Online sports betting and gaming group GVC Holdings has announced it expects to record net gaming revenue for 2017 of €1bn, at the top end of managerial expectations, thanks to strong final-quarter performance.
The Isle of Man-based group, who last month agreed a £4bn takeover of Ladbrokes Coral, stated in a trading update that NGR for the fourth quarter rose 21 per cent to €279.5m. That represents a record figure since the acquisition of bwin.party in February 2016.
Sports brands underlying gaming revenues rose 21 per cent in the final quarter, with improved product and cross-sell cited as important factors, while gaming brands daily NGR increased 24 per cent in constant currency.
GVC’s CEO Kenneth Alexander said: "I'm delighted to report another strong year for the group with underlying NGR growth of 18 per cent, reflecting the strength of our brands, technology and the hard work of our talented people.
“We have once again demonstrated our ability to integrate significant acquisitions, realise material synergies and at the same time deliver top line growth.
“The recommended transaction with Ladbrokes Coral Group presents an exciting opportunity for both sets of shareholders, creating a global gaming group with a portfolio of strong brands across all major regulated online markets, together with proprietary technology and proven management."
