Betting group GVC Holdings has updated investors on the company's first quarter financial results, revealing higher revenues even though changes to fixed odds betting terminals have been introduced within the UK market.
The company's first quarter ended on March 30th, 2019 and saw the following results:
- Net gaming revenues up 8%, due largely to virtual sports and higher bet numbers
- UK retail revenues about flat
- UK online revenues up 17%
The UK recently made the maximum bet on fixed odds betting terminals £2, down from the previous max of £100. This will likely see some short-term losses in the machines, but could see money being spent on other gambling verticals, particularly online. GVC oversees massive betting firms bwin, Coral, Ladbrokes, Gala Casino, and partypoker, so it's likely they'll be able to weather this low-bet storm.
Commenting on the results GVC CEO Kenneth Alexander said, "We continue to see good volume growth across all major online brands and territories and we remain very confident of achieving our target of double-digit online NGR growth. The impact of soft gross win margins in Italy and the UK was offset by improved margins in other territories, demonstrating the benefit of both geographic and product diversification across the Group."