GVC Holdings shares surge on strong Q3 results

GVC Holdings shares (LON: GVC) rose almost 5% on Thursday’s opening.

The global sports-betting and gaming group released a trading update for the the period from 1 July to 30 September 2020.

GVC Holdings showed a strong performance, with a 12% increase in net gaming revenue leading the company to raise earnings expectations for the year.

The group, which owns the Coral, Eurobet, Ladbrokes and CasinoClub brands, boasted strong online gaming volumes that remained ahead of pre-pandemic levels.

The London-listed company also reported a strong performance in Australia, as net gaming revenue soared 64%.

“This has been another strong period for GVC,” said Shay Segev, GVC Holdings’ chief executive. “We have delivered our nineteenth consecutive quarter of double-digit online growth, along with market share gains in all our major territories. The momentum that we are seeing across the Group is a clear testament to the resilience of our highly diversified business model, the attractiveness of our brands and products, the power of our proprietary technology platform, and the hard work and dedication of our teams around the world.”

“GVC is primed for further growth. In the US, BetMGM continues to go from strength to strength as we roll out into new states, integrate further with our partners’ customer propositions and deliver innovative products and features. With a market share of approximately 17% across our live markets, we are making great progress towards being the leading operator in the US.

“The acquisition of Bet.pt that we are announcing today is consistent with our strategy of expanding into new markets that are either regulated or regulating, in order to support our international growth ambitions.

“While the risk of further restrictions as a result of COVID-19 mean that we remain cautious on the short-term outlook, in the longer term we are confident of being able to continue delivering sustainable growth for all our stakeholders,” added Segev.

GVC Holdings shares (LON: GVC) are currently trading +2.85 at 1.081,50 (1327GMT).