GVC Holdings Profits Drop 40%

Isle of Man based internet betting group GVC Holdings has announced their full year 2015 financial results, noting revenues fell 40% when compared to the year prior due to their pricey £1.1 billion cost of purchasing bwin.party.

The pre-tax profits for the group were down to €24.7 million from €40.6 million the year prior, which was largely due to €23 million related to their takeover of the bwin betting brand. Bwin itself had a loss of €42.3 million, which offset GVC's profits of €25.5 million for the year. GVC beat out 888 Holdings to purchase bwin last year, posting multiple bids that exceeded 1 billion pounds, which was eventually accepted by the bwin Board of Directors.

Total revenues were ar bright spot for the company though, as revenues did grow 10% to €247.7 million.

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