Mor Weizer, boss of gambling tech group Playtech PLC (LSE:PTEC), has hit out at higher-valued rivals listed outside of London, claiming the un-named firms are using “black markets” to do business.

Operating in countries where online gambling is illegal, Weizer said it is “frustrating” to be compared to these firms, who in turn have experienced jumps in revenues and share prices, whereas a company like Playtech has struggled recently dropping close to 2% in 2023.

“Other suppliers are very significant in grey markets or black markets. It is less helpful when they operate in black markets and use that money to penetrate regulated markets. We know some that operate in sanctioned markets, countries on the US sanctions list,” the London-listed firm boss said.

“It is frustrating to see people compare us to public companies that are growing very quickly. But they are growing in unregulated markets and shrinking in regulated markets. We are growing in regulated markets.”

Playtech’s focus has been largely on regulated markets as the group targets double-digit growth in this area, with its sales in unregulated areas such as Asia and Latin America having declined in the first half of its financial year.

Revenues jumped by around 8% to reach €860 million in the first six months of 2023 while underlying profits lifted by 10% to reach €220 million, the group’s interim results revealed.  

Shares in Playtech remained flat on Thursday, having opened at around 530p.