Rank Group up 2% in Q3 thanks to online betting surge
The British gambling firm Rank Group, which owns Mecca Bingo and Grosvenor Casinos, has posted a 2% increase in the third quarter revenues thanks to a surge in online sales.
The positive financial results experienced in the three-month period ended on 15 October can be fairly attributed to an online boost. Online revenues jumped 34% at Grosvenor Casinos and 11% in Mecca Bingo; whilst revenues at casinos and bingo halls were down 1% and 2% respectively.
Overall, the group saw a 19% hike in online betting and 1% fall in trade at regular venues.
These figures come after the group announced a leadership overhaul in Q3, creating a single management team for the retail business covering both Grosvenor and Mecca.
It is believed that the new structure will retain distinct operations for both companies but will allow for “improved synergies”.
In its interim update, back in June, Rank Group revealed a 7% year-on-year drop in annual profits, down to $79.7m for the first six months of 2017.
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