Trading update from GVC Holdings

The Isle of Man-based online gambling group GVC Holdings plc issued a trading update to coincide with its agm on the island this week, reporting that its Latin American-facing Betboo subsidiary is doing particularly well, with net gaming revenues up 138 percent.
The trading update covers the period January 1 to May 3, 2011 and shows that:
* Total net gaming revenue over the period is 10 percent up year-on-year, averaging Euro 168 000 a day.
* Mainly German-facing Casino Club.com operations are up 3 percent
* Betaland NGR is up 4 percent.
* Overall group sports gross margin achieved over the period was 14.8 percent, well up on the corresponding period last year which reached 10.9 percent.
Management said it remained “cautiously optimistic” for the remainder of the year.

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