GVC Holdings has recently raised its earnings guidance for the year, based on a strong Q3. They have predicted that its earnings will be £50m ahead of previous expectations, following rapid recovery across all core markets.
In a trading update for Q3, GVC reported that its total online net gaming revenue is expected to be up by 26%. They have been experiencing double-digit online growth for 19 consecutive quarters.
Growth across various sectors
GVC noted in its report that they have seen growth over the past few months across sports betting, retail and gaming. After a period of disruption in the sports industry, customer sports betting stakes were up 25% due to the busy calendar.
Gaming revenue also grew by 27% and this is expected to increase with the latest acquisition of Bet.pt, announced today. In Europe, retail revenue is expected to be 2% ahead based on a good performance in Italy.
A strong period for GVC
Chief Executive of GVC, Shay Segev said about the earnings guidance: “The momentum that we are seeing across the group is a clear testament to the resilience of our highly diversified business model, the attractiveness of our brands and products, the power of our proprietary technology platform, and the hard work and dedication of our teams around the world.”
This brand expanded its partner roster with large deals and this has certainly contributed to its success. With a prediction of £50m, ahead of expectations, only time will tell just how successful GVC will be.