UK-listed betting and gaming operator Gala Coral Group saw significant improvement in its online operations despite the UK’s new point-of-consumption tax (POCT).
Total group revenue in Gala Coral’s fiscal H1 – covering the 28 weeks ending April 11 – was up 5% year-on-year to £684.8m. But online revenue rose 38% to £123.3m and betting handle was up 42%, leading the company to crow that the combined Coral and Gala websites are “the fastest growing in the UK online gambling market, adding more net revenue than any of our listed peers.”
Online earnings were up 12% to £23.9m, although the company hastened to add that earnings would have been up 72% if you discount the new 15% online POCT. On a similar note, if you discount the fact that I am not Brad Pitt, I’d be having sex with Angelina Jolie right now, rather than relaying some gambling company’s fiscal rationalizations.
On an individual website basis, Coral.co.uk was the star performer, with active customers up 44% and revenue up 66% to £54.9m. Sports revenue rose 55% to £16.1m while gaming was up 72% to £38.9m. In-play wagers now represent 71% of sports wagers (excluding horseracing), up from 41% in the same period last year. Mobile wagering accounted for 71% of sports betting stakes and 63% of gaming.