GVC soars despite "punter-friendly" results

GVC soars despite "punter-friendly" results

Wednesday, May 6, 2015 Totally Gaming
GVC saw daily net gaming revenue rise

Kenny Alexander, chief executive officer of GVC Holdings, has revealed that the online casino and sportsbook has overcome "punter-friendly" sports results to achieve “impressive growth” during the first 120 days of the year.

In a trading update issued ahead of its Annual General Meeting, the owner of Sportingbet and Betboo announced that daily net gaming revenue for the four months through to April 30 came in at €658,000 ($740,800), up 17.5 per cent on the corresponding period last year.

Gaming remains GVC’s main source of income, with this area of the business generating daily net gaming revenue of €347,000 in the period, an increase of 19.7 per cent on the previous year.

Sports daily net gaming revenue increased by 15.2 per cent on a year-on-year basis to €270,000 while the amount wagered by customers on sports jumped by 21.4 per cent in the opening period of the year to just under €4.6m.

However, despite having achieved strong growth across various areas of the business, GVC did note that sports margin dropped from 9.62 per cent in the first four months of 2014 to 8.75 per cent in the same period this year.

Speaking ahead of the AGM, Alexander claimed that the drop in sports margin was mainly down to results going in favour of punters and the company is upbeat about its growth prospects for the rest of the year.

“The board is delighted by the strong start to 2015 despite a lower sports margin percentage as a result of punter friendly results so far this year as has been commented upon already by a number of our peers,” Alexander said.

“The business continues to show impressive growth and we continue to remain confident for the rest of the year.”

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