Despite the online growth, GVC posted double-digit declines in UK retail operations.
UK.- GVC Holdings has reported its latest financial results, detailing its operations during the second quarter of the current year. The company posted good results in its online sector, while it also registered double-digit declines in UK retail operations.
The company experienced a 19% decrease in its UK retail performance during the second quarter, which leads to a 10% fall in the first six months if the year. This comes after the introduction of the £2 limit on fixed-odds betting terminals (FOBTs).
GVC’s online gaming and sports betting segments posted growth during the three month period. Online NGR increased 16% in the second water and 17% in the first half of the year, though the latter competed with the FIFA World Cup in 2018.
Kenneth Alexander, GVC CEO, explained: “Trading in Q2 remained very strong with the online division delivering continued material market share gains across all major territories. This outperformance is driven by the sustainable competitive advantages of our proprietary technology platform, leading product, cutting edge marketing and leading brands, all delivered with an unrivalled understanding of the markets in which we operate.
“The transition to a post £2 stakes-cut environment in UK retail is progressing very well, and we believe the Ladbrokes Coral estate is best-placed to take market share.”