GVC sees net gaming revenues increase 1% for the first three months of the year but has been hit hard by the Coronavirus outbreak.
UK.- Betting giant GVC Holdings, has revealed that it is losing around £50million per month due to global sports blackout resulting from the Coronavirus pandemic.
The announcement was made during the the gaming gaint’s quarterly report where it announced that revenues had increased 1 per cent in the first three months of the year.
GVC said it had started the year well with net gaming revenue up 1 per cent and online NGR up 19 per cent, but the closure of retail outlets and cancellation of sports events in mid-March had hit revenues hard.
At first it was predicting a monthly EBITDA reduction of £100million per month, but subsequently actions taken by the group hasd mitigated this to £50million per month.
The group says that its financial position “remains robust” and as a precaution it is withdrawing its second interim dividend due for payment on April 23.
The group is one of the world’s largest sports betting and gaming companies, operating brands such as bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds and Sportingbet, plus gaming brands such as Foxy Bingo, Gala, Gioco Digitale and PartyCasino.