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NEWS 18 July 2018

World Cup boosts revenue growth for GVC Holdings

By Islam Soliman

Sports betting and gaming company, GVC Holdings said that it has experienced a rise in revenue growth heading into this summer’s World Cup.

GVC Holdings PLC reported an 8% increase in full-year net gaming revenue (NGR) during the first half of the year, while their online business grew by 18% from last year.

GVC pointed out that its second-quarter NGR grew by 22%, with a 15% rise recorded between  1 January to 13 June, the period before the World Cup began.  

The company said: “The Online brands have continued to benefit from a pipeline of new products and from high profile marketing campaigns.”

Although GVC reported a 3% decline in UK retail like-for-like revenue in the first half, the company said that the World Cup and the weather helped recover that drop in revenue by 2% in the second quarter.

CEO Kenny Alexander said: "I am pleased to report this positive trading update while 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."

However, by 12 pm on Wednesday shares were down 2.5% at 1,078.24 pence ($14.03). 

RELATED TAGS: Sports Betting
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