Others

GVC shares hit all-time high on double-digit online gaming revenue growth

Friday 25 de May 2018 / 14:03

⏱ 1 min read

(Isle of Man).- Gambling company GVC’s shares hit an all-time high this morning after it revealed that its revenue from online gambling had grown 18 per cent.

GVC shares hit all-time high on double-digit online gaming revenue growth

Shares climbed more than four per cent to 1,028p, before settling to 1,014p at the time of writing, still a three per cent increase.

GVC also forecast higher cost synergies from its £4bn acquisition of bookies Ladbrokes Coral.

It said it expected cost synergies from the deal to rise to £130m by 2021, having previously projected £100m in cost synergies.

However, GVC was not immune from the bad weather earlier this year after 12 per cent of planned horse races were cancelled.

t said this led to a five per cent drop in UK retail revenue with over-the-counter betting taking an eight per cent hit.

In its results for 2017 net gaming revenue grew 17 per cent to €925.6m (£825.1m).

There have been mixed fortunes for the gambling industry in recent weeks.

The UK government slashed the maximum stake for fixed odds betting terminals from £100 to £2 earlier this month after describing the machines as a "social blight".

The industry received better news from the US earlier this month after its Supreme Court struck down a law that made sports betting illegal, potentially opening a vast new market for gaming companies.

Categoría:Others

Tags: Sin tags

País: Isle of Man

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