Isle of Man-based online gambling operator GVC Holdings published today its financial results for the first half of the year. The company said in a statement that the figures posted reflected a strong growth across its brands, including recently acquired operator bwin.party.
GVC Holdings continued performing well in the second quarter of the year after the reported excellent performance in the first quarter. During the three months ended June 30, the company generated daily net gaming revenue of €2.5 million, up 11% year-year on a pro forma basis and 16% in constant currency. The operator said that it had benefited from the above average sports margin of 9.9%, based on favorable UEFA Euro 2016 results.
Daily sports net gaming revenue grew 25% on a pro forma basis and 29% in constant currency to €927,000. Net gaming revenue from gaming operations was up 8% on a pro forma basis and 11% on a constant currency basis during the second quarter of 2016 to reach €1.3 million per day.
During the period in review, GVC Holdings brands posted a 24% growth and bwin.party online gambling brands grew by 12% year-on-year.
Overall net gaming revenue for the six months ended June 30 amounted to €388 million, reflecting a 223% increase as compared to the same period of the previous year. The considerable growth was mainly due to the acquisition of fellow gambling operator bwin.party, which was completed on February 1, 2016. Net gaming revenue was up 8% on a pro forma basis and 11% in constant currency.
Daily net gaming revenue totaled €2.4 million during the period in review, up 7% year-on-year on a pro forma basis and 11% on a constant currency basis. Sports net gaming revenue amounted to €914,000 per day, up 10% on a pro forma basis and 14% in constant currency. Gaming net gaming revenue increased 7% on a pro forma basis and 10% on a constant currency basis to reach €1.2 million for the first half of the year.
Following the positive Brexit vote from last month, GVC Holdings pointed out in today’s statement that the UK referendum results will have little or no material impact at all on its operations as it is providing its services across different verticals and through a multiple brands. The gambling operator also noted that more than 90% of its customer base is actually located outside the UK.
Commenting on the company’s financial performance during the first half of the year, CEO Kenneth Alexander said that he is pleased with the results posted and that they are confident that the group will continue growing for the rest of the year and beyond.
