Gambling operator GVC Holdings released today information about its financial performance during the two months ended November 30, 2015. Total net gaming revenue amounted to €716,000 per day, up 11.7% year-on-year as compared to the €641,000 per day posted for the same period a year ago.
The gambling company said that sports wagers increased 12.7% during the reported period to reach an average of €4.9 million per day. The amount of €4.4 million was daily generated during the two months ended November 30, 2014. GVC Holdings achieved a 9.3% gross win margin compared to a 8.7% one reported for the same period a year ago.
Net revenue from gaming operations was up 12.5% year-on-year to reach €388,000 per day. In comparison, the average amount of €345,000 per day was generated last year. Sports net gaming revenue totaled an average of €328,000 per day, down 10.8% as compared to the amount of €296,000 per day posted for the two months ended November 30, 2014. Customer deposits increased 8.3% year-on-year to reach €1.8 million per day compared to a daily average of €1.7 million in 2014.
Commenting on the company’s financial results during the two-month period ended November 30, 2015, GVC Holdings Chief Executive Officer Kenneth Alexander said that they are delighted with its “continued strong financial performance.” Mr. Alexander added that the Board believes a very positive outturn for the full year will be reported.
The executive also revealed that an extraordinary general meeting is to take place on December 15, at which Board members will vote on the proposed acquisition of bwin.party digital entertainment plc. Mr. Alexander expressed hopes that they will approve the transaction, which is believed to be “the next transformational move” for the gambling operator.
Earlier this year, it became clear that GVC Holdings is to buy bwin.party for the amount of £1.12 billion. Under the terms of the agreement, bwin.party would own a 66.6% stake in the combined entity. Once completed, the new business is expected to create cost savings of no less than €125 million by 2018.
GVC Holdings Board members said that the posted results were most encouraging and were indicative of the company’s strong growth rates. They also said that they are confident of the full-year outlook.
The gambling operator recently announced the appointment of industry expert Shay Segev as its new COO. Mr. Segev has previously worked for Playtech and Gala Coral and will now lead GVC Holdings’ merger with bwin.party.
