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GVC Holdings trading update: gaming revenues up 5%

The Isle of Man-domiciled online gambling group GVC Holdings plc has released its latest trading update, showing total net gaming revenues for the year 2010 up 5.2% to €54.8 million.

Sports wagers rose 23% to €69.3 million, although the hold was lower at 13.3% (2009:16.6%) resulting in a 4% drop in sports NGR to €8.7 million.

Revenues from gaming for the year rose 7.7% to €46 million.

The group's Casino Club brand reported total revenues down at €27,442,000 (2009: €29,434,000), whilst Betaland recorded €55,934,000 (2009: €52,907,000) and a margin of 15.7% (2009: 17.7%)

Betboo achieved revenues of 13,379,000, well up from the €2,867,000 in the company's launch year.

GVC reports that the top performing quarter of the year was Q4/2010, where sports wagers were 31% higher than in Q4/2009, but the hold was substantially lower at 7.3% (Q4/2009: 21.6%)

"Gaming revenues have now returned to the Q4/2009 levels, suggesting greater economic consumer confidence," the report notes.

The results are in line with group expectations, and cash available stands at €5.7 million.

Betboo commenced trading in Malta with a staff of 20 personnel and targeting emerging markets on January 5th this year.

There have been no further developments in the group's litigation with Boss Media, which will next he heard on February 24.

Source: InfoPowa News

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