GVC Holdings Shares Surge 12%

Whilst the ongoing coronavirus pandemic continues to have a significant impact on countless industries, worldwide, it seems the betting industry has been buoyed by its online offerings. GVC Holdings, owners of household brands that include Ladbrokes Coral, partypoker and Foxy Bingo, have announced massive year-on-year increases in revenue which put them around £50m ahead of expectations.

Although the operator is yet to release exact figures, their year-on-year net gaming revenue (NGR) for Q3 (1st July – 30th September) has risen by 12%. Online gaming is mainly responsible for this rise, with this specific segment seeing a 26% upturn against last year. 

According to GVC Holdings, online gaming revenues are up when compared to pre-Covid levels whilst the return of top-class sports has boosted its sportsbook revenues. Meanwhile, operations in Australia continue to rally, recording a 64% year-on-year rise in net gaming revenue. 

GVC’s CEO, Shay Segev, explained:

“While the risk of further restrictions as a result of COVID-19 mean that we remain cautious on the short-term outlook, in the longer term we are confident of being able to continue delivering sustainable growth for all our stakeholders.” 

The group’s Ebitda (earnings before interest, taxation, depreciation and amortisation) is now set to be confirmed at between £770m and £790m. 

Mr Segev added:

“This has been another strong period for GVC. We have delivered our nineteenth consecutive quarter of double-digit online growth, along with market share gains in all our major territories. 

“The momentum that we are seeing across the group is a clear testament to the resilience of our highly diversified business model, the attractiveness of our brands and products, the power of our proprietary technology platform, and the hard work and dedication of our teams around the world."