eBusiness Weekly
Ladbrokes and bwin owner GVC Holdings GVC.L on Thursday raised its outlook for annual core earnings after posting a 12 percent rise in third-quarter revenue, helped by a surge in online gaming and as sports events such as the English Premier League resumed.
The company, which owns brands such as Coral and Eurobet, said full-year earnings before interest, taxes, depreciation, and amortisation (EBITDA) is now expected between US$995,9 million to US$1,02 billion. GVC had previously forecast annual EBITDA to be between US$938 106 000 and US$964 164 500 and last week warned that new gambling rules in Germany, its second-largest online-gaming market, would reduce 2021 profit by US$91,150,150.
However, the company is steaming ahead as it also announced the acquisition of Bet.pt, an online gambling operator in Portugal. Gambling companies have been expanding overseas to offset a hit from tighter regulations in Britain.
The company, which has a US presence through a venture with casino operator MGM Resorts MGM.N, said the business was tracking ahead of expectations, with sales of roughly US$150 million to US$160 million expected this year.
“We have delivered our nineteenth consecutive quarter of double-digit online growth, along with market share gains in all our major territories . . . GVC is primed for further growth,” Chief Executive Officer Shay Segev said.
Online net gaming revenue for the three months ended September 30 jumped 26 percent as Covid-19 encouraged customers to play more to relieve themselves of boredom. — Reuters.
