GVC the ‘Dark Horse’ of betting as company value hits £2 billion

The Financial Times has labelled FTSE-listed online betting operator GVC Holdings (GVC) the gambling industry’s ‘Dark Horse’ as its corporate value hits the £2 billion mark.

Since its £1.1 billion takeover of bwin.party Entertainment (deal completed February), GVC’s growth rate has surpassed competitors 888 Holdings and Ladbrokes Plc.   

Its takeover of bwin.party assets has transformed the company, which according to analysts can now realistically forecast £800 million in earnings, cementing its place within the top tier of online gambling operators.

In its Q1 2016, trading update GVC governance stated that integration of bwin.party assets was on course as the company recorded a positive contribution of all core brands to its group earnings. A positive factor as the company looks to secure €125 million in co-synergies by the end of 2017.

On Monday,  the company announced its first major B2B services agreement with UK independent bookmaker Betfred, which will see GVC supply the operator its online betting and igaming platform provisions for the next 10-years.

Issuing a Pre-AGM trading update today, GVC governance detailed that daily Pro-forma Q2 2016 revenues  are currently 11% higher than the corresponding period in Q2-2015; and 15% higher on a constant currency basis.

Kenneth Alexander, CEO commented on corporate performance

“I am delighted to be able to report a continuation of the strong trading performance previously announced at the time of our final results on April 25th. It is pleasing to see that our strategy to reinvigorate growth at bwin.party is delivering positive early results, which is in part a reflection of the high quality people within the enlarged Group. This, together with the transformational B2B deal with Betfred, that we announced yesterday, gives me confidence that we can deliver significant value to our shareholders. In addition, the plan to seek a transfer to the Premium Segment of the Official List is progressing and we anticipate making further announcements on this in due course.”