Ladbrokes owner GVC scores on World Cup betting splurge
FTSE-100 listed gambling company GVC said today that growth had accelerated in the first half of the year, thanks in part to a successful World Cup for the business.
Net gaming revenue (NGR) in the first half was up eight per cent while online NGR grew 18 per cent.
The second quarter saw growth accelerate which GVC ascribed to underling momentum and the World Cup.
Read more: GVC shares hit all-time high on double-digit online gaming revenue growth
GVC said in a statement: “The World Cup tournament as a whole has been a good one for the Group, helped by a better than expected gross win margin but also importantly volumes and value of new customer deposits.”
Chief executive Kenneth Alexander said: "I am pleased to report this positive trading update whilst at the same time undertaking the integration of the Ladbrokes Coral business. The strong momentum across the online business has continued and means we are well placed to deliver against our full year expectations."
In March GVC took over bookmakers Ladbrokes Coral in a £4bn deal.
Read more: Here's why England's loss is good for UK bookies
Shares in UK bookmakers rose across the board after England’s semi-final defeat to Croatia as they recouped on the millions gambled on England winning the tournament and dodged a payout of up to £100m.