GVC Results Up in Online Down In Gaming

GVC holdings the owning company of brands such as Ladbrokes, Coral, Foxy Bingo and others announced it latest set of trading figures with a decline in net gaming revenues by 11% compared to Q2 in 2019 but online revenues grew by 19%.

Overall GVC said it expected H1 EBITDA2 to be in the range of £340 million – £350 million.

Outgoing CEO Kenneth Alexander said:
“Given the extraordinary circumstances in which the Group is currently operating, delivering double-digit online net gaming revenue growth in all of our major territories is a very strong performance.  It is a clear testament to the strength and diversification of our business model, the quality of our technology, the enduring appeal of our brands, and the talent, commitment and professionalism of our people. We have worked hard to achieve our target of operating at cash neutral throughout the lockdown period, which has enabled the Group to retain the necessary financial strength to be able to take advantage of growth opportunities as and when they are presented to it. Our increased investment in BetMGM in the US is a case in point.

“During this period of lockdown measures around the world, we have been more aware than ever of our responsibility to provide the safest possible environment for our customers.  We continue to focus on providing our customers with the tools to empower them to manage their own play, whilst deploying our market-leading technology to monitor for potentially problematic changes in behaviour and intervene as required. We are pleased that there is no evidence of any increase in problem gambling during lockdown. Hopefully this has also been duly noted by those whose preference for punitive and mandatory restrictions runs the risk of driving customers into the hands of unscrupulous black-market operators, as has been the case in other countries in which stringent and misguided regulation has been introduced.

“All in all, our resilient performance through what has been a turbulent first half and the proven strength of our business model means that the Group can look forward to the future with confidence.”