circumstances a fair presentation will be achieved 
by compliance with all applicable international financial 
reporting standards a fair presentation also requires the 
directors to
• select suitable accounting policies and then apply 
them consistently
• present information including accounting policies in a 
manner that provides relevant reliable comparable and 
understandable information
governancev38indd   65 16042015   1132 playtech plc annual report and accounts 2014 66
directors’ report continued
• make judgements and accounting estimates that are 
reasonable and prudent
• state whether they have been prepared in accordance with 
ifrss as adopted by the european union subject to any 
material departures disclosed and explained in the financial 
statements and
• provide additional disclosures when compliance with the 
specific requirements in ifrss is insufficient to enable users 
to understand the impact of particular transactions other 
events and conditions on the entity’ s financial position and 
financial performance 
the directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain the 
group’ s transactions and disclose with reasonable accuracy 
at any time the financial position of the group and enable 
them to ensure that the financial statements comply with 
article 4 of the ias regulation they are also responsible for 
safeguarding the assets of the group and hence for taking 
reasonable steps for the prevention and detection of fraud 
and other irregularities 
in addition the directors at the date of this report consider 
that the financial statements taken as a whole are fair 
balanced and understandable and provide the information 
necessary for shareholders to assess the group’ s 
performance business model and strategy 
website publication
financial statements are published on the company’ s 
website the maintenance and integrity of the company’ s 
website is the responsibility of the directors the directors’ 
responsibility also extends to the ongoing integrity of the 
financial statements contained therein
directors’ responsibilities pursuant 
to dtr4
each of the directors whose names and functions are listed 
within the governance section on pages 32 and 33 confirm 
that to the best of their knowledge 
• the group financial statements which have been prepared 
in accordance with international financial reporting 
standards ifrss as adopted by the european union and 
article 4 of the ias regulation give a true and fair view 
of the assets liabilities financial position and profit of the 
group and 
• the annual report includes a fair review of the 
development and performance of the business and the 
financial position of the group and the company together 
with a description or the principal risks and uncertainties 
that they face
annual general meeting 
the annual general meeting in 2014 was held in may in 
douglas isle of man with the exception of hilary stewart
jones who was representing the company at an industry 
conference all directors were present and made themselves 
available to answer questions from shareholders the annual 
general meeting provides an opportunity for the directors to 
communicate personally performance and future strategy 
to noninstitutional shareholders and for those shareholders 
to meet with and question the board all directors plan to 
be present at the 2015 annual general meeting all results 
of proxy votes are read out made available for review at 
the meeting recorded in the minutes of the meeting and 
communicated to the market and via the group website
the annual general meeting for 2015 will be held at 
the sefton hotel douglas isle of man im1 2rw on 
wednesday 20 may 2015 at 1000 am the notice convening 
the annual general meeting for this year and an explanation 
of the items of nonroutine business are set out in the circular 
that accompanies the annual report 
auditors 
so far as each director is aware at the date of the approval 
of the financial statements there is no relevant audit 
information of which the company’ s auditors are unaware 
each director has taken all the steps that they ought to have 
taken as a director in order to make themselves aware of any 
information needed by the group’ s auditors for the purposes 
of their audit and to establish that the auditors are aware of 
that information 
a resolution to reappoint bdo llp as the company’ s 
auditors will be submitted to the shareholders at this 
year’ s agm 
approved by the board and signed on behalf of the board 
ron hoffman
chief financial officer 
26 february 2015 
governancev38indd   66 16042015   1132 playtech plc annual report and accounts 2014 67
independent auditor’s report to the members of playtech plc 
opinion on financial statements of playtech plc
in our opinion
• the financial statements give a true and fair view of the state of the group’ s and the parent company’ s affairs as at 
31 december 2014 and of the group’ s profit for the year then ended
• the group financial statements have been properly prepared in accordance with international financial reporting standards 
“ifrss” as adopted by the european union and
• the parent company financial statements have been properly prepared in accordance with ifrss as adopted by the 
european union and as applied in accordance with the provisions of the isle of man companies act 2006
we have audited the financial statements of playtech plc for the year ended 31 december 2014 which comprise the 
consolidated statement of comprehensive income the consolidated and parent company statement of financial position the 
consolidated and parent company statements of changes in equity the consolidated and parent company statements of cash 
flows and the related notes the financial reporting framework that has been applied in their preparation is applicable law and 
ifrss as adopted by the european union
our assessment of risks of material misstatement 
in preparing the financial statements the directors made a number of subjective judgements and significant accounting 
estimates that involved making assumptions and considering future events that are by their nature inherently uncertain see 
note 3 to the consolidated financial statements we primarily focused our work in these areas by assessing the directors’ 
judgements against available evidence including the risk of management override and bias forming our own judgements and 
evaluating the disclosures in the financial statements
the risks of material misstatement that had the greatest effect on our group audit in the current year are noted below this is 
not a complete list of all risks or areas of audit focus identified by our audit we discussed these areas of focus with the audit 
committee their report on those matters that they considered to be significant issues in relation to the financial statements is 
set out on pages 43 to 45
title risk response
revenue 
recognition
details of the accounting policies applied in 
respect of the various income streams earned 
by the group are given in note 2 to the financial 
statements
management makes certain judgements 
around the timing of revenue recognition and 
the treatment of contractual arrangements for 
revenue streams entered into
the risk is in relation to the misstatement of 
revenue in respect of amounts receivable 
relating to the share of net gambling revenue 
of customers and other revenue
we assessed the design and implementation 
of the controls over the group’ s main gambling 
systems this included conducting test bets 
and assessing the reconciliation between the 
main gaming systems and the finance systems
we performed analytical procedures and tested 
a sample of amounts recorded as revenue to 
ensure that the revenue had been recognised in 
accordance with the group’ s accounting policy
we reviewed key contracts to assess 
whether the revenue had been recognised 
in accordance with the group’ s accounting 
policy and whether any other terms within 
the contract had any material accounting or 
disclosure implications 
we assessed whether the revenue recognition 
policies adopted by the group comply with 
ifrs as adopted by the european union and
industry standards
financialstatementsv39indd   67 16042015   1134 playtech plc annual report and accounts 2014 68
independent auditor’s report to the members of playtech plc  
continued
title risk response
capitalisation 
of software 
development 
costs
under ias 38 intangible assets costs arising 
that meet the specified criteria must be 
capitalised and amortised over the asset’ s 
useful economic life from the date the asset is 
available for use
for all intangible assets capitalised 
management must be able to demonstrate the 
assets meet the criteria set out in ias 38
if amounts are incorrectly capitalised there is 
a risk of material misstatement in the carrying 
value of these assets 
in respect of additions to capitalised 
development costs we assessed the design 
and implementation of the controls in respect of 
the capitalisation of intangible assets
we tested a sample of capitalised costs to 
supporting documentation and challenged the 
assessment by management as to whether the 
project spend met all the recognition criteria set 
out in ias 38 
we considered the disclosures made in the 
financial statements
impairment 
of goodwill 
capitalised 
development 
costs and 
other intangibles
in accordance with ias 36 the group monitors 
the carrying value of goodwill and other 
intangibles for indications of impairment 
the group also performs annual impairment 
reviews for indefinite life intangible assets and 
for capitalised development costs relating to 
projects not launched as at the year end
impairment reviews require significant 
judgement from management and are 
inherently based on assumptions in respect of 
future profitability
if the carrying value of these assets exceed 
their recoverable amount there is a risk of 
material misstatement in the carrying value of 
these assets 
we considered whether there were any 
indications of impairment in respect of 
intangible assets 
we challenged the appropriateness of the key 
assumptions used in the discounted cash 
flow models prepared by management to 
assess the potential impairment of indefinite life 
intangible assets our challenge was based on 
our assessment of the historical accuracy of 
the group’ s estimates in previous periods our 
understanding of the commercial prospects 
of the assets identification and analysis of 
changes in assumptions from prior periods 
and an assessment of the consistency of 
assumptions across the impairment reviews
ias 36 also requires management to test 
intangible assets not yet available for use such 
as projects in development for impairment 
we selected a sample of projects not yet 
launched at the balance sheet date and 
confirmed that there remains a future intent to 
launch further to this we reviewed the results 
of management’ s impairment review of these 
assets on a portfolio basis
financialstatementsv39indd   68 16042015   1134 playtech plc annual report and accounts 2014 69
title risk response
legal 
and regulatory
given the developing nature of the regulatory 
conditions of the gambling sector in many 
countries across the world there is a risk that 
potential material legal or regulatory matters are 
not disclosed or provided for
the group have compliance obligations that 
range from administration of their licences 
to assessing the impact of countryspecific 
and panregional rules and regulations on 
its business 
the group makes certain provisions and 
disclosures required under ifrs for outstanding 
legal and regulatory disputes based on 
management’ s best estimate of where there 
is a probable outflow of economic benefits 
where the group do not consider the likelihood 
of a provision being probable the group 
will disclose the existence of a contingent 
liability unless that likelihood of occurrence is 
considered to be remote when no disclosure 
is required
we considered how the group monitors 
legal and regulatory developments and their 
assessment of the potential impact on the 
business and also considered the internal 
and external advice taken in respect of these 
developments
we discussed with the group’ s compliance 
and legal department whether there were 
any known instances of material breaches in 
regulatory and licence compliance that required 
disclosure or required provisions to be made in 
the financial statements 
we discussed the assertions of the group’ s 
compliance and legal department with the 
group’ s principal legal advisers 
we also reviewed disclosures prepared by the 
group in respect of contingent liabilities
related party 
transactions
there is a risk that disclosures in respect of 
related party transactions are incomplete or that 
the assertion that the related party transactions 
are on an arm’ s length basis is unsupported
we assessed the design and implementation of 
the group’ s policies and procedures in respect 
of the capturing of related party transactions
we obtained a list of related parties from 
management and ensured all transactions 
and balances with those entities were 
disclosed in accordance with ias 24 including 
consideration of whether material transactions 
were correctly disclosed as being on an arm’ s 
length basis
we selected a sample of contracts entered 
into by the group and enquired as to how 
management had determined whether the 
transaction was with a related party 
financialstatementsv39indd   69 16042015   1134 playtech plc annual report and accounts 2014 70
independent auditor’s report to the members of playtech plc 
continued
title risk response
taxation the international nature of the playtech group 
requires management judgement with regard 
to the assessment and interpretation of national 
and international tax laws 
the risk identified is that group tax liabilities are 
potentially understated
we discussed with management how they 
manage control and operate group companies 
in the countries in which they are registered 
this included how the group considers tax as 
part of the overall business planning and how 
they monitor the rules and practices governing 
the taxation of ecommerce activity that is 
evolving in many countries
we liaised with our own tax specialists in the 
different jurisdictions in which playtech has 
significant presence to assess the provisioning 
for current and deferred taxes as part of this 
we considered if any significant changes had 
occurred since the latest externally prepared 
advice received by management with regard 
to any exposure to taxation in the major 
territories in which the group operates and any 
correspondence from tax authorities in those 
territories of which there was none the latest 
externally prepared advice was presented 
in 2013
we also considered the latest transfer pricing 
studies carried out on behalf of the group in 
the period and assessed in respect of earlier 
studies whether there had been any change in 
the basis of operations in the relevant territories
we challenged the assessments made by 
management where needed and reviewed the 
disclosures prepared by the group for the tax 
provisions and contingent liabilities
financialstatementsv39indd   70 16042015   1134 playtech plc annual report and accounts 2014 71
our application of materiality 
we apply the concept of materiality both in planning and performing our audit and in evaluating the effect of misstatements on 
our audit and on the financial statements for planning we consider materiality to be the magnitude by which misstatements 
including omissions could influence the economic decisions of reasonable users that are taken on the basis of the financial 
statements in order to reduce to an appropriately low level the probability that any misstatements exceed materiality we use 
a lower materiality level performance materiality to determine the extent of testing needed importantly misstatements below 
these levels will not necessarily be evaluated as immaterial as we also take account the nature of identified misstatements and 
the particular circumstances of their occurrence when evaluating their effect on the financial statements as a whole
we determined planning materiality for the financial statements as a whole to be €104 million which was subsequently 
revised to €1035 million based on final financial information in determining this we based our assessment on a level of 5 of 
adjusted ebitda we agreed with the audit committee that we would report to the committee all audit differences individually 
in excess of €207k we also agreed to report differences below these thresholds that in our view warranted reporting on 
qualitative grounds
an overview of the scope of our group audit
at the planning stage of the audit we reviewed the consolidated results to date analysed by subsidiary location in accordance 
with isa 600 special considerations – audit of group financial statements including the work of component auditors we 
requested that component auditors for components that were deemed significant components defined as those that were 
greater than 15 of the group materiality figure which is based on adjusted ebitda perform audits to component materiality 
set by the group audit team under group instructions and reporting other locations that did not meet these criteria were 
asked to perform review procedures or specific scope procedures on certain balances such as payroll based on their relative 
size risks in the business and our knowledge of those entities the materiality for group reporting for components performing 
audits or reviews to the group was €52 million and €26 million respectively 
in order to gain appropriate audit coverage of the risks described above and of each individually significant 
reporting component
a audits were undertaken by the group audit team of all significant components
b  review and specific scope procedures were undertaken by the group audit team and bdo member firms of a further 
24 components
c review and specific scope procedures were performed by nonbdo member firms of further four reporting components 
t ogether these covered 97 of adjusted ebitda and 91 of total assets
further to this the group audit team centrally performed the audit of 100 of group revenue and intangible assets including 
development costs using the materiality levels set out above
based on the above scope we were able to conclude whether sufficient appropriate audit evidence had been obtained as a 
basis of our opinion on the group financial statements as a whole 
matters on which we are required to report by exception
under the isas uk and ireland we are required to report to you if in our opinion information in the annual report is
• materially inconsistent with the information in the audited financial statements or 
• apparently materially incorrect based on or materially inconsistent with our knowledge of the company acquired in the 
course of performing our audit or 
• is otherwise misleading
in particular we are required to consider whether we have identified any inconsistencies between our knowledge acquired 
during the audit and the directors’ statement that they consider the annual report is fair balanced and understandable and 
whether the annual report appropriately discloses those matters that we communicated to the audit committee which we 
consider should have been disclosed
under the listing rules we are required to review the part of the corporate governance statement on page 35 relating to the 
company’ s compliance with the provisions of the uk corporate governance code specified for our review
we have nothing to report in respect of these matters
financialstatementsv39indd   71 16042015   1134 playtech plc annual report and accounts 2014 72
respective responsibilities of directors and auditors
as explained more fully in the statement of directors’ responsibilities on pages 65 and 66 the directors are responsible 
for preparation of the financial statements and for being satisfied that they give a true and fair view our responsibility is to 
audit and express an opinion on the financial statements and in accordance with applicable law and international standards 
on auditing uk and ireland those standards require us to comply with the financial reporting council’ s frc’ s ethical 
standards for auditors
scope of the audit of the financial statements performed in accordance with isas 
uk and ireland
an audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable 
assurance that the financial statements are free from material misstatement whether caused by fraud or error this includes an 
assessment of whether the accounting policies are appropriate to the company’ s circumstances and have been consistently 
applied and adequately disclosed the reasonableness of significant accounting estimates made by the directors and the 
overall presentation of the financial statements in addition we read all the financial and nonfinancial information in the annual 
report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently 
materially incorrect based on or materially inconsistent with the knowledge acquired by us in the course of performing 
the audit if we become aware of any apparent material misstatements or inconsistencies we consider the implications for 
our report
the purpose of this report and restrictions on its use by persons other than the 
members of the company as a body
our report is made solely to the company’ s members as a body in accordance with section 80c of the isle of man 
companies act 2006 our audit work has been undertaken so that we might state to the company’ s members those matters 
that we are required to state to them in an auditor’ s report and for no other purpose t o the fullest extent permitted by law we 
do not accept or assume responsibility to anyone other than the company and the company’ s members as a body for our 
audit work for this report or for the opinions we have formed
david campbell
for and on behalf of bdo llp
chartered accountants 
london  
united kingdom
26 february 2015
bdo llp is a limited liability partnership registered in england and wales with registered number oc305127
independent auditor’s report to the members of playtech plc 
continued
financialstatementsv39indd   72 16042015   1134 playtech plc annual report and accounts 2014 73
consolidated statement of comprehensive income
for the year ended 31 december 2014
notes
actual
€’000
2014 
adjusted
€’000
actual
€’000
2013 
adjusted
€’000
revenue 4 456980 456980 367206 367206
distribution costs before depreciation and amortisation 211756 211442 178965 177903
administrative expenses before depreciation and amortisation 47321 38391 34478 29879
gain on sale of availableforsale investment 14 – – 31088 –
ebitda before income from associate and gain on sale 197903 207147 184851 159424
income from associates – – 18086 –
gain on sale of share in associate – – 340819 –
ebitda 6 197903 207147 543756 159424
depreciation and amortisation including amortisation of 
intangibles in associate 69790 30733 58783 18916
finance income 7 19157 19157 14390 14390
finance cost – movement in deferred and contingent 
consideration 439 – 2862 –
finance cost – other 2403 697 2527 1197
t otal financing cost 7 2842 697 5389 1197
share of loss from joint ventures net 13a 92 92 2506 2506
share of loss from associates 13b 695 695 211 211
profit before taxation 143641 194087 491257 150984
t ax expenses 8 2923 2923 2498 2498
profit for the year 140718 191164 488759 148486
other comprehensive income for the year
items that have been classified to profit or loss
reclassify to profit and loss on sale 14 – – 31088 –
change in fair value of availableforsale equity instruments 14 774 774 15444 15444
t otal items that will be classified to profit or loss 774 774 15644 15444
t otal comprehensive income for the year 139944 190390 473115 163930
profit for the year attributable to
owners of the parent 140327 190773 488578 148305
noncontrolling interest 391 391 181 181
140718 191164 488759 148486
earnings per share for profit attributable to the owners 
of the parent during the year
basic cents 9 478 650 1670 507
diluted cents 9 476 647 1653 502
t otal comprehensive income attributable to
owners of the parent 139553 189999 472934 163749
noncontrolling interest 391 391 181 181
139944 190390 473115 163930
 adjusted numbers relate to certain noncash and oneoff items including amortisation of intangibles on acquisitions amortisation of intangibles in associate 
professional costs on acquisitions finance costs on acquisitions income from associates gain on sale of investment in associate and availableforsale 
investments change in fair value of availableforsale investments in the income statement noncash accrued bond interest provision against irrecoverable 
cash and additional various noncash charges the directors believe that the adjusted profit represents more closely the consistent trading performance of the 
business a full reconciliation between the actual and adjusted results is provided in note 5
financialstatementsv39indd   73 16042015   1134 playtech plc annual report and accounts 2014 74
consolidated statement of changes in equity
for the year ended 31 december 2014
additional 
paid in 
capital
€’000
available
forsale 
reserve
€’000
retained 
earnings
€’000
employee 
benefit 
trust
€’000
convertible 
bond option 
reserve
€’000
total 
attributable 
to equity 
holders of 
parent
€’000
non
controlling 
interest
€’000
t otal equity
€’000
balance at 1 jan 2014 323187 1578 596256 – – 921021 – 921021
changes in equity for 
the year
t otal comprehensive 
income for the year – 774 140327 – – 139553 391 139944
dividend paid – – 192258 – – 192258 – 192258
purchase of employee 
benefit trust – – – 48545 – 48545 – 48545
exercise of options 1587 – 6292 12391 – 7686 – 7686
issue of convertible 
bonds – – – – 45392 45392 – 45392
purchase of share 
options – – 706 – – 706 – 706
employee stock option 
scheme – – 365 – – 365 – 365
acquisition of minority 
interest – – – – – – 284 284
balance at 
31 december 2014 324774 804 537692 36154 45392 872508 675 873183
balance at 1 jan 2013 310469 17222 186359 – – 514050 125 514175
changes in equity for 
the year
t otal comprehensive 
income for the year – 15644 488578 – – 472934 181 473115
dividend paid – – 67872 – – 67872 – 67872
exercise of options 12718 – – – – 12718 – 12718
purchase of share 
options – – 12135 – – 12135 – 12135
employee stock option 
scheme – – 1326 – – 1326 – 1326
acquisition of minority 
interest –  –  –  –  – –  306 306
balance at 
31 december 2013 323187  1578  596256  – –  921021  –  921021 
financialstatementsv39indd   74 16042015   1134 playtech plc annual report and accounts 2014 75
consolidated balance sheet 
as at 31 december 2014
notes
2014
€’000
2013
€’000
noncurrent assets 
property plant and equipment 11 38319 21835 
intangible assets 12 381145 393121 
investments in equity accounted associates and joint ventures 13 33826 1633 
availableforsale investments 14 24219 33661 
noncurrent assets 15 16644 20517 
  494153 470767 
current assets 
trade receivables 16 45056 41336 
other receivables 17 22396 26475 
cash and cash equivalents 18 692347 527394 
   759799 595205 
total assets 1253952 1065972 
equity    
additional paid in capital 19 324774 323187 
availableforsale reserve 804 1578 
employee benefit trust 19 36154 – 
convertible bonds option reserve 20 45392  – 
retained earnings 537692 596256 
equity attributable to equity holders of the parent  872508 921021 
noncontrolling interest 675 – 
total equity 873183 921021 
non current liabilities 
convertible bonds 20 247040 – 
deferred revenues 6398 7064 
deferred tax liability 22 4904 5083 
progressive operators jackpots and security deposits 15000 15000 
deferred consideration 1088 – 
other noncurrent liabilities 1284 245 
 275714 27392 
current liabilities 
trade payables 21 16426 21175 
progressive operators jackpots and security deposits 45562 33544 
t ax liabilities  990 1720 
deferred revenues 3442  4741 
deferred consideration 1823 28630 
other payables 23 36812 27749 
  105055 117559 
total equity and liabilities  1253952 1065972 
the financial information was approved by the board and authorised for issue on 26 february 2015
mor weizer     ron hoffman
chief executive officer    chief financial officer
financialstatementsv39indd   75 16042015   1134 playtech plc annual report and accounts 2014 76
consolidated statement of cash flows
notes
2014
€’000
2013
€’000
cash flows from operating activities 
profit after tax 140718 488759
adjustments to reconcile net income to net cash provided by operating 
activities see below 85842 292439
income taxes paid 5798 3170
net cash provided by operating activities 220762 193150
cash flows from investing activities
longterm deposits and loan advances 2547 7789
buyout of reseller agreement – 11847
dividend received from equityaccounted associate – 22167
acquisition of property plant and equipment 11 25164 10687
proceeds from sale of investment in associate – 492528
proceed from sale of availableforsale investments – 57179
return on investment in joint ventures 13a 3393 1205
investment in joint ventures 13a 7373 –
acquisition of intangible assets 12 6251 6706
acquisition of subsidiaries net of cash acquired 43353 128937
capitalised development costs 12 21806 19889
investment in equityaccounted associates 13b 26450 –
investment in availableforsale investments – 44190
proceeds from sale of property plant and equipment 374 262
acquisition of minority interest – 306
net cash used inprovided by investing activities 129177 342990
cash flows from financing activities
dividends paid to the holders of the parent 192258 67872
issue of convertible bonds net of issue costs 20 291145 –
purchase of shares for employee benefit trust 19b 48545 –
cancellation of options 706 12136
repayment of bank borrowings – 69220
exercise of options 7686 12718
net cash fromused in financing activities 57322 136510
increase in cash and cash equivalents 148907 399630
cash and cash equivalents at beginning of period 527394 120880
exchange gains on cash and cash equivalents 16046 6884
cash and cash equivalents at end of period 692347 527394
financialstatementsv39indd   76 16042015   1134 playtech plc annual report and accounts 2014 77
2014
€’000
2013
€’000
adjustment to reconcile net income to net cash 
provided by operating activities
income and expenses not affecting operating cash flows
depreciation 9665 9662
amortisation including amortisation of intangibles in associate 60125 49121
income from associate – 18086
share of loss from joint ventures 92 2506
share of loss from associates 695 –
gain on sale of availableforsale investments – 31088
gain on sale of investment in associate – 340819
decline in fair value of availableforsale investment 8668 4127
interest expenses on convertible bonds 1287 –
income tax expense 2923 2498
employee stock option plan expenses 364 1326
movement in deferred and contingent consideration 438 2864
exchange gains on cash and cash equivalents 16046 6884
other 170 71
changes in operating assets and liabilities
increase in trade receivables 74 10340
increasedecrease in other receivables 5166 1655
decreaseincrease in trade payables 4835 6998
increase in progressive operators jackpot and security deposits 12018 16937
increase in other payables 7003 751
decrease in deferred revenues 1965 966
85842 292439
notes
2014
€’000
2013
€’000
acquisition of subsidiary  net of cash acquired
acquisitions in the year
a acquisition of aristocrat lotteries 24a 11556 –
b other acquisitions 24b 3069 –
acquisitions in previous years
c acquisition of pokerstrategycom limited 25a – 37703
d acquisition of the nation traffic assets 25b – 4700
e acquisition of intelligent gaming systems limited 728 734
f  acquisition of pt turnkey services limited 28000 70000
g acquisition of mobenga ab – 15800
43353 128937
financialstatementsv39indd   77 16042015   1134 playtech plc annual report and accounts 2014 78
notes to the financial statements
note 1 – general
on 21 june 2013 playtech plc the “company” redomiciled as a company in the isle of man
playtech plc and its subsidiaries the “group” develop unified software platforms for the online and landbased gambling 
industry targeting online and landbased operators playtech’ s gaming applications – online casino poker and other p2p 
games bingo mobile live gaming landbased terminal and fixedodds games – are fully intercompatible and can be freely 
incorporated as standalone applications accessed and funded by the operators’ players through the same user account and 
managed by the operator by means of a single powerful management interface 
basis of preparation
the directors consider that the group has adequate resources to continue in operational existence for the foreseeable future 
and that it is therefore appropriate to adopt the going concern basis in preparing its financial statements 
note 2 – significant accounting policies
the significant accounting policies followed in the preparation of the financial information on a consistent basis are
accounting principles
this financial information has been prepared in accordance with international financial reporting standards international 
accounting standards and interpretations collectively ifrs issued by the international accounting standards board iasb 
as adopted by the european union “adopted ifrss” in the current year the group has adopted all of the new and revised 
standards and interpretations issued by the iasb and the international financial reporting interpretations committee ifric 
of the iasb as they have been adopted by the european union that are relevant to its operations and effective for accounting 
periods beginning on 1 january 2014 
new standards interpretations and amendments effective from 1 january 2014
the following key new standards interpretations and amendments applied for the first time from 1 january 2014
• ifrs 10 consolidated financial information
• ifrs 11 joint arrangements
• ifrs 12 disclosure of interests in other entities
• the related revisions to ias 27 separate financial statements for the above
• the related revisions to ias 28 investments in associates and joint ventures for the above
none of the above nor other new standards interpretations and amendments which are effective for periods beginning 
after 1 january 2015 and which have not been adopted early are expected to have a material effect on the group’ s future 
financial information 
financialstatementsv39indd   78 16042015   1134 playtech plc annual report and accounts 2014 79
foreign currency
the financial information of the company and its subsidiaries is prepared in euros the functional currency which is the 
currency that best reflects the economic substance of the underlying events and circumstances relevant to the group 
transactions and balances in foreign currencies are converted into euros in accordance with the principles set forth by 
international accounting standard ias 21 the effects of changes in foreign exchange rates accordingly transactions and 
balances have been converted as follows 
• monetary assets and liabilities – at the rate of exchange applicable at the balance sheet date 
• income and expense items – at exchange rates applicable as of the date of recognition of those items nonmonetary items 
are converted at the rate of exchange used to convert the related balance sheet items ie at the time of the transaction 
exchange gains and losses from the aforementioned conversion are recognised in the consolidated statement of 
comprehensive income
basis of consolidation
where the company has control over an investee it is classified as a subsidiary the company controls an investee if all three 
of the following elements are present power over the investee exposure to variable returns from the investee and the ability of 
the investor to use its power to affect those variable returns control is reassessed whenever facts and circumstances indicate 
that there may be a change in any of these elements of control
the consolidated financial information presents the results of the group as if they formed a single entity  intercompany transactions 
and balances between group companies are therefore eliminated in full
the consolidated financial information incorporates the results of business combinations using the acquisition method 
in the statement of financial position the acquiree’ s identifiable assets liabilities and contingent liabilities are initially recognised 
at their fair values at the acquisition date the results of acquired operations are included in the consolidated statement 
of comprehensive income from the date on which control is obtained they are deconsolidated from the date on which 
control ceases
revenue recognition 
the group’ s principal revenue streams and their respective accounting treatments are discussed below
royalty income
royalty income relating to licensed technology and the provision of certain services provided via various distribution channels 
online mobile or landbased interfaces royalty income is based on the underlying gaming revenue earned by our licensees 
and is recognised in the accounting periods in which the gaming transactions occur
fixedfee income
other revenue includes revenue derived from the provision of certain services and licensed technology for which charges 
are based on a fixedfee and varies according to the usage of the servicetechnology in each accounting period income is 
recognised over the period of service once the obligations under the contracts have passed where amounts are billed and 
obligations not met revenue is deferred
fixedterm arrangements
other income receivable under fixedterm arrangements is recognised as revenue over the term of the agreement on a 
straightline basis
distribution costs
distribution costs represent the direct costs of the function of providing services to customers costs of the development 
function and advertising costs
sharebased payments
certain employees participate in the group’ s share option plans which commenced with effect from 1 december 2005 
the fair value of the equity settled options granted is charged to the consolidated statement of comprehensive income on a 
straightline basis over the vesting period and the credit is taken to equity based on the group’ s estimate of shares that will 
eventually vest fair value is determined by the blackscholes and binomial valuation model the share options plan does not 
have any performance conditions other than continued service where equity settled share options are settled in cash at the 
group’ s discretion the debit is taken to equity
financialstatementsv39indd   79 16042015   1134 playtech plc annual report and accounts 2014 80
notes to the financial statements continued
income taxes and deferred taxation
provision for income taxes is calculated in accordance with the tax legislations and applicable tax rates in force at the balance 
sheet date in the countries in which the group companies are incorporated 
deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the consolidated balance 
sheet differs from its tax base except for differences arising on
• the initial recognition of goodwill
• the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the 
transaction affects neither accounting or taxable profit and
• investments in subsidiaries and jointly controlled entities where the group is able to control the timing of the reversal of the 
difference and it is probable that the difference will not reverse in the foreseeable future
the amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the 
reporting date and are expected to apply when the deferred tax liabilitiesassets are settledrecovered
deferred tax assets and liabilities are offset when the group has a legally enforceable right to offset current tax assets and 
liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either
• the same taxable group company or
• different group entities which intend either to settle current tax assets and liabilities on a net basis or to realise the assets 
and settle the liabilities simultaneously in each future period in which significant amounts of deferred tax assets or liabilities 
are expected to be settled or recovered
dividend distribution
final dividends are recorded in the group’ s financial information in the period in which they are approved by the group’ s 
shareholders interim dividends are recognised when paid
property plant and equipment
property plant and equipment comprise computers and gaming machines leasehold improvements office furniture and 
equipment and motor vehicles and are stated at cost less accumulated depreciation carrying amounts are reviewed on each 
balance sheet date for impairment where the carrying amount of an asset is greater than its estimated recoverable amount it 
is written down immediately to its recoverable amount
depreciation is calculated to write off the cost of fixed assets on a straightline basis over the expected useful lives of the assets 
concerned the principal annual rates used for this purpose which are consistent with those of the previous years are 

computers and gaming machines 33
office furniture and equipment 7–20
building and leasehold improvements 10–20 or over the length of the lease
motor vehicles 15
subsequent expenditures are included in the asset carrying amount or recognised as a separate asset as appropriate only 
when it is probable that future economic benefits will flow to the group and the cost of the item can be measured reliably 
all other repairs and maintenance are charged to the income statement during the financial period in which they are incurred
gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in the 
consolidated statement of comprehensive income
business combinations
the consolidated financial information incorporate the results of business combinations using the purchase method 
in the consolidated balance sheet the acquiree’ s identifiable assets liabilities and contingent liabilities are initially recognised 
at their fair values at the acquisition date the results of acquired operations are included in the consolidated statement of 
comprehensive income from the date on which control is obtained 
investments in subsidiary undertakings
investments in subsidiary undertakings are recognised at cost less if any provision for impairment
financialstatementsv39indd   80 16042015   1134 playtech plc annual report and accounts 2014 81
intangible assets
intangible assets comprise externally acquired patents domains and customer lists intangible assets also include internally 
generated capitalised software development costs all such intangible assets are stated at cost less accumulated amortisation 
where intangible assets are acquired as part of a business combination they are recorded initially at their fair value 
carrying amounts are reviewed on each balance sheet date for impairment where the carrying amount of an asset is greater 
than its estimated recoverable amount it is written down to its recoverable amount
amortisation is calculated at annual rates estimated to write off the costs of the assets over their expected useful lives and is 
charged to operating expenses from the point the asset is brought into use the principal annual rates used for this purpose 
which are consistent with those of the previous years are
 
domain names nil
internally generated capitalised development costs 33
t echnology ip 13–33
customer lists in line with projected cash flows or 7–20
affiliate contracts 5–125
patents and licence over the expected useful lives 10–33
management believes that the useful life of the domain names is indefinite domain names are reviewed for impairment annually 
expenditure incurred on development activities including the group’ s software development is capitalised only where the 
expenditure will lead to new or substantially improved products the products are technically and commercially feasible and the 
group has sufficient resources to complete development 
subsequent expenditure on capitalised intangible assets is capitalised only where it clearly increases the economic benefits 
to be derived from the asset to which it relates all other expenditure including that incurred in order to maintain an intangible 
assets current level of performance is expensed as incurred
goodwill
goodwill represents the excess of the cost of a business combination over in the case of business combinations completed 
prior to 1 january 2010 the group’ s interest in the fair value of identifiable assets liabilities and contingent liabilities acquired 
and in the case of business combinations completed on or after 1 january 2010 the total acquisition date fair value of the 
identifiable assets liabilities and contingent liabilities acquired
for business combinations completed prior to 1 january 2010 cost comprised the fair value of assets given and liabilities 
assumed plus any direct costs of acquisition changes in the estimated value of contingent consideration arising on business 
combinations completed by this date were treated as an adjustment to cost and in consequence resulted in a change in the 
carrying value of goodwill
for business combinations completed on or after 1 january 2010 cost comprises the fair value of assets given and liabilities 
assumed plus the amount of any noncontrolling interests in the acquired business contingent consideration is included in 
cost at its acquisition date fair value and in the case of contingent consideration classified as a financial liability remeasured 
subsequently through profit or loss for combinations completed on or after 1 january 2010 direct costs of acquisition are 
recognised immediately as an expense in the consolidated statement of comprehensive income within administrative costs
goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the consolidated income 
statement goodwill is not amortised and is reviewed for impairment annually or more specifically if events or changes in 
circumstances indicate that the carrying value may be impaired
impairment
impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at 
the financial year end other nonfinancial assets are subject to annual impairment tests whenever events or changes in 
circumstances indicate that their carrying amount may not be recoverable where the carrying value of an asset exceeds its 
recoverable amount ie the higher of value in use and fair value less costs to sell the asset is written down accordingly
where it is not possible to establish the recoverable amount of an individual asset the impairment test is carried out on 
the asset’ s cash generating unit ie the lowest group of assets in which the asset belongs for which there are separately 
identifiable cash flows goodwill is allocated on initial recognition to each of the group’ s cash generating units that are 
expected to benefit from the synergies of the combination giving rise to the goodwill
financialstatementsv39indd   81 16042015   1134 playtech plc annual report and accounts 2014 82
notes to the financial statements continued
impairment charges are included in the administrative expenses line item in the consolidated statement of comprehensive 
income except to the extent they reverse gains previously recognised in the consolidated statement of comprehensive 
income an impairment loss recognised for goodwill is not reversed
associates
where the group has the power to participate in but not control the financial and operating policy decisions of another 
entity it is classified as an associate associates are initially recognised in the consolidated statement of financial position 
at cost subsequently associates are accounted for using the equity method where the group’ s share of postacquisition 
profits and losses and other comprehensive income is recognised in the consolidated statement of profit and loss and other 
comprehensive income except for losses in excess of the group’ s investment in the associate unless there is an obligation to 
make good those losses
profits and losses arising on transactions between the group and its associates are recognised only to the extent of unrelated 
investors’ interests in the associate the investor’ s share in the associate’ s profits and losses resulting from these transactions is 
eliminated against the carrying value of the associate
any premium paid for an associate above the fair value of the group’ s share of the identifiable assets liabilities and contingent 
liabilities acquired is capitalised and included in the carrying amount of the associate where there is objective evidence that the 
investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way 
as other nonfinancial assets
joint ventures
the group is a party to a joint arrangement when there is a contractual arrangement that confers joint control over the relevant 
activities of the arrangement to the group and at least one other party joint control is assessed under the same principles as 
control over subsidiaries
the group classifies its interests in joint arrangements as either
joint ventures – where the group has rights to only the net assets of the joint arrangement or
joint operations – where the group has rights to both the assets and obligations for the liabilities of the joint arrangement
in assessing the classification of interests in joint arrangements the group considers
• the structure of the joint arrangement
• the legal form of joint arrangements structured through a separate vehicle
• the contractual terms of the joint arrangement agreement and
• any other facts and circumstances including any other contractual arrangements
the group accounts for its interests in joint ventures in the same manner as investments in associates ie using the equity 
method – refer above
any premium paid for an investment in a joint venture above the fair value of the group’ s share of the identifiable assets 
liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the investment in joint venture 
where there is objective evidence that the investment in a joint venture has been impaired the carrying amount of the 
investment is tested for impairment in the same way as other nonfinancial assets
the group accounts for its interests joint operations by recognising its share of assets liabilities revenues and expenses in 
accordance with its contractually conferred rights and obligations
financial assets
the group classifies its financial assets into one of the categories discussed below depending on the purpose for which the 
asset was acquired the group has not classified any of its financial assets as held to maturity the group does not hold any 
financial assets at fair value through profit and loss
loans and receivables 
these assets are nonderivative financial assets with fixed or determinable payments that are not quoted in an active market 
they arise principally through the provision of services to customers eg trade receivables but also incorporate other types 
of contractual monetary asset they are initially recognised at fair value plus transaction costs that are directly attributable to 
their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method less provision 
for impairment
financialstatementsv39indd   82 16042015   1134 playtech plc annual report and accounts 2014 83
the group’ s receivables comprise trade and other receivables cash and cash equivalents and loans to customers in the 
balance sheet
trade receivables which principally represent amounts due from licensees are carried at original invoice value less an estimate 
made for bad and doubtful debts based on a review of all outstanding amounts at the year end an estimate for doubtful debts 
is made when there is objective evidence that the group will not be able to collect amounts due according to the original terms 
of receivables bad debts are written off when identified
cash and cash equivalents includes cash in hand deposits held at call with banks and other shortterm highly liquid 
investments with original maturities of three months or less where cash is on deposit with maturity dates greater than three 
months it is disclosed within other receivables 
loans to customers are in respect of formal loan agreements entered into between the group and its customers which are 
carried at original advanced value less provision for impairment they are classified between current and noncurrent assets in 
accordance with the contractual repayment terms of each loan agreement
availableforsale financial assets
nonderivative financial assets classified as availableforsale comprise the group’ s strategic investments in entities not 
qualifying as subsidiaries associates or jointly controlled entities they are carried at fair value with changes in fair value 
generally recognised in other comprehensive income and accumulated in the availableforsale reserve in accordance with ias 
39 a significant or prolonged decline in the fair value of an availableforsale financial asset is recognised in the consolidated 
statement of comprehensive income 
purchases and sales of availableforsale financial assets are recognised on settlement date with any change in fair value 
between trade date and settlement date being recognised in the availableforsale reserve on sale the amount held in the 
availableforsale reserve associated with that asset is removed from equity and recognised in the consolidated statement of 
comprehensive income
financial liabilities
trade payables and other shortterm monetary liabilities are initially recognised at fair value and subsequently carried at 
amortised cost using the effective interest method
several of the group’ s licensees participate in progressive jackpot games each time a progressive jackpot game is played a 
preset amount is added to a cumulative jackpot for that specific game the accrual for the jackpot at the consolidated balance 
sheet date is included in progressive jackpot and other operator’ s jackpot liabilities
liability components of convertible loan notes are measured as described further below
loans and bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of 
the instrument such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate 
method which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the 
liability carried in the consolidated balance sheet interest expense in this context includes initial transaction costs and premia 
payable on redemption as well as any interest or coupon payable while the liability is outstanding
fair value measurement hierarchy
ifrs 7 requires certain disclosure which require the classification of financial assets and financial liabilities measured at fair value 
using a fair value hierarchy that reflects the significance of the inputs used in making the fair value measurement see note 28 
the fair value hierarchy has the following levels
a quoted prices unadjusted in active markets for identical assets or liabilities level 1
b  inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly 
ie as prices or indirectly ie derived from prices level 2 and
c inputs for the asset or liability that are not based on observable market data unobservable inputs level 3
the level in the fair value hierarchy within which the financial asset or financial liability is categorized is determined on the basis 
of the lowest level input that is significant to the fair value measurement financial assets and financial liabilities are classified in 
their entirety into only one of the three levels the group measures its availableforsale investments at fair value – refer to note 
14 for more detailed information in respect of the fair value measurement
financialstatementsv39indd   83 16042015   1134 playtech plc annual report and accounts 2014 84
notes to the financial statements continued
share capital
ordinary shares are classified as equity and are stated at the proceeds received net of direct issue costs
employee benefit trust
consideration paidreceived for the purchasesale of shares subsequently put in the employee benefit trust is recognised 
directly in equity the cost of treasury shares held is presented as a separate reserve the “employee benefit trust reserve” 
any excess of the consideration received on the sale of treasury shares over the weighted average cost of the shares sold is 
credited to retained earnings
convertible bond
the proceeds received on issue of the group’ s convertible bond are allocated into their liability and equity components 
the amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that 
would be payable on a similar debt instrument that does not include an option to convert subsequently the debt component 
is accounted for as a financial liability measured at amortised cost until extinguished on conversion or maturity of the bond 
where the option meets the definition of an equity instrument the remainder of the proceeds is allocated to the conversion 
option and is recognised in the “convertible bond option reserve” within shareholders’ equity
longterm liabilities
longterm liabilities are those liabilities that are due for repayment or settlement in more than 12 months from balance 
sheet date
provisions 
provisions which are liabilities of uncertain timing or amount are recognised when the group has a present obligation as a 
result of past events if it is probable that an outflow of funds will be required to settle the obligation and a reliable estimate of 
the amount of the obligation can be made
leases
where substantially all of the risks and rewards incidental to ownership are not transferred to the group an “operating lease” 
the total rentals payable under the lease are charged to the consolidated statement of comprehensive income on a straightline 
basis over the lease term the aggregate benefit of lease incentives is recognised as a reduction of the rental expense over the 
lease term on a straightline basis
noncontrolling interests
noncontrolling interest is recognised at the present ownership instruments’ proportionate share in the recognised amounts of 
the acquiree’ s identifiable net assets the total comprehensive income of nonwholly owned subsidiaries is attributed to owners 
of the parent and to the noncontrolling interests in proportion to their relative ownership interests
adjusted results
adjusted results are amended for income or expense that helps to better understand the trading performance of the business 
such exclusions include
• material noncash items eg amortisation of intangibles on acquisition change in fair value of availableforsale investments 
in the income statement and employee share option plan expenses
• material oneoff items eg gain on sale of investment in associates professional services cost related to acquisitions and 
other exceptional projects
underlying adjusted results excludes the following items in order to present a more accurate “likeforlike” comparison over the 
comparable period
• the impact of acquisitions made in the period or in the comparable period and
• specific material agreements adjustments to previous years or currency fluctuations affecting the results in the period and 
the comparable period
a full reconciliation of adjustments is included in note 5
financialstatementsv39indd   84 16042015   1134 playtech plc annual report and accounts 2014 85
note 3 – critical accounting estimates and judgements
the preparation of financial information in conformity with generally accepted accounting principles requires the use of 
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and 
liabilities at the date of the financial information and the reported amounts of revenues and expenses during the reporting 
period although these estimates are based on management’ s best knowledge of current events and actions actual results 
ultimately may differ from those estimates
the areas requiring the use of estimates and critical judgements that may potentially have a significant impact on the group’ s 
earnings and financial position are detailed below
estimates and assumptions
impairment of goodwill and other intangibles
the group is required to test on an annual basis whether goodwill intangible assets not yet in use and indefinite life assets 
have suffered any impairment the group is required to test other intangibles if events of changes in circumstances indicated 
that their carrying amount may not be recoverable the recoverable amount is determined based on value in use calculations 
the use of this method requires the estimation of future cash flows and the choice of a discount rate in order to calculate the 
present value of the cash flows such estimates are based on management’ s experience of the business but actual outcomes 
may vary more details including carrying values are included in note 12
amortisation of development costs and other intangible assets and the useful life of property plant and equipment
intangible assets and property plant and equipment are amortised or depreciated over their useful lives useful lives are 
based on management’ s estimates of the period that the assets will generate revenue which are periodically reviewed for 
continued appropriateness 
changes to estimates can result in significant variations in the amounts charged to the consolidated statement of 
comprehensive income in specific periods more details including carrying values are included in notes 11 and 12
legal proceedings and contingent liabilities
management regularly monitors the key risks affecting the group including the regulatory environment in which the group 
operates a provision will be made where there is a present obligation from a past event a transfer of economic benefits 
is probable and the amount of costs of the transfer can be estimated reliably in instances where the criteria are not met 
a contingent liability may be disclosed in the notes to the financial information more details are included in note 30
income taxes
the group is subject to income tax in jurisdictions in which it is registered and judgement is required in determining the 
provision for income taxes during the ordinary course of business there are transactions and calculations for which the 
ultimate tax determination is uncertain as a result the group recognises tax liabilities based on estimates of whether additional 
taxes and interest will be due the group believes that its accruals for tax liabilities are adequate for all open audit years based 
on its assessment of many factors including past experience and interpretations of tax law more details are included in note 8 
structured agreements
for all arrangements structured in separate vehicles the group must assess the substance of the arrangement in determining 
whether it meets the definition to be classified as an associate or joint venture factors the group must consider include
• structure
• legal form
• contractual agreement
• other facts and circumstances
upon consideration of these factors the group has determined that all of its arrangements structured through separate 
vehicles give it significant influence but not joint control rights to the net assets and are therefore classified as associates
financialstatementsv39indd   85 16042015   1134 playtech plc annual report and accounts 2014 86
notes to the financial statements continued
sharebased payments
the group has a sharebased remuneration scheme for employees the fair value of share options is estimated by using the 
blackscholes and binomial models on the date of grant based on certain assumptions those assumptions are described in 
note 10 and include among others the dividend growth rate expected share price volatility expected life of the options and 
number of options expected to vest 
determination of fair value of intangible assets acquired 
the fair value of the intangible assets acquired is based on the discounted cash flows expected to be derived from the use 
of the asset further information in relation to the determination of fair value of intangible assets acquired is given in notes 24 
and 25
determination of the fair value of contingent consideration
the fair value of contingent consideration is based on the probability of expected cash flow outcomes and the assessment 
of present values using appropriate discount rates further information in relation to the determination of the fair value of 
contingent consideration is given in note 24 and 25
note 4 – segment information
management considers that the group’ s activity as a single source supplier of online gaming solutions constitutes one 
operating and reporting segment as defined under ifrs 8 
management review the performance of the group by reference to groupwide profit measures and the revenues derived from 
six 2013 six main product groupings
• casino
• services
• sport
• bingo
• landbased 2013 videobet
• poker
the groupwide profit measures are adjusted net profit and adjusted ebitda see note 5 management believes the adjusted 
profit measures represent more closely the underlying trading performance of the business no other differences exist between 
the basis of preparation of the performance measures used by management and the figures in the group financial information
there is no allocation of operating expenses profit measures assets and liabilities to individual product groupings 
accordingly the disclosures below are provided on an entitywide basis
revenue by product
 
2014
€’000
2013
€’000
casino 244235  189216 
services 132792  111116 
sport 26306  17100 
bingo 17468  18464 
landbased 16612  12275 
poker  13813  14680 
other 5754  4355 
t otal revenues 456980  367206 
in 2014 there were three licensees 2013 two licensees who individually accounted for more than 10 of the total revenue of 
the group aggregate revenue from these licensees totalled €1859 million 2013 €1295 million
financialstatementsv39indd   86 16042015   1134 playtech plc annual report and accounts 2014 87
geographical analysis of revenues by jurisdiction of gaming license
analysis by geographical regions is made according to the jurisdiction of the gaming licence of the licensee this does not 
reflect the region of the end users of the group’ s licensees whose locations are worldwide
 
2014
€’000
2013
€’000
philippines 134052  55638 
gibraltar 103148 88924 
antigua 63302  86271 
rest of world 55610 41995
alderney 34416  39125 
uk 23672  849 
malta 15867  11743 
curacao 13614  28182 
italy 13299  14479 
 456980  367206 
geographical analysis of noncurrent assets
 
2014
€’000
2013
€’000
british virgin islands 215876  215742 
isle of man 183300  184937 
cyprus 32974  28805 
sweden 20255  18791 
estonia 8095  7819 
netherlands 7990  7685 
israel 7930  3508 
uk 5229 1427
rest of world 12504  2053 
 494153  470767 
financialstatementsv39indd   87 16042015   1134 playtech plc annual report and accounts 2014 88
notes to the financial statements continued
note 5 – adjusted items
the following tables give a full reconciliation between adjusted and actual results
 
2014
€’000
2013
€’000
distribution costs before depreciation and amortisation – actual 211756  178965
employee stock option expenses 314 1062
adjusted distribution costs before depreciation and amortisation 211442 177903 
administrative expenses before depreciation and amortisation 47321  34478 
employee stock option expenses 50 264
professional fees on acquisitions 212 208
decline in fair value of availableforsale investment 8668 4127
t otal adjusted items 8930 4599
adjusted administrative expenses before depreciation and amortisation 38391 29879 
depreciation – distribution costs 8300  8243 
depreciation – administrative costs 1365  1419 
amortisation – distribution costs 60125  49121 
t otal depreciation and amortisation 69790  58783 
amortisation of intangibles on acquisitions – distribution costs 39057  38196 
amortisation of intangibles in associate –  1671 
adjusted depreciation and amortisation 30733  18916 
ebitda 197903 543756
decline in fair value of availableforsale investments 8668 4127 
employee stock option expenses 364 1326 
professional expenses on acquisitions 212 208 
gain on sale of investment in associates – 340819
gain on sale of availableforsale investments – 31088
income from associates – 18086
adjusted ebitda 207147 159424 
ebitda related to acquisitions 13929 6684
underlying adjusted ebitda 193218 152740 
profit for the year – attributable to owners of parent 140327 488578
amortisation of intangibles on acquisitions including amortisation on investment in associates 39057 39867 
decline in fair value of availableforsale investments 8668 4127 
employee stock option expenses 364 1326 
professional expenses on acquisitions 212 208 
gain on sale of investment in associates –  340819
gain on sale of availableforsale investments –  31088
noncash accrued bond interest  1113  – 
movement in deferred and contingent consideration 439  2862 
provision against irrecoverable cash 593  1330 
income from associates  –  18086
adjusted profit for the year – attributable to owners of the parent  190773 148305
adjusted net profit related to acquisitions 12394 5842
oneoff adjustment to amortisation of intangibles 3119 3165
underlying adjusted profit for the year – attributable to owners of the parent 181498  139298 
financialstatementsv39indd   88 16042015   1134 playtech plc annual report and accounts 2014 89
note 6 – ebitda
ebitda is stated after charging
 
2014
€’000
2013
€’000
directors’ compensation
shortterm benefits of directors 1635 1518
sharebased benefits of directors 4 25
bonuses to executive directors 1725 1403
3364 2946
auditor’s remuneration
audit services
parent company and group audit 395  290 
audit of overseas subsidiaries 381  238 
t otal audit fees 776  528 
nonaudit services
other acquisition and assurance services 397  129 
t axation compliance 23  11 
t otal nonaudit fees 420  140 
development costs including capitalised development costs of €218 million 
2013 €198 million 48707 44704
note 7 – financing income and costs
 
2014
€’000
2013
€’000
a finance income
interest received 1551  2448 
dividends received from availableforsale investments  1560  5058 
exchange differences 16046  6884 
 19157  14390 
b finance cost
finance cost – movement in deferred and contingent consideration 439 2862
interest expenses on convertible bonds 1287 – 
oneoff provision against irrecoverable cash 593 1330
bank charges and interest paid 523 1197
 2842 5389
net financing income 16315  9001 
note 8 – t axation
 
2014
€’000
2013
€’000
current income tax
income tax on profits of subsidiary operations 3953 3321 
deferred tax note 22 1030 823
t otal tax charge 2923  2498 
financialstatementsv39indd   89 16042015   1134 playtech plc annual report and accounts 2014 90
notes to the financial statements continued
the tax charge for the year can be reconciled to accounting profit as follows
 
2014
€’000
2013
€’000
profit before taxation 143641  491257 
t ax at effective rate in isle of man –  – 
higher rates of current income tax in overseas jurisdictions 2923  2498 
the group is tax registered managed and controlled from the isle of man where the corporate tax rate is set to zero 
the majority of profits arise in isle of man which is the company’ s country of incorporation the group’ s subsidiaries are 
located in different jurisdictions the subsidiaries are taxed on their residual profit
the deferred tax is due to the reversal of temporary differences arising on the acquisition of certain businesses in the current 
and prior years
note 9 – earnings per share
earnings per share have been calculated using the weighted average number of shares in issue during the relevant financial 
periods the weighted average number of equity shares in issue and the earnings being profit after tax is as follows
2014 2013
 
actual
€’000
adjusted
€’000
actual
€’000
adjusted
€’000
profit for the year attributable to owners of the parent 140327 190773  488578  148305 
basic cents 478 650 1670 507
diluted cents 476 647 1653 502
 
2014 
number
2013 
number
denominator – basic
weighted average number of equity shares 293444590  292618598 
denominator – diluted
weighted average number of equity shares 293444590  292618598 
weighted average number of option shares 1209873  3010556 
weighted average number of shares 294654463  295629154 
as at 31 december 2014 out of the entire share options outstanding 10667 2013 4616691 have been excluded from the 
calculation of diluted eps as their exercise price is greater than the weighted average share price during the year ie they are 
out of the money and therefore it would not be advantageous for the holders to exercise those options the total number of 
options in issue is disclosed in note 10
note 10 – employee benefits
t otal staff costs comprise the following
 
2014
€’000
2013
€’000
salaries and employeerelated costs 157579 121479
employee stock option costs 364 1326
157943 122805
average number of employees
distribution 3738 3054
general and administration 234 207
3972 3261
financialstatementsv39indd   90 16042015   1134 playtech plc annual report and accounts 2014 91
the group has the following employee share option plans “esop” for the granting of nontransferable options to 
certain employees 
• playtech 2005 share option plan “the plan” and israeli plans options granted under the plans vest on the first day on 
which they become exercisable which is typically between one to four years after grant date 
• gts 2010 company share option plan “csop” options granted under the plan vest on the first day on which they 
become exercisable which is three years after grant date
the overall term of the esop is five to 10 years these options are settled in equity once exercised option prices are either 
denominated in usd or gbp  depending on the option grant terms
during 2012 the group amended some of the rules of the plan the amendments allow the group at the option holder’ s 
consent to settle fully vested and exercisable options for cash instead of issuing shares 
at 31 december 2014 options under these schemes were outstanding over
 
2014 
number
2013 
number
shares vested on 30 november 2008 at an exercise price of £145 per share 38899 46366
shares vested between 21 june 2007 and 21 june 2009 at an exercise price 
of 575 per share 6867 7333
shares vested between 21 june 2007 and 21 june 2009 at an exercise price 
of £316 per share 10000 10000
shares vested between 11 december 2007 and 11 december 2009 at an exercise price 
of 435 per share 25000 25000
shares vested between 11 december 2007 and 11 december 2009 at an exercise price 
of £221 per share 22334 22334
shares vested between 16 may 2008 and 16 may 2010 at an exercise price of £379 per share 8000 20000
shares vested between 18 june 2008 and 18 june 2010 at an exercise price 
of 779 per share 4900 7667
shares vested between 18 june 2008 and 18 june 2010 at an exercise price 
of £396 per share 14084 16966
shares vested between 31 december 2008 and 31 december 2010 at an exercise price 
of 768 per share 3000 3000
shares vested between 31 december 2008 and 31 december 2010 at an exercise price 
of £386 per share 12667 12667
shares vested between 10 october 2008 and 10 october 2011 at an exercise price 
of £351 per share 75000 75000
shares vested between 25 april 2009 and 25 april 2012 at an exercise price of £435 per share 40000 282500
shares vested between 28 november 2009 and 28 november 2012 at an exercise price 
of £320 per share 49689 86194
shares vested on 22 may 2012 at an exercise price of £4155 per share 95000 95000
shares vested on 6 november 2012 at an exercise price of £37 per share – 40000
shares vested between 18 april 2012 and 18 april 2013 at an exercise price of £512 per share 73000 196500
shares vested between 3 june 2012 and 3 june 2013 at an exercise price of £484 per share 7500 27500
shares vested between 26 august 2012 and 26 august 2013 at an exercise price 
of £416 per share 70633 107346
shares vested on 10 march 2014 at an exercise price of £35225 per share 283300 1499850
shares vested on 16 december 2014 at an exercise price of £23 per share – 60000
shares will vest on 23 june 2015 at an exercise price of £348 per share 370000 380000
1209873 3021223
t otal number of shares exercisable as of 31 december 2014 is 839873 2013 1081373 
financialstatementsv39indd   91 16042015   1134 playtech plc annual report and accounts 2014 92
notes to the financial statements continued
the following table illustrates the number and weighted average exercise prices of shares options for the esop 
 
2014
number of 
options
2013
number of 
options
2014
weighted 
average 
exercise price
2013
weighted 
average 
exercise price
outstanding at the beginning of the year 3021223 10111145 436 £370 436 £370
forfeited 12869 116922 £342 £396
exercised 1798481 6973000 75 £372 421 £375
outstanding at the end of the year 1209873 3021223 527 £364 436 £37
included in the number of options exercised during the year is 113869 2013 4020462 where a cash alternative 
was received 
the weighted average share price at the date of exercise of options was £736 2013 £447 
share options outstanding at the end of the year have the following exercise prices
expiry date exercise price 2014 
number
2013 
number
1 december 2015 250 and between £145 and £232 38899 46366
between 6 february 2016 and 11 december 2016 between 435 and 575 and between 
£172 and £316
64201 64667
between 15 may 2017 and 31 december 2017 between 719 and 779 and between 
£339 and £396
117651 135300
between 25 april 2018 and 31 december 2018 435 and between £317 and £531 89689 368694
between 22 may 2019 and 6 november 2019 between £370 and £416 95000 135000
between 18 april 2020 and 26 august 2020 between £416 and £512 151133 331346
between 10 march 2021 and 16 december 2021 between £230 and £352 283300 1559850
21 june 2022 £348 370000 380000
1209873 3021223
financialstatementsv39indd   92 16042015   1134 playtech plc annual report and accounts 2014 93
note 11 – property plant and equipment
 
computers 
and gaming 
machines
€’000
 
office furniture 
and equipment
€’000
 
 
motor vehicles
€’000
building and 
leasehold 
improvements
€’000
 
 
total
€’000
cost
at 1 january 2013 30954 1981 303 8057 41295
additions 9133 693 143 718 10687
acquired through business combinations 187 249 129 134 699
disposals 697 38 84 – 819
at 31 december 2013 39577 2885 491 8909 51862
accumulated depreciation
at 1 january 2013 18931 744 144 1172 20991
charge 8481 369 61 751 9662
disposals 517 40 69 – 626
at 31 december 2013 26895 1073 136 1923 30027
net book value
at 31 december 2013 12682 1812 355 6986 21835
at 31 december 2012 12023 1237 159 6885 20304
 
computers 
and gaming 
machines
€’000
office 
furniture and 
equipment
€’000
 
motor 
vehicles
€’000
building and 
leasehold 
improvements
€’000
 
 
total
€’000
cost
at 1 january 2014 39577 2885 491 8909 51862
additions 16033 2745 40 6346 25164
acquired through business combinations 542 637 – 350 1529
disposals 1295 546 75 264 2180
at 31 december 2014 54857 5721 456 15341 76375
accumulated depreciation
at 1 january 2014 26895 1073 136 1923 30027
charge 7623 929 94 1019 9665
disposals 901 421 50 264 1636
at 31 december 2014 33617 1581 180 2678 38056
net book value
at 31 december 2014 21240 4140 276 12663 38319
financialstatementsv39indd   93 16042015   1134 playtech plc annual report and accounts 2014 94
notes to the financial statements continued
note 12 – intangible assets
patents domain 
names and 
licence
€’000
 
 
t echnology ip
€’000
 
development 
costs
€’000
 
customer list 
and affiliates
€’000
goodwill
€’000
total
€’000
cost
as of 1 january 2013 15585 17943 46736 197357 182227 459848
additions 5406 1411 19778 – – 26595
assets acquired on previous 
year’ s business combinations – – – – 98 98
assets acquired on 
business combinations 1585 1527 – 23496 15079 41687
as of 31 december 2013 22576 20881 66514 220853 197208 528032
accumulated amortisation
as of 1 january 2013 3628 7875 21705 54253 – 87461
provision 3054 2471 6910 35015 – 47450
as of 31 december 2013 6682 10346 28615 89268 – 134911
net book value 
as of 31 december 2013 15894 10535 37899 131585 197208 393121
as of 31 december 2012 11957 10068 25031 143104 182227 372387
patents 
domain names 
and licence
€’000
 
 
 
t echnology ip
€’000
 
 
development 
costs
€’000
 
 
customer list 
and affiliates
€’000
goodwill
€’000
total
€’000
cost
as of 1 january 2014 22576 20881 66514 220853 197208 528032
additions 592 1670 21806 3989 – 28057
assets acquired on 
business combinations – 4110 1825 1998 7889 15822
as of 31 december 2014 23168 26661 90145 226840 205097 571911
accumulated amortisation 
as of 1 january 2014 6682 10346 28615 89268 – 134911
provision 1992 2803 15731 35329 – 55855
as of 31 december 2014 8674 13149 44346 124597 – 190766
net book value 
as of 31 december 2014 14494 13512 45799 102243 205097 381145
the group amortisation charge of €601 million also includes €42 million 2013 nil in relation to the release of the buyout of 
reseller agreement notes 15 and 17 
management believes that domain names with a carrying value of €02 million 2013 €02 million have an indefinite life due 
to their nature amortisation of intangible assets is included in distribution costs 
in accordance with ias 36 the group regularly monitors the carrying value of its intangible assets including goodwill 
goodwill is allocated to 12 2013 nine cash generating units “cgu” management determines which of those cgus are 
significant in relation to the total carrying value of goodwill as follows
• carrying value exceeds 10 of total goodwill or
• acquisition during the year or
• contingent consideration exists at the balance sheet date
financialstatementsv39indd   94 16042015   1134 playtech plc annual report and accounts 2014 95
based on the above criteria in respect of the goodwill management has concluded that the following cgus are significant
• services with a carrying value of €981 million 2013 €981 million
• casino product with a carrying value of €271 million 2013 €271 million and
• aristocrat lotteries with carrying value of €38 million 2013 nil
• other acquisitions with a carrying value of €40 million 2013 nil
the recoverable amounts of all the cgus have been determined from value in use calculations based on cash flow projections 
from formally approved budgets covering a fouryear period to 31 december 2018 beyond this period management 
has applied an annual growth rate of 2 based on the underlying economic environment in which the cgu operates 
management has applied a discount rate to the cash flow projections of 150 2013 152 for services casino and two of 
the other acquisitions 126 2013 130 for aristocrat and 174 2013 nil for another acquisition in the year
the results of the review indicated that there was no impairment of goodwill at 31 december 2014 management has also 
reviewed the key assumptions and forecasts for the customer lists brands and affiliates applying the above same key 
assumptions the results of the reviews indicated that there was no impairment of the intangible assets at 31 december 2014
note 13 – investments in equity accounted associates and joint ventures
 
2014
€’000
2013
€’000
investment in joint ventures comprise
a investment in international t erminal leasing 5521 1633
investment in equity accounted associates
b investment in associates 15328 –
c investment in structured agreements 12977 –
33826 1633
a investment in international t erminal leasing
on 8 march 2011 the group entered into an agreement with scientific games to form a partnership called international 
t erminal leasing “itl” which relates to the strategic partnership with scientific games corporation
the group’ s future profit share from this joint venture varies depending on the commercial arrangements in which itl and its 
partners enter into with third parties however the group’ s share of profit is expected to be between 20–50 
the group received a return on investments of €34 million during the year 2013 €12 million 
movements in the carrying value of the investment during the year are as follows
 €’000
investment in joint venture at 31 december 2013 1633
share of loss in joint venture 92
additional investment in itl 7373
return of investment 3393
investment in joint venture at 31 december 2014 5521
b investment in associates
investment in bgo
in august 2014 the group acquired 3333 of the shares of bgo limited for a total consideration of £10 million €125 million
the purpose of this investment is to further enhance bgo gaming applications on the group’ s platform and to enable bgo 
to further invest in its successful brands and grow into international markets
financialstatementsv39indd   95 16042015   1134 playtech plc annual report and accounts 2014 96
notes to the financial statements continued
other investments
during the year the group reclassified €26 million previously accounted as other noncurrent assets to investment in 
associates also the group invested additional €09 million in the year
 €’000
investment in associates at 1 january 2014 2550
investment in associates in the year 13473
share of loss 695
investment in associates at 31 december 2014 15328
aggregated amounts relating to bgo limited are as follows
 
2014
€’000
t otal noncurrent assets 206 
t otal current assets 14236 
t otal current liabilities 3800 
revenues 4733 
loss 2203 
c investment in structured agreements
during the year the group entered into two new structured agreements which include agreements covering software licensing 
and services provisions for total cash investment of €130 million these structured agreements are individually immaterial
ladbrokes software and services agreement
the group entered into a landmark transaction with ladbrokes plc “ladbrokes” which includes three significant agreements 
covering software licensing marketing and advisory services
as part of the advisory services agreement the group through its marketing division will have significant influence over the 
financial and operational decisionmaking of the ladbrokes digital business playtech will receive a share of profit based 
on the ebitda performance of the ladbrokes digital business in the financial year ended 31 december 2017 over and 
above that achieved in the financial year ended 31 december 2012 as adjusted the “base ebitda” the profit share will 
be equal to 275 of the increase in adjusted ebitda multiplied by the then evebitda multiple of the ladbrokes group 
interim instalments fall due on the achievement of uplifts in ebitda of £35 million £70 million and £100 million in an earlier year 
75 of any share of profit is payable in cash with the balance payable in ladbrokes shares the group can elect to receive a 
greater proportion of the profit share in ladbrokes shares 
at 31 december 2014 the group was not entitled to any share of profit
note 14 – availableforsale investments
 
2014
€’000
2013
€’000
investment in availableforsale investments at 1 january 33661 35333 
additions – 44190 
disposals – 57179
gains recycled to income statement 1578 19986
unrealised valuation movement recognised in equity 774 4342 
gains on sale transferred to income statement – 31088 
decline in fair value recognised in income statement 10246 4127
investment in availableforsale investments at 31 december 24219 33661 
on disposal of investments in 2013 a gain on sale of €31088000 was reclassified to profit and loss
financialstatementsv39indd   96 16042015   1134 playtech plc annual report and accounts 2014 97
 
2014
€’000
2013
€’000
availableforsale financial assets include the following
quoted
equity securities – uk 19811  30057 
equity securities – asia 4408  3604 
 24219  33661 
the fair value of quoted investments is based on published market prices 
the maximum exposure to credit risk at the reporting date is the carrying value of the financial assets classified as availableforsale
note 15 – other noncurrent assets
 
2014
€’000
2013
€’000
loan to customer 7144 6316
loan to affiliate 1414 566
rent and car lease deposits 2049 2260
guarantee for gaming licences 1000 1000
buyout of reseller agreement 3265 7534
related parties note 26 1511 –
other 261 2841
16644 20517
note 16 – trade receivables
 
2014
€’000
2013
€’000
customers 40437 40253
related parties note 26 4619 1083
45056 41336
note 17 – other receivables
 
2014
€’000
2013
€’000
prepaid expenses 7699 6273
vat and other taxes 4595 2930
shortterm deposits 1082 5847
advances to suppliers 1240 297
loan to affiliate 347 400
loan to supplier 1133 3934
buyout of reseller agreement 4313 4313
other receivables 1987 2481
22396 26475
financialstatementsv39indd   97 16042015   1134 playtech plc annual report and accounts 2014 98
notes to the financial statements continued
note 18 – cash and cash equivalents
 
2014
€’000
2013
€’000
cash at bank 481991 131279
deposits 210356 396115
692347 527394
the group held cash balances which include monies held on behalf of operators in respect of operators’ jackpot games and 
poker and casino operations the balances held at the year end are set out below and the liability is included in trade payables
 
2014
€’000
2013
€’000
funds attributed to jackpots 25169 16629
security deposits 32198 31915
other 3195 483
60562 49027
note 19 – shareholders’ equity
a share capital
share capital is comprised of no par value shares as follows
 
2014
number of 
shares
2013
number of 
shares
authorised na na
issued and paid up 293492617 293189408
 the group has no authorised share capital but is authorised under its memorandum and article of association to issue up to 1000000000 shares of no 
par value
b employee benefit trust
during the year the group established an employee benefit trust by acquiring 5517241 shares for a total consideration 
of €485 million during the year 1381403 shares were sold with a cost of €124 million and as of 31 december 2014 a 
balance of 4135838 shares remains in the trust with a cost of €362 million
c share options exercised
during the year 303209 2013 2952538 share options were exercised the group also cashsettled 113869 share options 
during the period 2013 4020462 resulting in cash payments of €04 million 2013 €121 million 
d distribution of dividend
in march 2014 the group distributed to shareholders €120955488 £100 million by way of a special dividend representing 
341 pence per share 413 € cents per share
in may 2014 the group distributed €45255502 as a final dividend in respect of the year ended 31 december 2013 154 € 
cents per share
in october 2014 the group distributed €26046939 as an interim dividend in respect of the year ended 31 december 2014 
89 € cents per share
financialstatementsv39indd   98 16042015   1134 playtech plc annual report and accounts 2014 99
e reserves
the following describes the nature and purpose of each reserve within owner’ s equity
 reserve description and purpose
additional paid in capital share premium ie amount subscribed for share capital in 
excess of nominal value
availableforsale reserve changes in fair value of availableforsale investments 
note 14
employee benefit trust cost of own shares held in treasury by the trust
convertible bond option reserve amount of proceeds on issue of convertible debt relating to 
the equity component ie option to convert the debt into 
share capital
retained earnings cumulative net gains and losses recognised in the 
consolidated statement of comprehensive income
note 20 – convertible bonds
on 12 november 2014 the group issued €2970 million of senior unsecured convertible bonds due 2019 and convertible into 
fully paid ordinary shares of playtech plc the “bonds” the net proceeds of issuing the bonds after deducting commissions 
and other direct costs of issue totalled €2911 million 
the bonds were issued at par and will be redeemed if not converted before on 19 november 2019 at their principal amount 
the bonds bear interest at 05 per annum payable annually in arrears on 19 november 
upon conversion bondholders are entitled to receive ordinary shares at the conversion price of €101325 per ordinary share 
subject to adjustment in respect of i any dividend or distribution by the company ii a change of control and iii customary 
antidilution adjustments for inter alia share consolidations share splits and rights issues 
the fair value of the liability component included in noncurrent borrowings at inception was calculated using a market interest 
rate for an equivalent instrument without conversion option of 4
the fair value of the liability component of the bonds at 31 december 2014 amounted to €2470 million which was calculated 
using cash flow projections discounted at 4 the fair value of the equity component of the bonds at 31 december 2014 was 
€454 million
note 21 – trade payables
 
2014
€’000
2013
€’000
suppliers 10934 13887
customer liabilities 2467 1804
related parties note 26 1630 1515
other 1395 3969
16426 21175
note 22 – deferred tax liability
the deferred tax liability is due to temporary differences on the acquisition of certain businesses
the movement on the deferred tax liability is as shown below
 
2014
€’000
2013
€’000
at the beginning of the year 5083 5232
arising on the acquisitions during the year note 24 851 674
reversal of temporary differences recognised in the consolidated statement 
of comprehensive income 1030 823
4904 5083
financialstatementsv39indd   99 16042015   1134 playtech plc annual report and accounts 2014 100
notes to the financial statements continued
note 23 – other payables
 
2014
€’000
2013
€’000
payroll and related expenses 24351 15125
accrued expenses 8882 8632
other payables 3579 3992
36812 27749
note 24 – acquisitions during the year
a acquisition of aristocrat lotteries
on 30 september 2014 the group entered into share and assets purchase agreement with various subsidiaries of aristocrat 
leisure limited provider of truserv video lottery t erminal “vlt” the group acquired the ip t echnology and 100 of the 
issued share capital of aristocrat lotteries ab and aristocrat lotteries italia srl “aristocrat lotteries” aristocrat lotteries 
provide a serverbased gaming platform for vlt s and casino class iii markets to two leading retail vlt operators in norway 
and italy marketed under the truservtm brand
the group paid total cash consideration of €117 million including working capital adjustment 
up to €10 million may be repaid to the group subject to the number of vlt s on the first anniversary
 
fair value on 
acquisition
€’000
property plant and equipment 63
intangible assets 5688
accounts receivables 3120
other receivables 1339
cash and cash equivalent 157
other liabilities 1999
deferred tax liability 488
net identified assets 7880
goodwill 3834
cash consideration 11714
cash purchased 157
net cash payable 11557
financialstatementsv39indd   100 16042015   1134 playtech plc annual report and accounts 2014 101
adjustments to fair value include the following
 
amount
€’000
amortisation
€’000
ip t echnology 1865 14
customer lists 1999 10–20
t otal adjustment to intangible assets 3864
the main factor leading to the recognition of goodwill is the market participant synergies expected to be created 
in accordance with ias36 the group will regularly monitor the carrying value of its interest in the acquired aristocrat lotteries 
vlt business
the key assumptions used by management to determine the value in use of the customer list ip t echnology within aristocrat’ s 
vlt business are as follows
• the income approach in particular the relief of royalty approach was applied for the valuation considering projected 
revenues derived from the business
• the royalty rate was based on a thirdparty market participant assumption for use of the ip t echnology considering market 
competition quality absolute and relative profitability
• the discount rate assumed is equivalent to the wacc for the customer relationships brand and ip t echnology
• the growth rates and attrition rates were based on market analysis
management have not disclosed aristocrat lotteries vlt business contribution to the group profit since the acquisition nor 
has the impact the acquisition would have had on the group’ s revenue and profits if it had occurred on 1 january 2014 been 
disclosed because the amounts are not material
b other acquisitions
during the period the group acquired the shares of various companies for a total cash consideration of €42 million and 
additional consideration capped at €75 million in cash will be payable subject to the achievement of certain operational targets 
or achieving target ebitda
 
fair value on 
acquisition
€’000
property plant and equipment 1466
intangible assets 2247
trade and other receivables 829
cash and cash equivalent 1164
trade and other payables 2301
deferred tax liability 363
net identified assets 3042
goodwill 4055
noncontrolling interest 284
t otal fair value of consideration 6813
 €’000
cash consideration 4244
noncurrent contingent consideration 1170
current contingent consideration 2050
finance cost arising on discounting of contingent consideration 651
fair value of consideration 6813
cash purchased 1174
net cash payable 5639
financialstatementsv39indd   101 16042015   1134 playtech plc annual report and accounts 2014 102
notes to the financial statements continued
adjustments to fair value include the following
 
amount
€’000
amortisation
€’000
ip t echnology 2247 13–25
the main factor leading to the recognition of goodwill is the market participant synergies expected to be created 
in accordance with ias36 the group will regularly monitor the carrying value of its interest in the acquired aristocrat lotteries’ 
vlt business
the key assumptions used by management to determine the value in use of the ip t echnology within these acquisitions are 
as follows
• the income approach in particular the relief of royalty approach was applied for the valuation considering projected 
revenues derived from the business
• the royalty rate was based on a thirdparty market participant assumption for use of the ip t echnology considering market 
competition quality absolute and relative profitability
• the discount rate assumed is equivalent to the wacc for the customer relationships brand and ip t echnology
• the growth rates and attrition rates were based on market analysis
management have not disclosed aristocrat lotteries’ vlt business contribution to the group profit since the acquisition nor 
has the impact the acquisition would have had on the group’ s revenue and profits if it had occurred on 1 january 2014 been 
disclosed because the amounts are not material
note 25 – acquisitions in previous year
a acquisition of pokerstrategy
on 11 july 2013 the group acquired 100 of the shares of pokerstrategycom limited and certain of its fellow subsidiaries 
“pokerstrategy”
pokerstrategy operates one of the world’ s largest poker affiliate businesses targeting european markets and utilising an online 
poker school and player community with the goal to ultimately increase player value 
the group paid total cash consideration of €388 million including working capital adjustment
b acquisition of assets from the nation traffic ltd
on 1 august 2013 the group entered into an asset purchase agreement with the nation traffic ltd “tnt” a provider 
of marketing services for the online gaming market the group paid a total cash consideration of €47 million 
financialstatementsv39indd   102 16042015   1134 playtech plc annual report and accounts 2014 103
note 26 – related parties and shareholders
parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the 
other party’ s making of financial or operational decisions or if both parties are controlled by the same third party also a party is 
considered to be related if a member of the key management personnel has the ability to control the other party
skywind holdings limited “skywind” safecharge limited crossrider t echnologies ltd “crossrider” stepbystep services 
limited “stepbystep” royalfield limited cashton services limited anise development limited and anise residential limited 
together “anise” are related by virtue of a common significant shareholder 
in december 2014 jeanpierre houareau who is married to hilary stewartjones became the ultimate beneficiary of a trust 
that owns pt games limited a supplier to the group and niceidea investments limited “niceidea” to which the group 
advanced a loan of €15 million with a euribor3 per annum interest which is repayable on or before july 2019 jeanpierre 
also provides the group with consultancy services for an annual fee of £150000
international t erminal leasing “itl” is a joint venture and the structured agreements are associates of the group by virtue 
of the group’ s significant influence over those arrangements the group commitment to structured agreements is up to a 
maximum of €91 million 
the following transactions arose with related parties
 
2014
€’000
2013
€’000
revenue including revenue from associates
skywind 680  11585 
stepbystep 655  – 
structured agreements 21655 –
share of loss in joint venture 92 2506 
share of loss in associates 695 –
operating expensescredit
safecharge limited 1599 504 
anise 1008 916 
skywind net of capitalised cost 6444 6547 
crossrider 2079 – 
pt games limited 507 –
royalfield limited 42 – 
interest payable
nice idea 52 –
the following are yearend balances
niceidea 1511 458
stepbystep 655 – 
structured agreements 3964 –
pt games limited – 145
t otal related party receivables 6130 603 
safecharge limited 400 – 
skywind 666 1515 
crossrider 400 – 
pt games limited 164 123
t otal related party payables 1630 1638 
revenue from related parties was made at an arm’ s length basis at the group’ s usual royalty rate operating expenses and 
interest were charged on an arm’ s length basis at market price
during the period the group established an employee benefit trust by acquiring 5517241 shares from brickington trading 
limited “brickington” the company’ s largest shareholder for a total consideration of €485 million
financialstatementsv39indd   103 16042015   1134 playtech plc annual report and accounts 2014 104
notes to the financial statements continued
on 31 december 2014 brickington held 3361 31 december 2013 4899 of playtech plc shares brickington has 
agreed to indemnify playtech on demand against losses and expenses it suffers by reason of a default by skywind in the 
performance of all its obligations under the software licence agreement playtech made no payment for this guarantee and 
there is no balance at the year end
mr t eddy sagi the ultimate beneficiary of a trust that owns brickington provides advisory services to the group for a total 
annual consideration of €1
during the year skywind agreement was amended that the licensed materials will be licensed on a perpetual basis but subject 
to the continuation of the charging arrangements in respect of the licensed material
the group also acquired certain assets which fair value was estimated by management to be immaterial from cashton 
services limited for a consideration of 1
the details of key management compensation being the remuneration of the directors are set out in note 6
note 27 – subsidiaries 
details of the group’ s principal subsidiaries as at the end of the year are set out below
name country of incorporation
proportion of 
voting rights and 
ordinary share 
capital held nature of business
playtech software limited british virgin islands 100 main trading company of the group 
owns the intellectual property rights and 
licenses the software to customers
ou playtech estonia estonia 100 designs develops and manufactures 
online software
t echplay marketing limited israel 100 marketing and advertising
video b holding limited british virgin islands 100 trading company for the videobet 
software owns the intellectual property 
rights of videobet and licenses it to 
customers
ou videobet estonia 100 develops software for fixed odds betting 
terminals and casino machines as 
opposed to online software
playtech bulgaria bulgaria 100 designs develops and manufactures 
online software
ptvb management limited isle of man 100 management
evermore trading limited british virgin islands 100 holding company
playtech services cyprus limited cyprus 100 activates the ipoker
® 
network in regulated 
markets owns the intellectual property of 
gts ash and geneity businesses
vb video cyprus limited cyprus 100 trading company for the videobet 
product to romanian companies
t echplay sa software limited israel 100 develops online software
t echnology trading iom limited isle of man 100 owns the intellectual property rights of 
virtue fusion business
gaming t echnology solutions limited uk 100 holding company of vs gaming and vs 
technology
vs gaming limited uk 100 develops software and casino games
vs t echnology limited uk 100 develops edge platform 
virtue fusion alderney limited alderney 100 online bingo and casino software 
provider
virtue fusion cm limited uk 100 chat moderation services provider to end 
users of vf licensees
financialstatementsv39indd   104 16042015   1134 playtech plc annual report and accounts 2014 105
name country of incorporation
proportion of 
voting rights and 
ordinary share 
capital held nature of business
playtech software alderney limited alderney 100 t o hold the company’ s alderney gaming 
licence
intelligent gaming systems limited uk 100 casino management systems to land
based businesses
vf 2011 limited alderney 100 holds licence in alderney for online 
gaming
pt turnkey services limited british virgin islands 100 holding company of the turnkey services 
group
pt turnkey eu services limited cyprus 100 turnkey services for eu online gaming 
operators
pt entertenimiento online ead bulgaria 100 poker and bingo network for spain
pt marketing services limited british virgin islands 100 marketing services to online gaming 
operators
pt operational services limited british virgin islands 100 operational and hosting services to online 
gaming operators
t ech hosting limited alderney 100 alderney hosting services
paragon international customer care 
limited
british virgin islands 
and branch office in 
the philippines
100 english customer support chat fraud 
finance dedicated employees’ services to 
parent company
csms limited bulgaria 100 consulting and online technical support 
data mining processing and advertising 
services to parent company
tcsp limited serbia 100 operational services for serbia
st ech limited british virgin islands 
and branch office in the 
philippines
100 live games services to asia
pt advisory services limited british virgin islands 100 holds pt processing advisory ltd
pt processing advisory limited british virgin islands 100 advisory services for processing and 
cashier to online gaming operators
pt processing eu advisory limited cyprus 100 advisory services for processing and 
cashier for eu online gaming operators
pt network management limited british virgin islands 100 manages the ipoker
®
 network
playtech mobile cyprus limited cyprus 100 holds the ip of mobenga ab
playtech holding sweden ab limited sweden 100 holding company of mobenga ab
mobenga ab limited sweden 100 mobile sportsbook betting platform 
developer
ash gaming limited uk 100 develops interactive gambling and betting 
games
geneity limited uk 100 develops sportsbook and lottery software
factime limited cyprus 100 holding company of juego
juego online ead bulgaria 100 gaming operator holds a licence in 
spain
playlot limited british virgin islands 100 distributing lottery software 
pokerstrategy ltd gibraltar 100 operates poker community business 
videobet interactive sweden ab sweden 100 trading company for the aristocrat vlt s
v b video italia srl italy 100 trading company for the aristocrat vlt s
pt entertainment services ltd antigua 100 holding gaming licence in the uk
financialstatementsv39indd   105 16042015   1134 playtech plc annual report and accounts 2014 106
notes to the financial statements continued
note 28 – financial instruments and risk management
the group is exposed to a variety of financial risks which results from its financing operating and investing activities 
the objective of financial risk management is to contain where appropriate exposures in these financial risks to limit any 
negative impact on the group’ s financial performance and position the group’ s financial instruments are its cash availablefor
sale financial assets trade receivables loan receivables bank borrowings accounts payable and accrued expenses the main 
purpose of these financial instruments is to raise finance for the group’ s operation the group actively measures monitors and 
manages its financial risk exposures by various functions pursuant to the segregation of duties and principals the risks arising 
from the group’ s financial instruments are credit risk and market price risk which include interest rate risk currency risk and 
equity price risk the risk management policies employed by the group to manage these risks are discussed below 
a interest rate risk
interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates 
the group’ s income and operating cash flows are substantially independent of changes in market interest changes 
the management monitors interest rate fluctuations on a continuous basis and acts accordingly 
where the group has generated a significant amount of cash it will invest in higher earning interest deposit accounts 
these deposit accounts are short term and the group is not unduly exposed to market interest rate fluctuations
during the year the group advanced loans to affiliates and customers for a total amount of €31 million 2013 €23 million 
the average interest on the loans is 5
a 1 change in deposit interest rates would impact on the profit before tax by €31 thousands
b credit risk
credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount of future cash inflows 
from financial assets on hand at the balance sheet date
the group closely monitors the activities of its counterparties and controls the access to its intellectual property which enables 
it to ensure the prompt collection of customers’ balances
the group’ s main financial assets are cash and cash equivalents as well as trade and other receivables and represent the 
group’ s maximum exposure to credit risk in connection with its financial assets trade and other receivables are carried on 
the balance sheet net of bad debt provisions estimated by the directors based on prior year experience and an evaluation of 
prevailing economic circumstances
wherever possible and commercially practical the group invests cash with major financial institutions that have a rating of at 
least a as defined by standard  poors while the majority of money is held in line with the above policy a small amount is 
held at various institutions with no rating the group also holds small deposits in cypriot and spanish financial institutions 
as required by the respective gaming regulators that have a rating below a the group holds approximately 3 of its funds 
2013 28 in financial institutions below a rate
 
total
€’000
financial 
institutions 
with a and 
above rating
€’000
financial 
institutions 
below 
a rating
€’000
at 31 december 2014 692347 674925 17422
at 31 december 2013 527394 379669 147725
the ageing of trade receivables that are past due but not impaired can be analysed as follows
total
€’000
not past due
€’000
1–2 months 
overdue
€’000
more than 
2 months 
past due
€’000
at 31 december 2014 45056 30605 8423 6028
at 31 december 2013 41336 27602 7279 6455
the above balances relate to customers with no default history
financialstatementsv39indd   106 16042015   1134 playtech plc annual report and accounts 2014 107
a provision for doubtful debtors is included within trade receivables that can be reconciled as follows
 
2014
€’000
2013
€’000
provision at the beginning of the year 932 829
charged to income statement – 1566
utilised 24 1463
provision at end of year 908 932
related party receivables included in notes 15 and 16 are not past due
c currency risk
currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates 
foreign exchange risk arises because the group has operations located in various parts of the world however the functional 
currency of those operations is the same as the group’ s primary functional currency euro and the group is not substantially 
exposed to fluctuations in exchange rates in respect of assets held overseas
foreign exchange risk also arises when group operations are entered into and when the group holds cash balances in 
currencies denominated in a currency other than the functional currency
the group’ s policy is not to enter into any currency hedging transactions
d equity price risk
the group’ s balance sheet is exposed to market risk by way of holding some investments in other companies on a shortterm 
basis note 14 variations in market value over the life of these investments have or will have an impact on the balance sheet 
and the income statement
the directors believe that the exposure to market price risk is acceptable in the group’ s circumstances
the group’ s balance sheet at 31 december 2014 includes availableforsale investments with a value of €242 million 
2013 €337 million which are subject to fluctuations in the underlying share price 
a change of 1 in shares price will have an impact of €02 million on the consolidated statement of comprehensive income 
and the fair value of the availableforsale investments will change by the same amount
e capital disclosures
the group seeks to maintain a capital structure which enables it to continue as a going concern and which supports its 
business strategy the group’ s capital is provided by equity and debt funding the group manages its capital structure through 
cash flow from operations returns to shareholders primarily in the form of dividends and the raising or repayment of debt
f  liquidity risk
liquidity risk arises from the group’ s management of working capital and the financial charges on its debt instruments 
the group’ s policy is to ensure that it will have sufficient cash to allow it to meet its liabilities when they become due 
financialstatementsv39indd   107 16042015   1134 playtech plc annual report and accounts 2014 108
notes to the financial statements continued
the following are the contractual maturities representing undiscounted contractual cash flows of the group’ s financial liabilities
total
€’000
within 1 year
€’000
1–2 years
€’000
2–5 years
€’000
2014
trade payables 16426 16426 – –
other accounts payable 36812 36812 – –
progressive and other operators’ jackpots 60562 45562 15000 –
deferred and contingent consideration 2911 1823 – 1088
other noncurrent liabilities 1284 – – 1284
2013
trade payables 22546 22546 – –
loans and borrowings 26378 26378 – –
other accounts payable 48544 33544 15000 –
progressive and other operators’ jackpots 28630 28630 – –
deferred consideration 245 – – 245
contingent consideration 22546 22546 – –
other noncurrent liabilities 26378 26378 – –
g t otal financial assets and liabilities
the fair value together with the carrying amount of the financial assets and liabilities shown in the balance sheet are as follows
2014
fair value
€’000
2014
carrying 
amount
€’000 
2013
fair value
€’000
2013
carrying 
amount
€’000
cash and cash equivalent 692347 692347 527394 527394
availableforsale investments 24219 24219 33661 33661
other assets 84096 84096 76481 76481
deferred and contingent consideration 2911 2911 28630 28630
convertible bonds 247040 247040 – –
other liabilities 70256 70256 67777 67777
availableforsale investments are measured at fair value using level 1 refer to note 14 for further detail these are the group’ s 
only financial assets and liabilities which are measured at fair value
note 29 – postbalance sheet events
acquisition of yoyo games limited
on 16 february 2015 the group acquired 100 of the issued share capital of yoyo games limited “yoyo” a ukbased 
provider of game maker studio™ “gms” a mobile driven crossplatform casual game development technology for 
us164 million of which 30 will be held in escrow for up to 36 months after closing to provide security in respect of claims 
in addition an earnout consideration retention plan that is expected to add a further us525 million to the aggregate cost
note 30 – contingent liabilities
as part of the board’ s ongoing regulatory compliance process the board continues to monitor legal and regulatory 
developments and their potential impact on the group
management is not aware of any contingencies that may have a significant impact on the financial position of the group
financialstatementsv39indd   108 16042015   1134 playtech plc annual report and accounts 2014 109
note 31 – operating lease commitment
the group has a variety of leased properties the terms of property leases vary from country to country although they tend 
to be tenant repairing with rent reviews every two to five years and many have break clauses t otal operating lease cost in the 
year was €89 million 2013 €59 million
the total future value of minimum lease payments is due as follows
 
2014
€’000
2013
€’000
not later than one year 11122 7831
later than one year and not later than five years 27738 21985
later than five years 9121 7574
47981 37390
financialstatementsv39indd   109 16042015   1134 playtech plc annual report and accounts 2014 110
parent company financial statements
company balance sheet
as at 31 december 2014
notes
2014
€’000
2013
€’000
noncurrent assets 
property plant and equipment 101 107
intangible assets 205 233
investments 1 210332 209971
availableforsale investments 2 19811 30057
other noncurrent assets 213 447
230662 240815
 
current assets 
trade receivables and other receivables 3 180773 211773
cash and cash equivalents 4 521299 402114
702072 613887
 
total assets 932734 854702
equity 
additional paid in capital 324774 323187
availableforsale reserve – 1578
convertible bond reserve 46201 –
retained earnings 271528 474847
equity attributable to equity holders of the parent 5 642503 799612
non current liabilities 
convertible bond 6 246231 –
246231 –
 
current liabilities 
trade payables and other payables 8 44000 27179
deferred consideration 7 – 27911
44000 55090
total equity and liabilities 932734 854702
financialstatementsv39indd   110 16042015   1134 playtech plc annual report and accounts 2014 111
parent company financial statements
company statement of changes in equity
for the year ended 31 december 2014
additional 
paid in 
capital
€’000
available 
forsale 
reserve
€’000
convertible 
bond 
reserve 
€’000
retained 
earnings
€’000
t otal equity 
attributable 
to holders 
of parent
€’000
balance at 1 january 2013 310469 19280 – 29539 359288
changes in equity for the year   
t otal comprehensive income for the year – 17702 – 523989 506287
dividend paid – – – 67872 67872
exercise of options 12718 – – – 12718
purchase of share options – – – 12135 12135
employee stock option scheme – – – 1326 1326
balance at 31 december 2013 323187 1578 474847 799612
balance at 1 january 2014 323187 1578 – 474847 799612
changes in equity for the year   
t otal comprehensive income for the year – 1578 – 4427 6005
dividend paid – – – 192258 192258
exercise of options 1587 – – 6292 4705
issue of convertible bond – – 46201 – 46201
purchase of share options – – – 707 707
employee stock option scheme – – – 365 365
balance at 31 december 2014 324774 – 46201 271528 642503
financialstatementsv39indd   111 16042015   1134 playtech plc annual report and accounts 2014 112
parent company financial statements
company statement of cash flows
 
2014
€’000
2013
€’000
cash flows from operating activities 
net profit 4427 523989
adjustments to reconcile net income to net cash provided by operating activities see below 42282 30916
net cash provided by operating activities 37855 554905
cash flows from investing activities 
acquisition of property plant and equipment 45 59
investment in availableforsale investments – 44190
proceeds from sale of availableforsale investments – 57180 
acquisition of subsidiaries net of cash acquired 28369 70000
net cash used in investing activities 28414 57069
cash flows from financing activities 
dividends paid to the holders of the parent 192258 67872
purchase of share options 707 12135
issue of convertible bond 291145 –
repayment of bank borrowings – 69220
exercise of options 4705 12718
net cash used in financing activities 93475 136509
increase in cash and cash equivalents 102916 361327
cash and cash equivalents at beginning of year 402114 32096
exchange gains on cash and cash equivalents 16269 8691
cash and cash equivalents at end of year 521299 402114
 
2014
€’000
2013
€’000
adjustment to reconcile net income to net cash provided by 
operating activities
income and expenses not affecting operating cash flows
depreciation 51 39
amortisation including amortisation of intangibles in associate 28 28
gain on sale of availableforsale investments – 31088
movement in deferred and contingent consideration 97 2161
employee stock option plan expenses 365
exchange gains on cash and cash equivalents 16269 8691
other 3
changes in operating assets and liabilities 
increase in trade receivables 31000 64221
increase in other receivables 234 206
decline in fair value of availableforsale investment 8668 –
interest accrued on convertible bond 1287 –
increase in other payables 16821 4455
 42282 30916
financialstatementsv39indd   112 16042015   1134 playtech plc annual report and accounts 2014 113
parent company financial statements
notes to the parent company financial statements
note 1 – investments
 
2014
€’000
2013
€’000
investment in subsidiary undertaking – cost 210332 209971
details of investments in subsidiary undertakings as at the end of the year are set out below
name country of incorporation
proportion of 
voting rights and 
ordinary share 
capital held nature of business
playtech software limited british virgin islands 100
main trading company of the group 
owns the intellectual property 
rights and licenses the software to 
customers
video b holding limited british virgin islands 100
trading company for the videobet 
software owns the intellectual 
property rights of videobet and 
licenses it to customers
ptvb management limited isle of man 100 management
t echnology trading iom limited isle of man 100
owns the intellectual property rights 
of virtue fusion business
pt turnkey services limited british virgin islands 100
holding company of the turnkey 
services group
playtech holding sweden ab limited sweden 100 holding company of mobenga ab
playlot limited british virgin islands 100 distributing lottery software 
roxwell investments limited isle of man 100 holds the employee benefit trust
pt gaming limited isle of man 100
holding company of factime 
investments ltd
note 2 – availableforsale investments
 
2014
€’000
2013
€’000
investment in availableforsale investments at 1 january 30057 29661
additions – 26896
disposals – 39886
gains recycled to income statement 1578 19280
unrealised valuation movement recognised in equity 1578 1578
gains on sale transferred to income statement – 31088
decline in fair value recognised in income statement 10246 –
investment in availableforsale investments at 31 december 19811 30057
on disposal of investments in 2013 a gain on sale of €31088000 was reclassified to profit and loss
all of the availableforsale assets are equity securities quoted in the uk
the fair value of quoted investments is based on published market prices 
the maximum exposure to credit risk at the reporting date is the carrying value of the financial assets classified as available
forsale
financialstatementsv39indd   113 16042015   1134 playtech plc annual report and accounts 2014 114
parent company financial statements
notes to the parent company financial statements continued
note 3 – trade and other receivables
 
2014
€’000
2013
€’000
other receivables 925 345
amounts due from subsidiary undertakings 179848 211428
180773 211773
note 4 – cash and cash equivalents
 
2014
€’000
2013
€’000
cash at bank 329032 22322
deposits 192267 379792
521299 402114
note 5 – shareholders’ equity
a share capital
 
2014
€’000
2013
€’000
authorised na na
issued and paid up 293492617 293189408
 the company has no authorised share capital but is authorised under its memorandum and article of association to issue up to 1000000000 shares of 
no par value 
b share option exercised 
during the year 303209 2013 2952538 share options were exercised the company also cashsettled 113869 share 
options during the period 2013 4020462 resulting in cash payments of €04 million 2013 €121 million 
c distribution of dividend 
in march 2014 the company distributed to shareholders €120955488 £100 million by way of a special dividend 
representing 341 pence per share 413 € cents per share
in may 2014 the company distributed €45255502 as a final dividend in respect of the year ended 31 december 2013 
154 € cents per share
in october 2014 the company distributed €26046939 as an interim dividend in respect of the year ended 31 december 
2014 89 € cents per share
d reserves
the following describes the nature and purpose of each reserve within owner’ s equity
reserve description and purpose
additional paid in capital share premium ie amount subscribed for share capital in excess of nominal value
availableforsale reserve changes in fair value of availableforsale investments note 2
convertible bond option reserve  amount of proceeds on issue of convertible debt relating to the equity component 
ie option to convert the debt into share capital
retained earnings cumulative net gains and losses recognised in the consolidated statement of 
comprehensive income
financialstatementsv39indd   114 16042015   1134 playtech plc annual report and accounts 2014 115
note 6 – convertible bonds
on 12 november 2014 the group issued €2970 million of senior unsecured convertible bonds due 2019 and convertible into 
fully paid ordinary shares of playtech plc the “bonds” the net proceeds of issuing the bonds after deducting commissions 
and other direct costs of issue totalled €2911 million 
the bonds were issued at par and will be redeemed if not converted before on 19 november 2019 at their principal amount 
the bonds bear interest at 05 per annum payable annually in arrears on 19 november 
upon conversion bondholders are entitled to receive ordinary shares at the conversion price of €101325 per ordinary share 
subject to adjustment in respect of i any dividend or distribution by the company ii a change of control and iii customary 
antidilution adjustments for inter alia share consolidations share splits and rights issues 
the fair value of the liability component included in noncurrent borrowings at inception was calculated using a market interest 
rate for an equivalent instrument without conversion option of 4
the fair value of the liability component of the bonds including accrued interest at 31 december 2014 amounted to 
€2470 million which was calculated using cash flow projections discounted at 4the fair value of the equity component 
of the bonds at 31 december 2014 was €454 million
note 7 – deferred and contingent consideration
 
2014
€’000
2013
€’000
current deferred consideration consists
acquisition of pt turnkey services limited – 27911
note 8 – trade payables
 
2014
€’000
2013
€’000
suppliers and accrued expenses 4624 3721
payroll and related expenses 8982 7485
amounts owed to group undertakings 30394 15973
44000 27179
financialstatementsv39indd   115 16042015   1134 playtech plc annual report and accounts 2014 116
fiveyear financial summary
 
2014
€’000
2013
€’000
2012
€’000
2011
€’000
2010
€’000
income statement
t otal revenues 4570 3672 3175 2075 1423
associate income – 181 506 361 308
gross income 4570 3853 3681 2436 1731
adjusted ebitda 2071 1775 1867 1255 1031
adjusted net profit 1483 1664 1683 1128 932
balance sheet
noncurrent assets 4942 4708 5892 5649 2928
current assets 7598 5952 1952 2061 913
current liabilities 1050 1176 1819 1102 643
noncurrent liabilities 2757 274 884 1821 198
net assets 9210 5142 4787 3000
equity
additional paid in capital 3248 3232 3105 3079 1897
availableforsale reserve 08 16 172 20 –
retained earnings 5377 5963 1864 1689 1103
statistics
basic adjusted eps in euro cents 650 569 581 462 385
diluted adjusted eps in euro cents 647 563 571 457 371
ordinary dividend per share in euro cents 264 232 232 165 190
share price lowhigh 579p8365p 4225p7615p 26225p435p 210p42475p 3805p552p
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playtech plc annual report and accounts 2014


Summary:
 mor weizer chief executive officer
“the group introduced and deployed a true 
omnichannel solution all products in all 
formats on all platforms across all channels 
integrating retail web and mobile channels 
for the first time in the industry”
playtech plc annual report and accounts 2014 11
chief executive’s review
overview
in 2014 playtech continued to make excellent operational 
progress in key areas such as casino sport mobile land
based and services additionally the group introduced and 
deployed a true omnichannel solution all products in all 
formats on all platforms across all channels integrating retail 
web and mobile channels for the first time in the industry 
this approach is an evolution of the multichannel offering 
that enables customers to deliver a seamless consumer 
experience through all available distribution channels including 
computers mobile internet devices and bricksandmortar 
the board strongly believes this approach will become the 
standard for retail and online operators alike
the group’ s first deployment of its new omnichannel 
solution for coral exemplifies its offer to licensees delivering 
a single customer login and the ultimate customer journey 
across retail web and mobile additionally it maximises 
profitability through full visibility across all delivery channels 
and an enhanced customer experience
in line with its strategy playtech continued to diversify its 
business by supporting its licensees as they expand into 
new markets extending into additional regulated and soon
tobe regulated markets with new and existing licensees 
signing additional structured agreements with licensees 
that have great future potential and extended into a new 
vertical – casual gaming – by establishing plamee a games 
development studio 
playtech’ s mobile strategy places portable devices at 
the heart of the company’ s research and development 
activities given mobile is rapidly becoming the natural choice 
for players mobile revenues continued to grow strongly 
reflecting playtech’ s investment in mobile technology which 
coincides with players embracing the greater convenience of 
mobile gambling
as management has stated previously the ability to offer 
a comprehensive sportsbook has long been a significant 
milestone in unlocking additional growth opportunities 
with new and existing licensees having delivered a highly 
competitive sport offering integrated with the ims the 
group has seen revenues from this vertical of the business 
grow substantially and it has been instrumental to winning 
high profile new structured agreements in mexico and italy 
sport remains a catalyst for playtech’ s future success 
regulated markets
playtech continued to improve future regulated markets 
revenue starting the year by signing holland casino in 
preparation for regulation of the dutch market in addition 
the group completed the migration of ladbrokes onto 
its platform whilst also expanding ladbrokes into spain 
belgium and denmark bet365 extended its activities with 
playtech in italy the group launched skybet with casino and 
live and also provided live to ray  additionally playtech 
signed a turnkey solution agreement with trinity mirror and 
significant structured agreements with caliente and rcs 
media for the mexican and italian markets respectively
regulated regulating and soontobe regulated markets 
continue to present significant opportunities for revenue 
growth and playtech is ideally positioned to benefit from 
global market trends and specifically developments in 
europe africa and asia the board continues to believe 
that its strategic commitment to and proven track record 
in regulated markets makes playtech the natural choice for 
operators in regulated and soontobe regulated markets 
in 2014 regulated markets represented 36 of revenue 
2013 35 and grew faster growth than dotcom activities 
while playtech made significant progress in regulated 
markets dotcom operators remain an important part of the 
group’ s future progress as those markets continue to grow 
and move toward regulation  playtech plc annual report and accounts 2014 12
chief executive’s review continued
strategic update
playtech’ s longterm strategy of organic growth and 
developing new business opportunities and joint ventures 
supported by targeted acquisitions has for many years driven 
the company’ s performance benefitting from the significant 
opportunities in the global gambling industry in 2014 this 
strategy continued to drive growth with playtech winning 
substantial new business from new and existing licensees 
in addition to strong likeforlike growth 
management continues to focus on accelerating this growth 
using the company’ s significant cash resources and cash 
flow to identify and secure strategic opportunities that can 
drive additional growth and create shareholder value
playtech continued to invest in its marketleading offering 
both organically and via a number of smaller strategic 
acquisitions to bolster its flagship casino sport and retail 
offerings in acquiring the aristocrat business in september 
playtech became the world’ s largest supplier of vlt software 
and will look to create further opportunities by investing 
in new and emerging product verticals that will create the 
foundations for future growth 
our unique omnichannel solution combined with our leading 
sport offering is attracting much attention from new and 
existing operators who are keen to adopt this marketleading 
technology it will enable them to extend their operations 
beyond retail to online as markets regulate across different 
continents significantly enhancing the service they provide 
customers by enhancing the customer journey and meeting 
changing regulatory demands while bestofbreed products 
are important ingredients of this solution we now take a 
holistic view that extends beyond channels platforms or 
products focusing on delivering an offering that will create 
the ultimate player journey as part of this development 
playtech rolled out its landmark bit solution a package 
of cuttingedge datadriven performanceenhancing tools 
which combine and boost the power of the ims platform 
this flexible tool set consists of playtech optimiser game 
adviser playtech analytics bi reporting and smart installer 
it enables new levels of insight and personalisation of the 
entire player lifecycle from preacquisition through to all player 
activities consequently operators now have greater player 
intelligence and increased control over their activities
early in 2014 playtech established plamee a new casual 
games development studio with the intention of penetrating 
the lucrative and rapidly growing casual gaming market 
the studio’ s first game rolled out early in 2015 and is now 
available on different social networks including facebook 
and mailru additional games are expected to be rolled out 
later in 2015 the new initiative is the first element of our 
unique threepronged strategy that includes internal casual 
games development capabilities casual games development 
platforms and technology as well as publishing and online 
marketing capabilities supporting marketing of both internally 
developed and thirdparty games 
casino
playtech’ s flagship casino product was a key driver of 
growth throughout the year with revenue increasing 29 
and beating 2013’ s performance this was driven by a 
combination of organic growth and new licensees including 
ladbrokes the expansion of the games portfolio and growth 
from the mobile and live offerings
agreements already in place with sky bet trinity mirror 
caliente and holland casino along with proposed changes 
in the spanish market are enabling playtech to secure future 
casino growth while the continued regulation of additional 
markets will provide further opportunities over a longer 
time horizon
services
services revenue was 20 higher than 2013 and playtech’ s 
unique offering remains a significant competitive advantage 
to existing betting and gaming operators and for companies 
with an understanding of local markets such as media 
groups wanting to take advantage of regulatory changes and 
newly regulating markets across europe south america 
africa and elsewhere
the ability to successfully operate an online gambling 
operation requires three elements a strong brand to build 
trust with the consumer bestinclass technology and the 
knowhow expertise and unique capabilities necessary to 
efficiently monetise and retain players to drive player value 
these skills differ significantly from those used by operators 
of existing landbased businesses and are totally different in 
the case of media groups playtech’ s unique ability to meet 
the technological and operational needs of these customers 
makes it a natural partner 
experience shows that the largest operators in regulated 
markets or soontobe regulated markets look for a strategic 
partner that can supply the technology marketing expertise 
and sophisticated crm solutions combined with advanced 
player management tools which are of particular interest to 
new market entrants requiring a full turnkey solution as well as 
to existing operators wanting to boost their online gambling 
operations in 2014 two new structured agreements 
incorporating significant services elements were signed 
with caliente in mexico rcs media in italy and a turnkey 
solution for trinity mirror in the uk further such agreements 
are expected playtech plc annual report and accounts 2014 13
sport
this year has been one of significant progress for playtech’ s 
sport offering firstly in rolling out the unique omnichannel 
offering that supports the convergence of retail web and 
mobile the acquisition of a retail sports betting supplier 
giving playtech a unique atoz sport offering of retail 
online and mobile rolling out the playtech sport platform for 
ladbrokes in spain and belgium securing additional growth 
opportunities in mexico and italy and demonstrating the 
platform’ s robust performance having successfully traded 
through an entire calendar of sports events including the 
football world cup
sports betting is one of the largest elements of gambling 
worldwide and frequently acts as a gateway for players to 
access other gaming experiences it is also usually one of 
the first products to be approved in newly regulated markets 
sport revenue increased 54 in 2014 and is expected 
to continue growing strongly benefitting from operators 
launched during 2014 and from a strong pipeline of potential 
licensees that are keen to revamp their legacy systems with 
a new integrated retail web and mobile solution provided 
by playtech 
bingo
playtech gained a number of new licensees over 2014 
including trinity mirror ladbrokes in spain and paddy 
power in italy as expected bingo on mobile devices was 
up on the previous year and in time is expected to become 
the predominant bingo format as more players transacted 
through mobile devices in 2014 – including the company’ s 
new tablet version while playtech continues to operate the 
industry’ s largest bingo network – working with its licensees 
to create marketleading promotions to further improve 
the player experience across all distribution channels – the 
industry remains in a state of transition as indicated at the 
interim results
a revamped bingo product offering a new more appealing 
experience to players is currently under test and initial 
feedback from operators is very pleasing the new product 
offers a featurerich user interface customised for different 
channels including web smartphones and tablet devices 
landbased
playtech’ s landbased vertical enjoyed revenue growth of 
35 over 2014 benefitting from the acquisition of aristocrat 
which further diversified revenues supplying 6700 terminals 
in two fully regulated markets the company also acquired 
a retail sport offering which while currently modest is 
expected to form the base for significant future opportunities 
sales cycles of gaming machines are longer than online and 
trials are running in two other key markets giving a strong 
potential pipeline for 2015 and beyond
the trend continues for existing online customers to enquire 
about extending their relationship to create a seamless player 
offering using a single user name and password giving a 
familiar experience and the same content across channels
the acquisition of the psiclone games studio brought 
immediate revenue growth from its existing and new market
leading gaming content
poker
while playtech continued to invest in its leading independent 
ipoker
®
 network and welcomed a number of new licensees 
the broader decline in the market was not fully mitigated 
playtech’ s innovative rake distribution structure is now being 
rolled out and the company expects further innovation to 
encourage operators to invest in poker and therefore improve 
the ecology of the poker market
poker remains a small but important element of playtech’ s 
overall offering being one of the first gaming formats currently 
to be regulated – and in some markets the only gaming 
product allowed it also remains an incremental product 
for licensees who are keen to provide a full offering to 
their customers playtech plc annual report and accounts 2014 14
chief executive’s review continued
mobile
playtech’ s marketleading mobile offering uniquely positions 
it to benefit from one of the global online gambling industry’ s 
most significant growth drivers as it offers the largest portfolio 
of mobile games the most extensive pipeline of new games 
for all channels and a hub that incorporates all of those 
alongside sports and other betting and gaming products 
supporting their growth through crossselling opportunities
over 2014 revenue from playtech’ s mobile channel increased 
64 reflecting investment into new technology greater 
marketing investment by operators and a greater acceptance 
by players the company’ s mobile hub remains the pre
eminent platform for a seamless mobile player journey which 
remains central to the success of licensees playtech’ s mobile 
proposition is customised for specific smartphone and tablet 
models and can be adapted over time as player trends 
emerge – typically mobile sessions are more frequent but 
shorter and in aggregate players engage for a longer period 
of time 
during 2014 the company continued with its mobilefirst 
approach and invested heavily into this channel further 
developing its mobile development framework which 
enables the company to simultaneously roll out games 
across html5 for web as well as native ios and android 
supporting all mobile devices and tablets this framework 
allows the company to release existing games on to mobile 
platforms and enables the release of an increased number of 
new games across all channels going forward in increasingly 
competitive markets operators can leverage marketing 
the release of games across all channels at the same time 
rather than offering different games on different channels 
or alternatively release the games at different times without 
harming the return on marketing spend 
casual and social
playtech’ s casual gaming strategy is unique and intended to 
create a comprehensive development environment in which 
the company will have its own games creation capabilities 
an open platform supporting thirdparty games developers 
and publishing capabilities enabling the company to 
mass market games developed internally as well as those 
developed by third parties 
an internally developed resource plamee was the first 
element of this strategy to be delivered and it has a pipeline 
of highly sophisticated 2d and 3d games some of which are 
already live or in advanced testing recently acquired yoyo is 
a leading development platform providing the company with 
access to more than 750000 games development partners 
through its software development kit management is looking 
into other businesses that can bolster this new offering and 
grow playtech’ s presence and competence in both casual 
and social gaming
these transactions complement playtech’ s experienced 
management team and can act as gateway into soontobe 
regulated markets management continues to believe that 
this is an area of future potential that can generate significant 
longterm shareholder value 
people
playtech has continued to invest in human resources to 
maintain its position as the leading supplier of software and 
services to the online gambling industry our people are the 
single most important facet of the business and vital to our 
current and future success only by developing our people to 
realise their true potential can we progress as a business and 
maintain our marketleading position
trading update
playtech has continued momentum with a strong start to 
2015 with daily average revenues for the first eight weeks of 
the year up over 22 on q1 2014 and up over 5 on q4 
2014 including some benefit from current euro weakness
in summary over 2014 playtech built on its position as 
the leading provider of software and services to the global 
gambling market adding products and services that will 
help secure future opportunities playtech will continues to 
capitalise on its clear strategy and strong balance sheet 
and while there are anticipated regulatory developments 
ahead management looks forward with confidence to 2015 
and beyond
mor weizer
chief executive officer
26 february 2015