GVC gaming revenue jumps 17 percent on bwin gains
Bengaluru: Online gambling firm GVC Holdings, set to takeover Britain’s largest bookmaker Ladbrokes Coral, saw full-year net gaming revenue rise 17 percent in 2017, helped by gains from the bwin.party businesses it bought three years ago.
GVC, the owner of the Sportingbet, bwin and Foxy Bingo brands, said net gaming revenue for the year ended Dec. 31 rose to 925.6 million euros (826 million pounds) from 794.3 million euros a year earlier.
Net gaming revenue from its sports division rose 19 percent to 331.2 million euros with amounts wagered up 2 percent despite the absence of a major international football tournament from last year’s calendar, a year after Euro 2016.
The company said full-year clean EBITDA - its preferred metric for core earnings - rose 40 percent to 239.5 million euros.
GVC, founded in 2004, has grown rapidly under Chief Executive Kenneth Alexander, riding on growth at its online sites and a number of large acquisitions.
“Our core markets offer attractive growth prospects but we also recognise the opportunity presented by our proprietary technology to create significant synergies through M&A,” Alexander said on the results.
GVC has agreed to buy Ladbrokes Coral for up to 4 billion pounds, in a deal that lands GVC a portfolio of retail betting shops.