GVC Holdings sets new revenue record as it prepares to absorb Bwin.party

UK-listed online gambling operator GVC Holdings’ latest trading update shows the company firing on all cylinders as it prepares to merge its operations with recent acquisition Bwin.party digital entertainment.

For the first nine months of 2015, GVC says average daily net revenue was up 11% to €670k, a new record. Sports betting turnover was up 15% to just under €4.5m per day, while sports revenue rose 3% to €314k per day as margins slipped 0.9 points to 9.2%. Average daily gaming revenue was up 18% to €356k and customer deposits rose 14% to €1.7m per day.

GVC said it was “highly confident” of the outlook for Q4 and announced it would pay its second interim dividend of 14€cents per share, bringing 2015’s year-to-date dividend to 56€cents per share, one €cent more than the same period last year.

As for GVC’s imminent takeover of Bwin.party, GVC said it would submit the final draft of its prospectus to the UK Listing Authority by November. Barring any regulatory concerns, the company envisions officially closing the deal early next year.