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Gaming VC reports positive results

Online casino and sportsbook operator has revealed a five percent year-on-year increase in net gaming revenues for 2010 of €54.9 million.

Wednesday 30th March 2011

Online casino and sportsbook operator Gaming VC Holdings SA has released its preliminary financial results for 2010 showing a five percent year-on-year increase in net gaming revenues to €54.9 million. However, the Isle of Man-based firm revealed static earnings before interest, tax, depreciation and amortisation for the year of €12.2 million following planned market investment of €4.8 million alongside start-up costs of €700,000 while the charges associated with its re-domiciliation and Boss Media led to a profit before tax of €4.1 million, which was down from 2009’s €14 million. For the first quarter of 2011, Gaming VC reported that it had seen record average daily net gaming revenues of €172,000, which was an almost nine percent year-on-year increase and some 15 percent higher than the previous three-month period, while total sports wagers rose similarly to be in the region of €251,000 per day. Gaming VC stated that its CasinoClub service averaged daily net gaming revenues of €83,000, which was up on last quarter’s €82,000, while its sportsbook for emerging markets that went live on January 5 was experiencing ‘encouraging trading’ with its sports stake for March around €64,000 per day. “The board has been encouraged by the improved conditions in the markets in which Gaming VC operates and Gaming VC has made a positive start to 2011,” said Kenneth Alexander, Chief Executive Officer for Gaming VC. “Betboo in Latin America and in emerging markets has performed more strongly than expected and the re-structuring of the earn-out should encourage further growth and allow greater investment in Latin America. The building of the Betboo brand outside Latin America will continue in 2011 and the board expects that this will move into profitability in the second half of 2012. Our marketing investments in CasinoClub will also continue throughout 2011. “The regulatory landscape has seen a number of changes during 2010, few of which have had an impact on Gaming VC’s core business. The Interstate Treaty in Germany expires at the end of the year and discussions among the German Lander have been taking place in 2011. It is too early to predict the outcome of these discussions. “The group remains cautiously optimistic for the forthcoming financial year.”

Source: OnlineCasinoNews

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