GVC on-course to meet FY2018 objectives

GVC on-course to meet FY2018 objectives

Thursday, July 19, 2018 Posted by Craig Davies
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Online gaming revenues see large increase

GVC Holdings is positive of achieving its full-year targets and expectations, having achieved a significant 11% quarterly net gaming revenue (NGR) boost through the recent FIFA World Cup.

GVC, which officially completed the acquisition of Ladbrokes Coral in March, published a pro-forma H1 2018 trading guidance reporting ‘positive growth trends’ across its combined metrics and KPIs.

The owner of the Sportingbet, Bwin and Foxy Bingo brands said this was achieved largely through a 22% Q2 climb in online net gaming revenue, with a 15% rise recorded between the start of January and the start of the FIFA World Cup in Russia.

At a retail level, GVC detailed that a tough Q1 2018 opening period has impacted its Ladbrokes Coral estates, down -3% NGR due to severe UK weather conditions impacting all UK bookmakers.

A crucial period for all UK bookmakers, GVC details that its sports betting brands were able to maintain positive gross-win margins, while catering to increased player activity and new customer deposits.

Kenneth Alexander, GVC Holdings Group CEO, stated: “I am pleased to report this positive trading update whilst at the same time undertaking the integration of the Ladbrokes Coral business. The strong momentum across the online business has continued and means we are well placed to deliver against our full year expectations.”

Totally Gaming says: GVC’s online brands have benefited throughout the trading period from a pipeline of new products and marketing campaigns, while the group’s retail business improved in Q2 as the weather became less disruptive to shop goers. The company expects to deliver full-year results in line with expectations in September.

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