World Cup boosts GVC Q3 results as new CFO is announced
GVC Holdings saw a 28% growth in net gaming revenue (NGR) during Q3 2018, including a 31% increase in sports brands NGR.
The operator experienced growth across all major territories and was helped by strong figures during the World Cup.
NGR was 30% ahead in Germany, 14% up in Italy and Brazil saw a growth of 13%.
GVC CEO, Kenny Alexander, said: “The Group’s performance in the quarter was very pleasing with momentum continuing across the Online and European Retail divisions.
"As highlighted in our H1 results, we will look to consolidate our position in markets where we are taking market share through the reinvestment of excess returns, and the board is confident in its full year expectations.
“We believe our sports betting joint venture with MGM is best placed to be the market leader in the US and we have taken the first steps on that journey with the soft-launch of our sports-betting app in New Jersey.”
The joint venture has signed a market access agreement with the United Auburn Indian Community, which would give GVC a route into the Californian market should the west coast state legalise sports betting.
GVC has also announced the departure of Paul Bowtell from the company. CFO for seven years, Bowtell will be replaced by Rob Wood.
Bowtell has worked as CFO at Gala Coral, Ladbrokes Coral and GVC and now joins private equity firm, Alchemy Partners.
His successor has been with GVC for six years and is currently CFO of the Ladbrokes Coral UK Retail business, GVC's largest division.