GVC Holdings enjoys “particularly strong” H1 as Euro 2016 punters bet more, win less

UK-listed online gambling operator GVC Holdings had a “particularly strong” second quarter thanks to higher turnover and unlucky punters.

GVC released an H1 trading update on Wednesday, showing net gaming revenue up 8% to €439m on a pro-forma basis, which includes contributions from Bwin.party brands as of January 1 rather than the official acquisition completion date of February 1. Official H1 numbers will be released on September 20.

As might be expected, GVC’s actual revenue was up 223% to €388m following the Bwin.party boost. GVC’s own brands (Sportingbet, Betboo) reported revenue up 15% while Bwin.party pro forma revenue improved by 9%. The Q2 figures were even healthier given the first half of the Euro 2016 football tournament, with GVC brands up 24% and Bwin.party up 12%.

On a pro forma basis, overall Q2 revenue per day was up 11% to €2.45m. Gaming revenue was up 8% to €1.3m thanks to new products and increased cross-sell from sports bettors. Sports revenue spiked 25% to €972k despite betting turnover rising only 5% as margins gained two full points to 9.9%.