Signs are positive for sports betting and gaming company GVC, following a financial report for the six months ending June 30, 2019.
The company saw net gaming revenue increase five per cent year-on-year, up to £1,810.6m from £1,125.1m.
Underlying EBITDA was down seven per cent at £323m but 11 per cent ahead after adjusting for the estimated impact of the triennial review and incremental online taxes.
Kenneth Alexander, CEO, said: “The group’s performance in the first half was extremely pleasing, with group proforma NGR five per cent ahead. Online momentum remains very strong, with proforma net gaming revenue 17 per cent ahead, delivering continued market share gains across all major territories. Our online operating model is proving highly effective, building on the sustainable competitive advantages of our wholly owned technology platform, leading product, cutting-edge marketing, leading brands and local execution, which are all delivered with an unrivalled understanding of the markets in which we operate.
"In UK retail, efficient execution of mitigation plans resulted in a triennial review impact that was better than initial expectations, with like-for-like net gaming revenue 10 per cent behind last year, prompting a further upgrade to our triennial review EBITDA guidance. European retail proforma net gaming revenue was seven per cent ahead, with good growth in all territories. The US JV, Roar Digital, is on track for its full launch in New Jersey in September and, building on the combination of proprietary technology, powerful brands and our marketing expertise, is well-placed to succeed.
"The group made a number of significant responsible gambling commitments in the period. We were the first operator to commit to a 10-fold increase in contributions to responsible gambling causes, alongside calling for a total ban on sports-betting television advertising in the UK. We donated all our marketing assets held at 42 English and Scottish football clubs, including perimeter hoardings, to GambleAware’s Bet Regret safer gambling campaign. We also committed to not sponsoring any English or Scottish football teams, and donated our existing shirt sponsorships of Sunderland AFC and Charlton Athletic to our charity partner, Children with Cancer. These are decisive actions, and we will continue to work on a collaborative basis with other leading operators to enhance player protection across the industry.”
