|Master Investor Magazine
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FTSE 250 sports betting and gaming company GVC (LON:GVC) has seen its share price climb by 5.04% to 787.80p (as of 16:00 BST) after it slightly increased its full year profit guidance. Management said that net gaming revenues rose by 12% for the 3 months ended 30th September despite the comparative period containing part of the football World Cup.
CEO Kenneth Alexander commented: “I am delighted that the Group’s financial performance has allowed us to upgrade our full year EBITDA expectations again. Online momentum remains strong across all major territories, with NGR up 12% in the quarter despite the prior period containing part of the World Cup. This performance continues to be driven by our industry-leading technology, products, brands, marketing capability, and people.
The launch in September of the BetMGM app in New Jersey, powered by the GVC technology platform, is a key milestone, and our US sports-betting joint venture with MGM Resorts remains very well-placed to capitalise on the US sports-betting opportunity. The integration of the Ladbrokes Coral businesses is progressing well with the migration of the Ladbrokes, Coral and Gala online brands due to commence in Q4 and complete by the end of H1 2020.
Finally, we were delighted to recently launch the GVC Global Foundation, which will coordinate and support GVC’s CSR initiatives around the world. This should be taken as a clear sign of our determination to spearhead the gambling industry’s approach to CSR initiatives, particularly with regard to responsible gambling“.