GVC Holdings’ full year net gaming revenue up 17%

GVC Holdings is set to takeover Britain's largest bookmaker Ladbrokes Coral

Online gambling firm GVC Holdings, set to takeover Britain’s largest bookmaker Ladbrokes Coral, saw full-year net gaming revenue rise 17% in 2017.

The company was helped by gains from the bwin.party businesses it bought three years ago.

GVC, the owner of the Sportingbet, bwin and Foxy Bingo brands, said net gaming revenue for the year ended December 31 rose to €925.6m from €794.3m a year earlier.

Net gaming revenue from its sports division rose 19% to €331.2m with amounts wagered up 2% despite the absence of a major international football tournament from last year’s calendar, a year after Euro 2016.

The company said full-year clean EBITDA – its preferred metric for core earnings – rose 40% to €239.5m.

GVC, founded in 2004, has grown rapidly under chief executive Kenneth Alexander, riding on growth at its online sites and a number of large acquisitions.

“Our core markets offer attractive growth prospects but we also recognise the opportunity presented by our proprietary technology to create significant synergies through M&A,” Alexander said on the results.

GVC has agreed to buy Ladbrokes Coral for up to £4 billion, in a deal that lands GVC a portfolio of retail betting shops>