Coronavirus: GVC braces for €165m loss

Gambling giant prepares for big losses but CEO Kenneth Alexander confident operator can ride the storm.

UK.- GVC Holdings has revealed that it expects its 2020 earnings to tumble by €165.3 million due to Coronavirus.

The widespread cancellation of sporting events is hitting bookmakers hard, and GVC expects EBITDA for the year to fall between €143-€165million.

These estimates only relate to the cancellations to day, as well as the closure of betting shops in Italy and Belgium.

Should the UK close retail shops as well, GVC earnings could be down around €49-€55 million per month.

“While we do not underestimate the challenge presented by Covid-19, GVC is in a robust position to manage the impact on our operations,” GVC Chief Executive Kenneth Alexander told iGB.

“We are a diverse global business, with an experienced and expert management team, which operates across multiple products and markets.

“Our priority is to protect our employees while maintaining our offer to our customers at this difficult time.”