Rank digital revenues up 13.5% in spite of UK issues
Spanish YoBingo brand drives group revenues as UK online profits are hit by source of funds checks
Rank this morning reported a 13.5% increase in group online revenues, driven by a 46% rise in revenues from recently-acquired Spanish brand YoBingo.
In a trading update this morning, the operator reported a 1.7% rise in group revenues for the 16 weeks to 14 October, excluding YoBingo.
In the UK, Grosvenor’s online revenues slipped 5.2% after being hit by stricter source of funds and due diligence checks.
Revenues for Mecca were up 6.4%.
CEO John O’Reilly said the ongoing online transformation programme he implemented upon joining the firm in May had identified early cost savings for the full year.
O’Reilly said he expected these savings to mitigate Grosvenor Casinos’ retail revenue downturn of 7.2% during the period.
The firm was hit with a £500,000 penalty package by UKGC last week after failings in its problem gambling policies allowed an overseas customer to lose £1m in the space of 24 hours.