GVC presents revenue growth ahead of bwin.party merger
GVC Holdings has been given a major boost ahead of its proposed acquisition of bwin.party after reporting an increase in average daily net gaming revenue during the two months through to November 30.
Average daily net gaming revenue in the fourth quarter came in at €716,000 ($776,407), up 11.7% on the €641,000 in the corresponding period last year.
Net gaming revenue generated by gaming increase by 12.5% year-on-year to €338,000 on average each day of the quarter, while sport average daily net gaming revenue grew 10.8% to €328,000.
GVC also noted that the amount wagered on sports during the fourth quarter jumped 12.7% to an average daily amount of €4.9 million.
As a result of the positive showing during the fourth quarter, GVC was also able to post positive figures for the 11 months through to November 30.
Average daily net gaming revenue for the 11-month period came in at €677,000, up 10.5% on the same period in the previous year.
Gaming net gaming revenue for the 11 months amounted to an average of €361,000 per day, up 16.1% on last year, while sports net gaming revenue also increased by 4.8% to €315,000.
Sport wagers also jumped 14.2% year-on-year to €4.6 million on average each day.
Kenneth Alexander, chief executive of GVC, said: “I am delighted to announce the continued strong financial performance of GVC for the first two months of the last quarter.
“The board remains confident that the outturn for the 2015 financial year will be very positive.
“GVC has an excellent track record of growing revenues and turning around under-performing assets and the GVC board is highly confident that a positive vote at the EGM on 15 December 2015, to approve the proposed acquisition of bwin.party, will be the next transformational move for the GVC Group.”