GVC pleasantly surprised by BwinParty progress at the end of H1

Holdings’ growth opportunities following the acquisition of BwinParty are “greater than expected”, according to the gaming group’s financial report for the six months ended 30 June.

Net gaming revenue for the period was up 223% to €390.6m (£334.7m) on an actual basis and up 8% on a pro forma basis to €441.8m.

Pro forma clean EBITDA was €104.4m up 42%, and actual clean EBITDA was €91.2m, an increase of 258%.

The figures were presumably reported separately on a pro forma and actual basis to get a read on performance of operations aside from BwinParty, as that deal naturally creates potentially misleading extortionate increases.

GVC bought BwinParty for approximately £1.12bn in February and the integration is on target to secure €125m annualised synergies by the end of 2017.

Other highlights of the period were the signing of a 10-year B2B deal with Betfred to be its sportsbook platform provider, announced in May, and the securing of licence approval from the New Jersey Division of Gaming Enforcement, announced in June and allowing GVC to continue operating NJPartyPoker.com.

GVC CEO Kenny Alexander said the integration with BwinParty should be completed by the end of Q2 2017.

Alexander will be speaking to Gambling Insider about the results and the interview will be published later today (Tuesday).