GVC Holdings NGR Increases
GVC Holdings the owner of big-name brands like Party Poker, Foxy Bingo, and Ladbrokes Coral has just announced that its profits for Q3. Things are looking very positive, despite the ongoing challenges that have affected the offline and online gambling industries as a result of the COVID-19 pandemic.
GVC Holdings says that its Q3 financial report shows “strong performance”, with its NGR (Net Gaming Revenue) increasing by an impressive 12% for the period starting 1st July 2020 and ending 30th September 2020.
The company has seen much of its positive performance through its online channels (e.g. poker, sports betting, casino, and bingo) which have boosted its NGR by 26%.
Online Sports Betting Increases Globally
GVC’s presence in the Australian gambling market has also helped its profits to soar, with Net Gaming Revenue increasing by 64% year-on-year.
The company has confirmed that the volume of online sports wagers placed on its various sites are higher than they were pre-pandemic. Thanks to the anticipation leading up to the re-opening of the major sports leagues following the lifting of the March 2020 lockdown. Its overall online gaming revenue is also up on pre-Coronavirus levels.
• GVC’s share price was up more than six per cent at 1,118p on Thursday morning.
Land-Based Operations remain consistent
For GVC Holding’s land-based venues, COVID-19 took a heavy financial toll. While it’s high street betting shops across the UK and Europe and had to forced to remain closed for more than three months. However, the company now believes that since re-opening all of its brick-and-mortar operations. Its venues are operating within 10% of their expected pre-Coronavirus levels.
GVC’s CEO, Shay Segev, says that the business remains “cautious” about the “short-term outlook”. It’s aware that the gambling industry as well as others such Industries like hospitality and retail are still at risk of the UK government and devolved nations imposing additional restrictions. However, Mr Segev believes that the company’s long-term prospects will allow GVC to “continue delivering sustainable growth for all our stakeholders”.
GVC Holdings Purchase Bet.pt
This week, GVC announced that it has agreed to purchase the Portuguese gambling company, Bet.pt. GVC’s prediction prompted the takeover that the Portuguese gaming and sports betting market will double to at least 450 million euros by 2023.