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GVC has strong quarter against tough comparatives

By BFN News | 07:57 AM | Thursday 12 October, 2017

Multinational sports betting and gaming group GVC Holdings' has reported another strong quarter with NGR up 10% at €243.5m - up 13% in constant currency. It said this was particularly pleasing as the corresponding period last year was boosted by the final stages of the UEFA Euro 2016 tournament. Underlying NGR (which includes stripping out Euro 2016 and Kalixa - which was disposed of in May 2017) increased +18% and 21% in constant currency. It said that within Sports Brands, the gross win margin for the period was 11.2% (10.5% Q3 2016), ahead of expectations of the long-term sustainable average (c10%). Daily wagers were 4% ahead in constant currency but this was against a comparative period that included the Euro 2016 tournament - adjusting for this, underlying wager growth in constant currency was 8%. The group said the strength of the underlying wager growth was a reflection of the success of the new bwin marketing campaign launched in August. Chief executive Kenneth Alexander said: 'Underlying growth in Q3 represents the highest rate achieved since the acquisition of in February 2016. 'The quick wins made in 2016 have been supplemented by further and continuous improvements across all areas of the business. 'GVC operates in an industry with significant opportunities and challenges. 'The combination of our talented employees, proven technology and strong brands, gives me confidence that we can continue to drive shareholder value.' Story provided by

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