GVC looks East as revenues grow 20%
Company puts together Asia team ahead of planned 2015 launch with mobile development another key priority
GVC Holdings is planning an Asia launch next year as it looks to build on a strong period of growth with average daily revenues up 20% in Q3.
Average net gaming revenues (NGR) for the quarter up to 18 September was 628,000, a 20% year-on-year increase with 12 days of the period remaining, in a trading update released by the company this morning.
Following the World Cup, sportsbook narrowly overtook gaming as the main contributor of NGR after growing 22% to 325,000 with a margin of around 10%.
Mobile sportsbook revenues were a relatively modest 22%, however, GVC said new native iOS and Android mobile apps were under development and would be launched next year.
Gaming NGR was up 18% year-on-year to 303,000, although was broadly flat sequentially, while deposit values were up 22% when compared to the same period last year.
The trading update was published alongside a more detailed breakdown of GVC’s H1 performance, which saw the company post an 11% increase in NGR to 105.1m, while it also revealed plans to expand into new markets.
The company said it was putting together a team for an Asia launch next year while it had also started the application process for the recently re-regulated Bulgarian market.
“GVC operates in numerous markets in both casino and sports betting and as a group is well diversified and highly cash generative,” Kenneth Alexander, GVC chief executive, said.
“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,” he added.
The GVC share price was unchanged at 476.5p after early morning trading.