GVC posts record growth as bwin.party takeover nears
Operator reports 11% increase in revenues during first nine months of the year
GVC Holdings this morning reported record revenue performance for the first nine months of the year as the firm aims to complete its £1.1bn acquisition of bwin.party early next year.
An 11% uptick in net gaming revenue (NGR) – or €670,000 a day – was driven by a 15% rise in daily sportsbook wagers and an 18% year-on-year increase gaming revenue.
Total net sportsbook sportsbook revenues stood at €314,000 verus €356,000 from gaming products.
The firm said sports wagers had increased to an average of €4.5m per day during the period ended 30 September 2015, however margin dipped slightly to 9.3% from the 10.1% achieved in 2014.
It also reported a 14% increase in customer deposits to €1.7m per day during the period.
GVC chief exec Kenneth Alexander said he was delighted with his firm’s trading in the year to date.
“As we continue to deliver value through organic growth and acquisitions we are determined that the enlarged group will play an important role in the consolidating online gaming sector,” he added.
The operator also gave an update on its £1.1bn acquisition on bwin.party, and said it expected the final prospectus to be submitted to the UK Listing Authority next month, enabling the transaction to complete early next year.
Earlier this week bwin.party CEO Norbert Teufelberger told eGR the integration process between the two firms will complete within two years, a year and a half less than it would have with rival bidder 888.