GVC Raises Profit Forecast Again

Ladbrokes-owner GVC has raised its annual core earnings forecast for the second time in three months, as its joint-venture with MGM Resorts International cashed in on the booming online sports betting market in the US.

GVC said it had seen a good start to its BetMGM mobile app launched in September in New Jersey. The company now expects full-year core earnings in the range of 670 million pounds ($818.07 million) to 680 million pounds.

The British gambling companies are now targeting the rapidly growing US market after Britain put in place tighter regulations and cut the maximum stake allowed on high speed slot machines to 2 pounds from 100 pounds.

“The company’s fortunes seemed to have turned around since reporting half year results in August when it said the full year should be better than expected. True to its word, its latest trading update confirms that business is going swimmingly,” Russ Mould, Director of AJ Bell Investment said.