GVC online revenue climbs 14% in 2019
London-listed operator reports double-digit digital increase in the UK as overall revenue reaches £3.65bn
GVC today reported a 14% constant currency rise in online revenue for 2019 as annual figures came in £50m ahead of early-year estimates.
The London-listed operator described its online business as the stand-out performer, as net gaming revenue (NGR) climbed double digits to £2.17bn for 2019.
Online sports NGR increased by 17% to £966.5m, while gaming NGR hit £1.19bn following a 13% rise. Online gross profit reached £1.37bn as underlying EBITDA climbed 7% to £522m.
Overall NGR came in at £3.65bn after a 3% constant currency increase, while underlying EBITDA of £678m dropped by 10% but came in £50m ahead of early 2019 estimates due to the impact of increased Remote Gaming Duty in the UK and a £2 stake on FOBTs in retail.
Online NGR in the UK rose by 11%, while double-digit increases were also reported by the operator in Australia (22%), Italy (21%) and Germany (15%).
GVC CEO Kenny Alexander
GVC CEO Kenny Alexander said: “Our first full year since the Ladbrokes Coral acquisition has been a good one, and the performance has continued to be underpinned by our unique and highly effective operating model.
“We have delivered very strong growth in our online business, including market share gains in all major territories, and good momentum in our European retail business.
“This revenue growth has more than offset the impact on the UK Retail business of the £2 restriction on B2 machines stakes.
“We are delighted with the progress that is being made on the Ladbrokes Coral integration, and in the US the launch of BetMGM on the GVC platform in New Jersey was an important milestone for our business there and enables us to remain on track to deliver on our ambitions in this exciting market,” he added.
Roar Digital – GVC’s US joint venture with MGM Resorts – reported a 137% increase in digital gross gaming revenue for 2019 after securing access to 19 states and going live in seven markets.