British Sports Betting Firm Estimates Decline Of £130 Million

British Sports Betting Firm Estimates Decline Of £130 Million

UK – A British sports betting and gaming firm listed on the London Stock Exchange; GVC Holdings, has today estimated that it  could experience a decline in Earnings before interest, taxes, depreciation, and amortization for the entire year of 2020 of around £130 to £150 million as the sports industry is ground to a halt.

As coronavirus continues to spread globally, the firm, founded in Luxembourg in 2004, states that the industry is one of the hardest hit as the majority of sporting events in Europe, Asia and the Americas have been suspended or postponed.

GVC Holdings, headquartered in the Isle of Man with licences in more than 18 countries, operates consumer-facing brands in the online gambling industry, including: Ladbrokes Coral Group, bwin, Sportingbet, partycasino and Foxy Bingo among others.

The company, which made the predictions earlier today, recorded an increase in group Net Gaming Revenue of five percent and an increase in online net gaming revenue of sixteen percent, for the period of January and February 2020.

According to reports, if sports betting shops in the United Kingdom are shuttered, it could potentially cost the company up to fifty million pounds per month.

It is not yet clear whether betting shops will be forced to shut their doors, however the British Prime Minister Boris Johnson today ordered all bars, restaurants and gyms to close.

Major sporting events that have already been cancelled or postponed so far because of the virus include: Euro 2020, Grand National, Royal Ascot and domestic football leagues.

Last year, GVC Holdings, which acquired Ladbrokes Coral in 2017, reported a net gaming revenue of more than three billion pounds.

Leave a Reply

Your email address will not be published. Required fields are marked *