Famous online gambling and the largest sports betting group, GVC Holdings upgraded its forecast for this year’s earnings on August 15. Online Gambling section helps GVC Holdings to Make up for Losses Sustained Because of Strict Regulations. Their move came after their online business helped in boosting their earnings. The company has lately faced massive losses after the UK’s gambling sector enforced firmly regulatory administration on the gambling companies.
GVC Holdings Made up for Their Losses
GVC Holdings also publicized that the squelching brought on them by the UK government over the Fixed Odds Betting Terminals did not impact the performance of the company. As they had actually expected it when the regulation was imposed on them earlier this year. The company said that they were expecting a bigger loss to their annual earnings.
After the stringent rules on the gambling machines. They had expected a loss of £120 million on their earnings in just two years. Which would have forced GVC Holdings to close down 1,000 of their betting shops spread across the UK?
However, the company revealed that 900 betting shops were closed down. Along with this they also revealed that their earnings for 2019 would be £10 million more than what they had forecasted earlier.
Revenue of GVC Holdings – Jan to June’ 2019
The overall revenue of GVC Holdings revealed its six-month revenue for 2019. After adjusting their losses, they still were above their expected revenue. On June 30, their income went up by 5%. Which is to £1.78 billion from last year’s revenue for the same time period. Their revenues from online gambling went up by 17%, reaching £1.01 billion. GVC Holdings also said that their profit before tax adjusted for Ladbrokes acquisition-related repayment went up by 31% to £212 million.
The higher management of the company was quite pleased with their revenue status for the first half of 2019. They specifically mentioned that the online gambling section was quite profitable. Which proved to be advantageous for them against their rivals.
GVC Holdings Continues to be Dedicated to Responsible Gambling Initiatives
Besides just revealing their interim results for the first six months. GVC Holdings also trimmed down on the betting advertisements in English and Scottish football grounds. While doing so, they clarified that this step was taken so they could continue to contribute to Responsible Gambling causes in the nation.
GVC Supports Responsible Gambling
They recapped that it was the first-ever operator to guarantee a ten times increase in its charitable causes connected with responsible gambling.
VC Holdings whole-heartedly supported the campaign that called for a complete ban on sportsbook advertising in the United Kingdom.
The company’s CEO Kenny Alexander elucidated that they donated their entire marketing assets present at 42 English and Scottish football clubs to the alleged “Bet Regret” safer gambling promotion of GambleAware.
Alexander also said that GVC Holdings would comply with their decision on not sponsoring any English or Scottish football clubs in the future.