GVC Holdings published its financial results for the first half of 2020

According to a group press release, in the second quarter online revenue grew 22%, despite overall performance being impacted by sports cancellations, demonstrating the strength and diversification of the Group's geographic, brand, channel and product offering.

Thus, EBITDA (earnings before interest, taxes, depreciation and amortization) is expected to be in the range of € 375M- € 386M.

Another key aspect explained in this 2020 balance was that Ladbrokes and Coral brands migrated on to GVC technology platform, completing key elements of technical integration of Ladbrokes Coral Group.

Also, the second round of investment in BetMGM (the joint venture with MGM Resorts) was included, raising the total investment of GVC and MGM Resorts to $ 450 million in order to accelerate expansion and be leaders in the sports betting market in the United States. 

However, after the publication of the financial results and news of CEO change, GVC's share price fell from £ 9.15 to £ 8.60. 

On this financial balance, Kenneth Alexander (outgoing CEO), said:

Given the extraordinary circumstances in which the Group is currently operating, delivering double-digit online net gaming revenue growth in all of our major territories is a very strong performance. It is a clear testament to the strength and diversification of our business model, the quality of our technology, the enduring appeal of our brands, and the talent, commitment and professionalism of our people. We have worked hard to achieve our target of operating at cash neutral throughout the lockdown period, which has enabled the Group to retain the necessary financial strength to be able to take advantage of growth opportunities as and when they are presented to it. Our increased investment in BetMGM in the US is a case in point. "

Also, Alexander referred to responsible gaming as a key policy of the group and stated:

“During this period of lockdown measures around the world, we have been more aware than ever of our responsibility to provide the safest possible environment for our customers. We continue to focus on providing our customers with the tools to empower them to manage their own play, whilst deploying our market-leading technology to monitor for potentially problematic changes in behavior and intervene as required. We are pleased that there is no evidence of any increase in problem gambling during lockdown. Hopefully this has also been duly noted by those whose preference for punitive and mandatory restrictions runs the risk of driving customers into the hands of unscrupulous black-market operators, as has been the case in other countries in which stringent and misguided regulation has been introduced."

Finally, the CEO wanted to be confident in the future after the results obtained in the midst of that crisis:

"All in all, our resilient performance through what has been a turbulent first half and the proven strength of our business model means that the Group can look forward to the future with confidence."