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GVC Holdings lifts guidance; to buy Portugal's Bet.pt
8th Oct 2020 07:22
(Sharecast News) - Ladbrokes owner GVC Holdings on Thursday lifted core earnings guidance as a surge in online bettering and the resumption of major sports events boosted third-quarter revenue.
The company, which also owns Coral and bwin, said full-year earnings before interest, taxes, depreciation, and amortisation was now expected between £770m - £790m, £50m ahead of expectations and subject to no further coronavirus-related disruption.
"We are confident in our ability to manage these disruptions but remain cautious on the outlook given the ongoing uncertainty that Covid-19 is causing," GVC said.
Total net gaming revenue rose 12% in the three months to September 30.
GVC added that it was also buying Bet.pt in Portugal for an unnamed sum to extend its business across Iberia. The company said the rapidly-growing Portuguese sports-betting and gaming market was expected to more than double to around €450m by 2023.
The company, which also owns Coral and bwin, said full-year earnings before interest, taxes, depreciation, and amortisation was now expected between £770m - £790m, £50m ahead of expectations and subject to no further coronavirus-related disruption.
"We are confident in our ability to manage these disruptions but remain cautious on the outlook given the ongoing uncertainty that Covid-19 is causing," GVC said.
Total net gaming revenue rose 12% in the three months to September 30.
GVC added that it was also buying Bet.pt in Portugal for an unnamed sum to extend its business across Iberia. The company said the rapidly-growing Portuguese sports-betting and gaming market was expected to more than double to around €450m by 2023.