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Business expands again for Gaming VC

Online casino and sportsbook operator is celebrating its fifth consecutive year of increased revenues.

Thursday 26th April 2012

Online casino and sportsbook operator Gaming VC Holdings has released its preliminary financial results for 2011 showing that it achieved a fifth successive year of increased revenues. The Isle of Man-based firm stated that total revenues for the twelve-month period rose 17 percent year-on-year to €64.3 million although earnings before interest, taxation, depreciation, amortisation, share option charges and exceptional items dropped from €12.2 million in 2010 to €10 million this time out ‘following planned investments in marketing and television campaigns in the group’s business-to-consumer brands’. Gaming VC recently announced that it had entered into an agreement with an independent third-party to dispose of its Betaland sportsbook and gaming business for a nominal sum and declared that its business-to-consumer operations were ‘performing well’ with revenues up six percent year-on-year. “2011 was a significant year for the group as we moved into providing business-to-business services for the first time with our support agreement with East Pioneer Corporation BV,” said Kenneth Alexander, Chief Executive Officer for Gaming VC. “This marks a change of direction for the group away from pursuing growth in pure business-to-consumer markets and this has continued with the disposal of Betaland earlier this month. Revenues have seen a fifth successive year of increase against a backdrop of tight consumer spending across the group’s core markets and the decline of poker revenues across the industry. “Trading in 2012 has started encouragingly despite some unusually high casino winners across both business-to-consumer and business-to-business along with a softness in the business-to-consumer sports margin percentage through punter-friendly results. The Latin American business continues to grow with sports wagers 165 percent higher than the same period last year.”

Source: OnlineCasinoNews

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