GVC revenues have risen 16% as £4 billion takeover of Ladbrokes Coral draws to a close
A 24% rise in sales to 896.1 million euros (£799.4 million) in 2017 was announced by the Foxy Bingo owners GVC Holdings, after experiencing a strong performance by its Party Poker brand and seeing increased mobile betting. It is also on a high after an early acquisition of bwin.
Chief executive Kenneth Alexander said GVC’s deal to buy Ladbrokes represents an “exciting opportunity”.
He added: “GVC achieved a significant amount in 2017 and as these numbers demonstrate, we have delivered material value from the bwin.party acquisition.”
“The acquisition of Ladbrokes Coral Group represents an exciting opportunity, bringing together industry-leading online and retail brands.”
“There will be plenty of hard work ahead, but we are confident that GVC will deliver once again.”
The deal to buy Ladbrokes follows two previous attempts to strike a deal after discussions broke down over price and amid uncertainty ahead of the Government’s gambling review. Regulatory clearance is the final hurdle before completion.
The combination of Ladbrokes’ high street and online operation with GVC brands looks set to create a global force to be reckoned with.