GVC Holdings on track for double-digit online growth this year

[The Buzz]

GVC Holdings announced last week that it is on track to deliver double-digit growth in its online business this year, after experiencing strong growth in Q1.

From ClickLancashire.com

That side of the group, which is home to brands such as Foxy Bingo and partypoker, saw revenue surge 17% compared with the first quarter a year ago. Like many United Kingdom retailers, Britain's bookmakers have struggled with declining footfall on the high street which has dented sales and profits from its stores.

NGR in the group's United Kingdom retail business was flat in the period, on a like-for-like basis, with over-the-counter revenues down six per cent and machine NGR up four per cent (like for like).

Its European stores fared better, with revenue climbing 2%, boosted by a 13% rise in sports wagers. As with the United Kingdom retail division, margins slipped 1.8 percentage points.

However, back home in Britain, restrictions on Fixed Odd Betting Terminals was expected to result in the closure of up to a 1,000 shops and impact GVC's 2019 core profit by about 135 million pounds ($176.6 million).

Meanwhile, like-for-like revenue in United Kingdom retail was flat, but European shops saw 2 per cent growth. "The impact of soft gross win margins in Italy and the United Kingdom was offset by improved margins in other territories, demonstrating the benefit of both geographic and product diversification across the group".

The new regulations were implemented in April and maximum betting was limited to 2 pounds ($2.62) from a 100 pounds in an effort to keep a check on problem gambling.

Read more here: http://clicklancashire.com/2019/04/0...p-for-gvc.html

And here is the official report from GVC: https://gvc-plc.com/newsrelease/q1-trading-update/

[PokCas]

No wonder, they decreased their affiliates' commissions by so much.

[toppokervalue]

Not to mention slashing many of the rewards programs. PartyPoker scrapped their sign-up bonus and replaced it with Achievements. They also advertise up to 40% rakeback, but you need to rake $25/week to earn 20% rakeback. Anyone who rakes less than that (which is a HUGE chunk of players) gets nothing. And to qualify for the 40%, you need to be raking $1,200/week.