World Cup propels online growth for GVC
GVC Holdings reveals reason behind online growth
GVC Holdings, owner of the Ladbrokes Coral business, has noted that the recent World Cup football tournament is the main reason behind a rise in online net gaming revenue (NGR) during the first half of the year.
Overall NGR climbed 8% year-on-year and this growth was partly driven by GVC’s online business, which performed well in the period and posted NGR 18% higher than last year.
Keith Alexander, chief executive of GVC, said: “I am pleased to report this positive trading update whilst at the same time undertaking the integration of the Ladbrokes Coral business.
“The strong momentum across the online business has continued and means we are well placed to deliver against our full year expectations.”
GVC cited that before the World Cup kicking off in Russia, online NGR stood at 15% and the early stages of the tournament helped push this to a higher level by the end of the half.
The World Cup ran from June 14 to July 15, with GVC’s six-month period ending on June 30.
The firm also surpassed expectations in gross win margin, as well as volumes and value of new customer deposits, during the event.
Although GVC reported a 3% decline in UK retail like-for-like revenue in the first half, the company did say that trends improved due to a lengthy spell of good weather in the UK and higher betting levels during the World Cup.
In contrast, European retail NGR was up 29% year-on-year, but GVC said this was “helped by a soft comparative”.
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