GVC Holdings Posts Trading Update

Online betting group GVC Holdings has posted a trading update, noting a rise in revenue even with the end of the period showing slowing due to the Covid-19 pandemic.

The company showed that revenues were up 1% for the quarter ending March 31st. The company's Net Gaming Revenues for online betting were up 16%, with online sportsbetting and casino revenue up 17%.

The UK market was down 19%, and European market was down 3% for Net Gaming Revenues.

GVC is estimating that the Covid-19 pandemic will cost the company £50 million a month from its EBITDA. The company furloughed workers in the UK, and they're going to be getting £20 million per month in the way of business relief, which will help to pay salaries of affected staff.

In the update GVC CEO Kenneth Alexander said, "As our Q1 trading numbers once again demonstrate, GVC is a business that, in normal times, delivers an outstanding performance.

"However, while our global and product diversification is standing us in good stead during the current uncertainty, the Covid-19 pandemic is posing an unprecedented challenge to our business and our industry.

"We are responding decisively, and have put in place a range of measures to keep our people safe, strengthen our financial position, limit cash outflow, preserve jobs and maintain a compelling customer offer."

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