GVC Holdings, in its interim results for 2018, has stated that its joint venture with MGM Resorts leaves the firm “very well placed” to take advantage of the US sports betting market with access to 15 states and its mobile app already launched. The company also revealed that it is willing to enter new, frontier regulated markets including Latin America.
CEO Kenneth Alexander said: “The repeal of PASPA by the US Supreme Court in May provides a significant new market opportunity and we are delighted to have announced a joint venture with MGM Resorts to provide sports-betting and online gaming services in the US. The combination of MGM’s leading brands together with GVC’s proprietary technology, and both businesses’ combined betting and gaming expertise, puts the group in the best possible position to benefit from what could become the world’s largest regulated sports-betting market.
The statement of intent was part of an overall presentation outlining GVC’s financial performance for the six months ended June 30 in which the firm reported net gaming revenue ahead by eight per cent at more than £1.7bn ($2.23bn). Gross profit was also ahead in the half-year by six per cent to circa £1.2bn ($1.57bn).
The presentation came almost simultaneously with the news that the group is to become a member of Dow Jones Sustainability Index (DJSI), following the results of the DJSI’s annual review. Launched in 1999, the DJSI represents the gold standard for corporate sustainability.
Nick Batram, GVC’s director of investor relations said: “We are proud to be recognized as a leader in corporate social responsibility, which is at the core everything we do as a business. Acting responsibly is not a luxury but fundamental to our long-term success and a key driver of shareholder value.”