GVC Reports Potential Losses of £50m a Month
by Glenn Baird - April 6, 2020
GVC, owners of brands such as bwin, Coral, Crystalbet, Eurobet, Ladbrokes and Foxy Bingo have released figures that suggest they could be set to lose roughly £50m each month as the sports betting industry braces itself for what will be a very difficult next few months.
Despite this, the number is actually significantly lower than the company first feared, with projected losses per month predicted to be twice as bad just a few weeks ago.
Add the this the fact that the company are actually 1% from the same point last year and there is some grounds for the company, one of the biggest sports betting company’s in the UK, to remain optimistic.
However, the real financial sting, is likely to be felt within the next few months, as all sports betting companies prepare themselves for what is likely to be a very difficult time.
Kenneth Alexander, GVC CEO, commented: “As our Q1 trading numbers once again demonstrate, GVC is a business that, in normal times, delivers an outstanding performance. However, while our global and product diversification is standing us in good stead during the current uncertainty, the COVID-19 pandemic is posing an unprecedented challenge to our business and our industry.
“We are responding decisively, and have put in place a range of measures to keep our people safe, strengthen our financial position, limit cash outflow, preserve jobs and maintain a compelling customer offer.
“I am confident that we will emerge from this period in a position of strength, and we will be well placed to take advantage of a range of attractive growth opportunities which we believe will be available to us.
“We are also sensitive to the fact that at this time of economic stress and isolation, it is vital that we ensure a safe, responsible and enjoyable gaming environment for our customers and do everything that we can to minimise the potential for harm.
“Accordingly, not only have we supported the Betting and Gaming Council’s 10 pledge action plan on safer gambling, but we have gone further and introduced a range of additional safeguarding measures to ensure that we are able to rigorously monitor and protect anyone who may be vulnerable at this time.
“Finally, I would like to thank our outstanding teams around the world for the manner in which they have rapidly adapted to the challenge, and for their continuing hard work and commitment to ensuring GVC’s long-term success.”