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"Particularly pleasing" GVC update

Net gaming revenue for the group was up 13 per cent despite a major European tournament in the comparative period
October 17, 2017

Online gaming group GVC (GVC) revealed that group net gaming revenue during the third quarter was up 13 per cent to €244m (£219m), which management called “particularly pleasing” since the comparative period included the UEFA Euro 2016 football tournament. Strip out the tournament and Kalixa, the payment processing business that GVC sold in May, and underlying net gaming revenue improved by more than a fifth. Chief executive Kenneth Alexander said third-quarter underlying growth was the highest it has been since the acquisition of bwin.party in February 2016.

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The amount wagered within sports brands increased by 4 per cent, but excluding the Euro tournament this was up by 8 per cent at constant currency. The growth in wagers was attributed to a new marketing campaign for bwin that launched in August. The daily net gaming revenue for the games brands grew by nearly a fifth at constant currency, with partypoker up by 48 per cent year on year. Sales in B2B and non-core brands fell by about a third, but this was due to the Kalixa sale earlier this year.