January 11, 2018 / 8:26 AM / 8 months ago

GVC sees 2017 core earnings at top end of its expectations

(Reuters) - Online gambling firm GVC Holdings, which sealed a deal to buy Ladbrokes Coral last month, said on Thursday it expects 2017 core earnings to be at the top end of its own expectations on strong trading in the fourth quarter.

The company, which has expanded rapidly through acquisitions, said net gaming revenue for the fourth quarter rose 21 percent to 279.5 million euros (£247.6 million).

Ladbrokes Coral, which dethroned William Hill as the UK’s largest bookmaker after merging with Coral in 2016, said it expects full-year net gaming revenue to be around 1 billion euros.

In December, GVC agreed to buy bookmaker Ladbrokes Coral for up to 4 billion pounds.

The deal will push it into British retail gambling through its acquisition of about 3,500 betting shops, making it the biggest player on the high street and competing with William Hill and Paddy Power Betfair.

Reporting by Rahul B in Bengaluru; Editing by Bernard Orr

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