GVC describes “strong performance” in Q3; NGR up 12% y-o-y

GVC Holdings, owner of Ladbrokes Coral, Foxy Bingo and partypoker, has described its “strong performance” for Q3 2020.

The operator saw net gaming revenue (NGR) increase 12% year-on-year for the period from 1 July to 30 September 2020.

Although exact figures are yet to be released by the operator, its revenue increase can be attributed to the strong performance of online, with NGR up 26% for the segment.

GVC said online gaming volumes remain ahead of pre-COVID levels, while online sports wagers were up thanks to a busy sports schedule following the return of sports leagues.

The operator also saw continued growth in Australia, where NGR was up 64% year-on-year.

Although the pandemic caused the temporary closure of all of GVC’s UK and European land-based operations, all properties are now open and operating within 10% of pre-COVID volumes, according to the operator.

As a result of the growth of BetMGM experienced in Q3, GVC has increased its expectations for full year net revenue in the US to $150m to $160m.

Commenting on the potential for further COVID restrictions, Shay Segev, GVC CEO, said: “While the risk of further restrictions as a result of COVID-19 mean that we remain cautious on the short-term outlook, in the longer term we are confident of being able to continue delivering sustainable growth for all our stakeholders.”

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