GVC Holdings Acquires Bet.pt
One of the UK’s biggest gambling companies GVC Holdings has announced they will be acquiring Portuguese sports betting giant Bet.pt. The time felt right as they claimed they were going through another strong quarter. This comes at a time when GVC Holdings has been seeing a boost in revenue from their online gambling sites. It’s no surprise that the current pandemic affecting the world has helped contribute to this. With many people stuck at home and land-based casinos being closed, people are searching for ways to pass the time. In fact, the industry as whole has seen an increase in online activity in the last 6 months.
The Portuguese market is growing
According to GVC Holdings the company sees Bet.pt as one the current leaders in the Portuguese sports betting sector. The purchase makes sense and is in line with GVC Holdings current vision for the future. The company is currently looking to enter new markets with a focus on either markets that are currently regulated or ones that are moving towards regulation in the near future.
Right now, GVC Holdings believes the Portuguese marketing in a state of rapid growth. In fact, the sports betting industry and gambling market in Portugal as a whole are expected to grow to around €450 million by 2023.
GVC Holdings having an extended period of growth
GVC Holdings recently released their quarterly performance report which showed their net gaming revenue has improved by 12%. The online gambling sector of their business has seen increases month over month for past 19 months. Over the course of this time GVC Holdings has seen an increase of 26% in revenue.
Initially at the start of the current global pandemic GVC Holdings believed the Corona virus would have a negative impact. As months go by and the pandemic continues, more and more people are looking to online casinos to get their gambling fix. In Australia GVC Holdings showed steady growth over the last few months. The company has increased their net gaming revenue by over 60%. With the gambling industry on the rise it only makes sense to invest and expand the company’s current portfolio.
Moving forward GVC Holdings is keeping a close eye on the US market. The company predicts the iGaming and sports betting industry will reach an astonishing $20.3 billion by 2025. Currently GVC Holdings is already working in the US under a joint venture with MGM Resorts. Roar Digital the company formed by the merger currently manages Bet MGM. They currently operate in 8 different states. GVC Holdings is expecting to launch in more states by end of this year and moving in 2021.
GVC Holdings is also keeping an eye on additional markets which are expected to grow in the coming months and years. We’ll be keeping an eye to see where they decide to go next. One thing is for sure, until the Corona virus is sorted out more people will keep looking to online gambling sites to get their betting fix.