GVC Holdings PLC, the global sports-betting and gaming group, has published its latest trading update for the Q3 trading period 1 July 2019 to 30 September 2019. Revealing upgraded expectations for the full year, the firm also noted an encouraging start to its US activities following the launch of the BetMGM mobile app in New Jersey.
Addressing Q3’s key highlights, GVC reported that its full-year EBITDA guidance range has been upgraded to $820m – $832m (from $796m – $820m). Moreover, it cited continued strong growth in online with net gaming revenue (NGR) ahead by 12% despite the comparative period including part of the Football World Cup.
CEO Kenneth Alexander told investors: “I am delighted that the group’s financial performance has allowed us to upgrade our full year EBITDA expectations again. Online momentum remains strong across all major territories, with NGR up 12% in the quarter despite the prior period containing part of the World Cup. This performance continues to be driven by our industry-leading technology, products, brands, marketing capability, and people.”
Focusing on the US, he added: “The launch in September of the BetMGM app in New Jersey, powered by the GVC technology platform, is a key milestone, and our US sports-betting joint venture with MGM Resorts remains very well-placed to capitalize on the US sports-betting opportunity.”
He concluded: “Finally, we were delighted to recently launch the GVC Global Foundation, which will coordinate and support GVC’s CSR initiatives around the world. This should be taken as a clear sign of our determination to spearhead the gambling industry’s approach to CSR initiatives, particularly with regard to responsible gambling”.