GVC Holdings, the parent company of partypoker recently released its performance for Q4 2018 to the London Stock Exchange (LSE) which shows that the company has had a good fourth quarter. Initial results will be announced publicly on March 5.
Gaming regulatory changes in the United Kingdom and all over Europe have dealt a huge blow to most gaming companies.
Most of 2018 have been marked by numerous consolidations, which included GVC Holdings which acquired Ladbrokes Coral for around £4 billion.
Amid difficult market conditions, GVC managed to still perform well.
The company’s Earning Before Tax, Depreciation and Amortization (EBITDA) is estimated to stand between £750 million and £755 million, exceeding its initial forecast.
partypoker which is one of the top gaming brands under GVC Holdings has done tremendously well for itself in the last couple of years. The online poker room has been on a mission to not only revamp its brand but also to reclaim market share. partypoker has won the Poker Operator of the Year at the EGR awards in 2017 and 2018 ousting PokerStars – the biggest online poker operator in the world.
partypoker enjoyed a strong 43 percent increase in Net Gaming Revenue (NGR). Managing Director Tom Waters seems to be steering partypoker in the right direction, as reflected in its impressive performance both in the online and live tournament events. The figures recorded by partypoker contributed to the 15 percent total revenue growth experienced by GVC’s online division.
partypoker’s 2018 calendar was jam packed with as many as 10 multi-million dollar tournament series slated between January and December 2018. The partypoker website also hosted the record-breaking MILLIONS Online last year which was its biggest ever online tournament to date.
GVC Holdings Making A Strong Push
CEO of GVC Holdings Kenneth Alexander said in a report to the LSE that the company’s performance last year was largely boosted by the strong momentum reported in Q3 which carried over into Q4. GVC has outperformed expectations and is continuing to benefit from all of its major territories the report said.
GVC’s 2018 performance lays out a strong foundation for the company in the months ahead as it sets the ball rolling with the integration of Ladbrokes Coral as well as its sports-betting joint venture with the MGM Resorts in the United States.