Online gambling heavyweight Playtech saw its profit plunge 85% in the first half of 2020 due to Asian black market restrictions and Italian pandemic shutdowns.

Figures released Thursday by the UK-listed Playtech show revenue of €564m in the six months ending June 30, down 22% from the same period last year. Adjusted (heavily) earnings were down only 15% to €162.3m but profit (the real kind, not adjusted) fell to just €4.6m from €24.8m in H1 2019.

Playtech’s business-to-business (B2B) operations reported revenue falling 13% to €229.7m, largely due to pandemic-related retail shutdowns. The halt of major sports activity led to a ‘significant’ betting revenue decline, ruining a ‘strong’ showing by online casino, bingo and poker (the latter added 19 new brands to its iPoker network in H1 following the demise of the Microgaming network).

So-called ‘Core B2B’ operations – aka not counting Asian black market ops – reported revenue falling 6%. The UK drove this Core decline, falling 30%, while regulated markets outside the UK grew 8%.