GVC Holdings happily announced a strong Q3 on October 8, revealing their group net gaming revenue (NGR) had increased by 12%, spurred by online growth. The company cheered on a strong return to retail, and growth largely spurred by online play, while also announcing the acquisition of Bet.P
Online NGR lead the way for the quarter, with 26% growth for the quarter. The return of traditional sports betting aided that in some degree, with 24% growth coming in that area, and 27% from other gaming. On the year, the company has seen 21% growth overall from the online space.
The promising indicator had to be a return to retail. For the quarter, retail in the U.K. is now only 5% down in NGR, while the rest of European outlets saw growth for the quarter, rising 2%. The respective regions are still down on the year, 36% and 31% respectively, thanks to closures caused by the Covid-19 pandemic.
Shay Segev, GVC’s CEO who recently demonstrated his faith in the company by investing heavily in the company, commented:
“This has been another strong period for GVC. We have delivered our nineteenth consecutive quarter of double-digit online growth, along with market share gains in all our major territories. The momentum that we are seeing across the Group is a clear testament to the resilience of our highly diversified business model, the attractiveness of our brands and products, the power of our proprietary technology platform, and the hard work and dedication of our teams around the world.”
Looking forward, Segev believes the BetMGM partnership will be a big part of their future growth. “GVC is primed for further growth. “In the US, BetMGM continues to go from strength to strength as we roll out into new states, integrate further with our partners’ customer propositions and deliver innovative products and features,” he stated. “With a market share of approximately 17% across our live markets, we are making great progress towards being the leading operator in the US.”
GVC also used the Q3 results to announce their acquisition of Bet.PT, a leading operator in Portugal. The move sets them to have a presence in the country, assuming Portuguese regulators don’t start cracking down on too many verticals. “The acquisition of Bet.pt that we are announcing today is consistent with our strategy of expanding into new markets that are either regulated or regulating, in order to support our international growth ambitions,” Segev said.
GVC Holdings PLC (LSE: GVC), the global sports-betting and gaming group, today reports trading for the period from 1 July to 30 September 2020 (“Q3”).
Updating their full year expectations, GVC noted they now expect full year net revenues in the U.S. to be ahead of expectations at approximately $150 million to $160 million, while Full year 2020 EBITDA2 should be in the range of £770 million to £790 million.