Ladbrokes owner GVC upgrades 2019 profit forecast

Ladbrokes owner GVC upgrades 2019 profit forecast

Strong trading in the third quarter has prompted GVC (GVC) to upgrade profit guidance for the full year. The bookie now expects to generate cash profits of between £670m and £680m during the 2019 financial year, up from the £650m-£670m range previously expected. Chief executive Kenny Alexander said this upgrade was driven by strong online momentum across all territories, with net gaming revenue (NGR) up 12 per cent during the third quarter, despite part of the Football World Cup falling in the comparative period. Mr Alexander also called the September launch of the BetMGM app in New Jersey a “key milestone”, adding that the joint venture with MGM is well placed to take advantage of the US sports betting market.

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