The past year has been a solid one for Isle of Man-headquartered GVC Holdings. The company recently released its income figures for 2018, with a number of key financial indicators for the period ending September 2018, looking better than just satisfactory. The pressure has been on in the UK, with regulators coming down hard and taxes refusing to let up. However, it seems as if hard work still pays off, as attested to by GVC’s figures.
Admittedly, this year’s football World Cup had much to do with the group’s overall performance, with especially sportsbetting benefiting greatly from the event. Online net gaming revenue also soared, and performed a massive 28% better than what it did last year, when compared on a year-on-year basis.
Sportsbetting saw a 31% overall rise in the numbers.
GVC also benefited from the acquisition of Ladbrokes Coral, enabling the group to expand on its online as well as retail operations. Chief Executive Officer Kenneth Alexander said that he was well pleased with the group’s overall performance for the past quarter, and that it was evident that momentum in the online and European retail divisions had not slowed down at all.
Alexander also referred to the group’s strategy of re-investing excess returns as a means to achieve a bigger share in certain markets. He said that this would continue in like fashion for the foreseeable future, until such time as a majority market share has been established.
The chief in charge said that the group’s board was confident that the initial expectations for 2018 will be achieved in full.
The United States remains a major draw-card for many betting and gambling entities, including GVC Holdings. Alexander projects that the US will be the biggest regulated market for Europe’s gambling entities within the next five years. This is boosted by the fact that the UK is seeing a massive overall market decline resulting from the anticipated slam-down on fixed odds betting terminals.
All eyes are now fixed on the US as the next major emerging market. GVC recently concluded a sportsbetting joint venture agreement with MGM, and the company has said that it believes that it has now firmly positioned itself to be a market leader in the United States.