Bookmaker GVC forecasts higher annual profit on online gaming boost

FILE PHOTO: A sign hangs outside a branch of Ladbrokes in London, Britain December 22, 2017. REUTERS/Simon Dawson

(Reuters) – Ladbrokes and bwin owner GVC Holdings GVC.L on Thursday raised its outlook for annual core earnings after posting a 12% rise in third-quarter revenue, helped by a surge in online gaming and as sports events such as the English Premier League resumed.

The company, which owns brands such as Coral and Eurobet, said full-year earnings before interest, taxes, depreciation, and amortization (EBITDA) is now expected between 770 million and 790 million pounds.

GVC had previously forecast annual EBITDA to be between 720 million pounds and 740 million pounds, and last week warned that new gambling rules in Germany, its second-largest online-gaming market, would reduce 2021 profit by 70 million pounds.

However, the company is steaming ahead as it also announced the acquisition of Bet.pt, an online gambling operator in Portugal.

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