GVC says sports betting revives as events resume

GVC Holdings said sport betting was reviving in line with its expectations as events resumed and that it was encouraged by early signs of customers returning to its retail outlets as Covid-19 restrictions are relaxed.

The FTSE 100 gambling company said it traded strongly during the coronavirus shutdown and met its target of operating at cash neutral during the period.

The owner of Labrokes and Coral bookmakers said the global economic outlook was uncertain but that its resilient performance during the Covid-19 crisis had left it in good shape to prosper. The company cancelled its dividend in April and cut pay for directors and top executives by 20% to conserve cash during the emergency.

In a statement to be delivered at GVC's annual general meeting in Gibraltar, Chairman Barry Gibson said: "Throughout the period our online gaming businesses continued to trade strongly, and as we see the resumption of sporting events across our business our sport volumes are returning in-line with expectations.

"Our retail outlets in England have now been open for a little over a week, albeit with extensive social distancing measures in place, and we are encouraged by the early signs as customers return to the high street."

After almost three months of shutdown, Premier League football has restarted in near-empty stadiums and non-essential retailers such as bookmakers have been allowed to open as the government seeks to revive the economy with the virus seemingly coming under control.