Move away from Germany proving successful for Malta-licensed online casino and sportsbook operator.
Friday 29th May 2009
Online casino and sportsbook operator Gaming VC Holdings SA has released its preliminary financial results for 2008 showing a 22.5 percent jump in net profits to €40.9 million.
Gaming VC is the firm behind CasinoClub.com and was granted a Maltese gaming license in August of 2007 meaning that it could diversify away from its traditional German market.
It reported net gaming revenues of €50.1 million, a year-on-year increase of 17.5 percent, and stated that non-German activities now account for 31 percent of its overall business, a rise of ten percent from 2007.
Gaming VC’s operating profit increased to €16.4 million from €16.2 million in 2007 while its profits before tax rose by €300,000 to €16.9 million to give it €17.5 million in cash at the bank as of the end of December.
'I am delighted that our strategy to diversify the group's product offering away from Germany continues to be successful,” said Kenneth Alexander, Chief Executive Officer for Gaming VC.
“Our non-German brands are growing strongly and their percentage contribution to group revenue is increasing. We continue to seek acquisition opportunities in selected additional markets.
“In the first three months of 2009, trading has been slightly ahead of our expectations across all divisions of the group and I am cautiously optimistic that 2009 will be a successful year.'
Alexander revealed that Gaming VC’s sportsbook operations had achieved net win margins of over 13 percent and generated 13 percent of the firm’s revenues and 15 percent of its gross profits.
