Sports betting and gaming group GVC cited its “highly diversified business model” as it reported a decline in NGR of 11 per cent for the first half of the year.
Total NGR stood at £1.617bn for the group, which owns the brands bwin, Ladbrokes and Coral. A 50 per cent fall in its UK retail revenues and a 48 per cent drop in European retail was balanced by a 19 per cent growth in online NGR, with double-digit growth in all major markets. Sport was up five per cent and gaming 31 per cent.
In addition, online EBITDA stood at £368.6m, reflecting favourable sports margins, a strong performance in gaming and lower marketing spend due to sport cancellations.
Despite “encouraging” performance, GVC’s board took the decision not to pay an interim dividend amid uncertainty concerning Covid-19.
GVC’s CEO Shay Segev said: "Given the unprecedented trading environment, GVC has delivered an encouraging performance in the first half, underlining the strength of our diversified business model and the expertise, adaptability and dedication of our people.”
