GVC struggles as igaming sector takes wider hit

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Updated September 21, 2022 | Published August 13, 2020

2 mins read

Net gaming revenue took a serious tumble in June, declining by $2.12 billion or down 10.7%. The slowdown, occasioned by the shutdown of the majority of retail businesses, has been notable in the bottom lines of many companies.

Yet, GVC Holdings has been able to do comparatively well in some departments. Revenue was bolstered by the company’s online segment and commitment to delivering excellent igaming and online betting solutions.

Poker was another segment in which GVC excelled. Revenue from the company’s in-house poker platform, partypoker, increased by 60% year-over-year, resonating with a global surge in interest for online poker.

Some of the company’s smaller brands also were able to deliver around £20.1m in revenue, proving that GVC’s strategy of diversifying its assets has been a success so far. A minor point of concern was an £8.6m loss in from the Roar Digital joint venture the company runs together with MGM Resorts.

While some retail and traditional gambling firms have struggled, online blockchain companies have had fairly smooth sailing. Blockchain operators were impacted just like any other regular sector, but thanks to their niche approach and high-adaptability, platforms were able to move forward and use the temporary hiatus in sports betting for example, to develop new products.

Online gaming among the best bitcoin casinos in the meantime has remained as strong as ever. Sports have taken a small tumble, but interest in crypto igaming has surged sufficiently to bolster up results.

In the meantime, esports betting has taken a turn for the better with most online platforms opening markets on competitive video gaming.

Tudor

Works as a developer and helps keeps the digital cogs turning. Leave them alone, they're busy.

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