GVC holding, the global gambling and gaming giant, has revealed financial figures for its first quarter. Despite earlier reports of facing challenges with the domestic retail sector, the company has managed to see consistent growth.
Also, it seems that the new regulation which imposed stake reduction of FOBT’s (Fixed Odd Betting Terminals) slashing it from a maximum of 100 GBP to 2 GBP has impacted the company’s financials. However, since the new regulation came into effect earlier this week, it would still be early to make such claims.
GVC posted an 8% growth on its net gaming revenue for the first three months. The growth has been attributed to better revenues from virtual sports and gambling stakes. As already expected, the online performance has been great for GVC and has mitigated the dampening returns from the retail markets.
GVC CEO Kenneth Alexander has said that the first quarter results are “an excellent start to the year.” He further explained, “We continue to see good volume growth across all major online brands and territories, and we remain very confident of achieving our target of double-digit online NGR growth. The impact of soft gross win margins in Italy and the UK was offset by improved margins in other territories, demonstrating the benefit of both geographic and product diversification across the Group.”
Now it is to see how the FOBTs maximum stake reduction will impact the company. However, Alexander is sure about the company’s performance and says that it will meet expectations regardless of the changing regulations.