GVC, which earlier this year acquired Sportingbet’s operations in more than 20 countries for £31m, expects to exceed market forecasts for 2013 as a result of its ongoing reshaping of the sports betting specialist.
Kenneth Alexander, chief executive of GVC, said: "[Sportingbet] is now profitable, the cash burn has been stopped and there has been no effect on the revenues.
"In fact, the revenues over this period have grown so we're delighted with the way with the restructuring has gone.”
The makeover of Sportingbet has seen GVC cut jobs, cancel IT projects and end sponsorships including a shirt deal with English football club Wolverhampton Wanderers.
Revenue for GVC more than doubled to €72.3m in the six months to the end of June, while EBITDA rose by 132 per cent to €17.8m.
