London FTSE listed GVC Holdings Plc reported a strong start to H1 2014, with the operator seeing gaming wagers up 38% to €694 million / £546 million (H1-2013: €502 million / £395 million)
The increase in player wagering helped the operator report improved net gaming revenues of €105 million / £83 million (up 44% on 2013 H1 – €73 million / £58 million). Improved net gaming revenues were supported by GVC reporting an EBITDA of €22.4 million / £17.61 million (up 26% on 2013 H1 – €17.8 million / £13.91 million)
Senior management of GVC Holdings reported that the strong performance had been driven by the operator focusing operations on in-play betting markets. Its performance had seen sports betting maintain a 10% product margin during the period.
The 2014 FIFA World Cup had helped the operator report increases in new player acquisitions, with GVC brands recording 56,000 new players up 30% on H1 2013 figures.
GVC stated that the operator would continue to refine its current strategy in the coming months, and that it had started Q3 2014 very strongly. The operator would also be looking to enhance its mobile product offerings in the coming months, with new product releases being geared up for the start of 2015.
Commenting on the results, Kenneth Alexander, Chief Executive of GVC Holdings plc, said:
“GVC operates in numerous markets in both casino and sports betting and as a group is well diversified and highly cash generative. GVC is now in a very strong position with exciting growth prospects as we continue to develop our market leading in-house sportsbook and mobile platform. The Group remains highly confident for the outcome of this current financial year and this confidence is reflected in the enhanced dividend that we have announced today.”