GVC defies ‘quieter sporting period’ to post strong Q3 results

GVC defies ‘quieter sporting period’ to post strong Q3 results

Friday, October 13, 2017 Posted by Luke Massey
The company’s daily sports betting NGR increased by 19% from 2016

Presenting its Q3 2017 corporate update (period ending 30 September), FTSE-listed online gambling group GVC Holdings has reported growth across its assets despite trading against a tough comparative period which featured the closing stages of UEFA Euro 2016. 

GVC maintained its daily sports wagering levels at €11.3 million (1% increase), despite the ‘quieter sporting period’. Nevertheless, aided by a higher operating margin across its sports brands, GVC declared a daily sports betting ‘net gaming revenue’ of €982,000 (3% gain on Q3 2016: €953,000).

GVC’s sustained sports betting performance was supported by strong growth within its ‘Gaming Brands’ division, which recorded a period ‘daily NGR’ increase of 19% to €986,000 (Q3 2016: €828,000).

The company confirmed that a series of product refinements for its sports betting and gaming divisions were undertaken during a ‘quieter Q3 period’, which in turn will help the company extract further value from its increased marketing activity.

GVC Holdings CEO Kenneth Alexander commented: “Underlying growth in Q3 represents the highest rate achieved since the acquisition of bwin.party in February 2016. The quick wins made in 2016 have been supplemented by further and continuous improvements across all areas of the business.

“GVC operates in an industry with significant opportunities and challenges. The combination of our talented employees, proven technology and strong brands, gives me confidence that we can continue to drive shareholder value.”

Totally Gaming says: The first FTSE operator to announce its Q3 trading update, it will be interesting to see how GVC Holdings performance holds up against its listed competitors. The enlarged operator is reported to be weighing up a further takeover bid for Ladbrokes Coral Plc, and could well be aided by a stringent government review on FOBTs wagering.

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