Freak Weather Slashes GVC’s Revenue

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Freak Weather Slashes GVC’s Revenue

To say that some people have run out of luck, can seem a little cruel but it is almost certainly what the people at GVC Holdings PLC are thinking round about now. The organization began the year on a high that has lasted for just about twenty weeks, then with the coming of the change of seasons their luck switched and let’s just say the financials are looking decidedly lackluster.

The Rundown of Nature’s Impact

GVC stated in its quarterly financial reports that their total net income for all divisions within the GVC Holdings PLC managed to collectively increase by 2018 for the period from January to the beginning of May. However, the company has stated that if not for meteorological interferences then they could have had a much better run.

The company noted that when severe storms impacted events, such as horse racing and caused organizers to cancel these events, they lost money. In total over the course of the period, the company did away with a total of 5% of income due to horse racing events being cancelled in lieu of bad weather. The number one division of the company that was adversely affected by the cancellation of horse racing events was the Ladbrokes betting firms.

An additional factor that didn’t work in the favor of the gambling company is that customers were less enthusiastic about making large bets due to the fact that in 2017 GVC had racked up quite a number of wins for themselves. However, despite all of the craziness within the physical betting stores and the horse racing events, GVC still has its online platform and at the very least their digital offerings seem to be booming.

GVC’s Online Presence

The online platforms helped to bring a total of 17% higher income than previous years; meanwhile gambling from esport fans has also jumped. The sports fanatics have helped to boost net income for the organization by a total of 16% and the actual number of bets made by esport fanatics climbed by a total of 4%. GVC did quite well in their market expansion efforts, having managed to gain popularity within Europe; the net income within the European markets has grown by 32%.

The CEO of GVC Kenneth Alexander stated in a recent press release that they’re online market outperformed itself, especially considering the fact that GVC is still honing its online product offering and has yet to comply with all of the added rules and regulations. All in all, business is booming for GVC, just a slight pity about the weather.

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