GVC Holdings Q3 Total Group NGR Rises 14%

Business News

GVC Holdings said Thursday that its online NGR rose 28 percent in the third quarter, driven by strong growth across all major territories and helped by a good end to the World Cup. Total Group NGR for the quarter grew 14 percent.

In a trading update for the period from 1 July 2018 to 30 September 2018, GVC Holdings said that Sports brands NGR grew 31 percent, while Games brands NGR increased 19 percent.

UK Retail like-for-like NGR declined 2 percent, but was helped by a good second half of the World Cup, while European Retail NGR rose 24 percent with strong growth in Italy.

“The Group’s performance in the quarter was very pleasing with momentum continuing across the Online and European Retail divisions. As highlighted in our H1 results, we will look to consolidate our position in markets where we are taking market share through the reinvestment of excess returns, and the board is confident in its full year expectations,” said CEO Kenneth Alexander.

The company believes its sports-betting joint venture with MGM is best placed to be the market leader in the U.S. and said it has taken the first steps on that journey with the soft-launch of its sports-betting app in New Jersey.

In addition, GVC Holdings announced that it has appointed Rob Wood as Deputy Chief Financial Officer with immediate effect, prior to succeeding Paul Bowtell as GVC’s Chief Financial Officer or CFO following his decision to step down from the Board on 5 March 2019.

After seven years as CFO of first Gala Coral, then Ladbrokes Coral plc and now GVC, Paul Bowtell has decided to leave the company in order to take up a role with private equity firm Alchemy Partners.

Rob Wood has been with the Group for six years and is the CFO of the Ladbrokes Coral UK Retail business, the largest division in GVC.