UK betting group GVC Holdings has announced their first half 2019 financial results, noting a 5% increase in net gaming revenues.
Key financial indicators for the first half ending June 30th, 2019 were:
- Online gaming revenues up 17%
- Sportsbetting revenues up 18%, with online sportsbetting up 13%
- UK retail (Ladbrokes and Coral) down 10%, heavily attributed to the reduction of max bets on FOBTs
- European retail up 7%
Commenting on the results GVC CEO Kenny Alexander said, "Trading in Q2 remained very strong with the online division delivering continued material market share gains across all major territories. This outperformance is driven by the sustainable competitive advantages of our proprietary technology platform, leading product, cutting edge marketing and leading brands, all delivered with an unrivalled understanding of the markets in which we operate.
"The transition to a post £2 stakes-cut environment in UK Retail is progressing very well and we believe the Ladbrokes Coral estate is best-placed to take market share."