Gaming VC NGR boosted by rise in sports stakes
A rise in amounts staked on sports helped Gaming VC record a 1.5% increase in net gaming revenue (NGR) 26.5m for the six months ended 30 June 2009, up from 26.1m for the comparable period a year earlier.
A rise in amounts staked on sports helped Gaming VC record a 1.5% increase in net gaming revenue (NGR) 26.5m for the six months ended 30 June 2009, up from 26.1m for the comparable period a year earlier. Gross profit increased 4.4% to 22m, from 21.1m. Amounts stakes on sports events during the first half of 2009 rose 41% to 31.8m, from 22.5m a year earlier. Sportsbook margins also rose to 16.3%, from 14.7% in the first half of 2008. The company said its geographical diversification strategy was bearing fruit, withits core market of Germanynow only representing 45% of NGR by the end of June 2009, compared to 61% for the same period last year. Gaming VC has since continued this diversification strategy, paying an initial for 3m in early July for South American operator Betboo for 3m in early July,under a three-year earn-out worth up to US$26m. The company also said it will shortly be seeking shareholder approval to re-domicileto the Isle of Man, aimed at delivering operational and financial advantages, including a no 15% withholding tax on dividends and operational advantages. Chief executive Kenny Alexander (pictured) said Gaming VC was pleased to be able to announce a strong set of interim results against the background of a global recession and reduced consumer spend across Europe. Our strategy of geographic diversification continues and has been underpinned by ourmove into South America through the completion of our acquisition of betboo.com. I am encouraged with current trading in the third quarter and remain confident about our prospects for the second half of the year,” said Alexander.