GVC Holdings releases trading update

The Isle of Man-domiciled online gambling group GVC Holdings plc has released its latest trading update, showing total net gaming revenues for the year 2010 up 5.2 percent to Euro 54.8 million.
Sports wagers rose 23 percent to Euro 69.3 million, although the hold was lower at 13.3 percent (2009:16.6 percent) resulting in a 4 percent drop in sports NGR to Euro 8.7 million.
Revenues from gaming for the year rose 7.7 percent to Euro 46 million.
The group’s Casino Club brand reported total revenues down at Euro 27 442 000 (2009: Euro 29 434 000), whilst Betaland recorded Euro 55 934 000 (2009: Euro 52 907 000) and a margin of 15.7 percent (2009: 17.7 percent)
Betboo achieved revenues of 13 379 000, well up from the Euro 2 867 000 in the company’s launch year.
GVC reports that the top performing quarter of the year was Q4/2010, where sports wagers were 31 percent higher than in Q4/2009, but the hold was substantially lower at 7.3 percent (Q4/2009: 21.6 percent)
“Gaming revenues have now returned to the Q4/2009 levels, suggesting greater economic consumer confidence,” the report notes.
The results are in line with group expectations, and cash available stands at Euro 5.7 million.
Betboo commenced trading in Malta with a staff of 20 personnel and targeting emerging markets on January 5th this year.
There have been no further developments in the group’s litigation with Boss Media, which will next he heard on February 24.

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