GVC Holdings investigation gets heavy criticism

MPs in the British Parliament have blasted the GVC Holdings investigation into the VIP scheme and called it a “conflict of interests.”

UK.- Amid several questions over the VIP segment in the UK, GVC Holdings was tasked with an investigation into it. However, some MPs have branded the decision as “a conflict of interest and woefully naive.”

Conservative MP Sir Iain Duncan Smith, who also sits on the APPG for Gambling Related Harm, said it was a “bizarre” decision by the Gambling Commission (UKGC).

“The Gambling Commission needs to be reformed,” he said. “This really does show you where the thinking has gone completely wrong. It’s like putting the mafia in charge of looking into organised crime.”

GVC Holdings 2019 growth

GVC Holdings released its post close trading update for the full year ended December 31, 2019. UK retail fell 11% in the fourth quarter of the year, but the results were affected by the FOBTs regulation introduced last year.

In the fourth quarter, online NGR growth remained strong across all major segments, said GVC. Online NGR growth rose 9%, while sports NGR increased 15% on a constant currency basis.

Kenneth Alexander, chief executive officer of GVC, said: “The group’s operational and financial performance in 2019 has been excellent with the strong momentum reported at quarter three continuing throughout quarter four.

“The performance continues to be driven by our industry-leading technology, products, brands, marketing capability, people and local execution, all of which is underpinned by our determination to spearhead the industry’s approach to responsible gaming.

“As the group continues to deliver the opportunities provided by both the Ladbrokes Coral integration and our sports betting joint-venture in the US, the board is confident that the group is well-placed for a successful 2020.”