East Pioneer deal boosts GVC H1s
B2C revenues flat but B2B takes off in first quarter of 2012 after Superbahis deal.
Last November’s service agreement with East Pioneer Corporation (EPC) has seen GVC gross revenues more than double to 49.1m for the first half of 2012 compared to the same period last year, or 270,000 per day, the operator has revealed in its results for the six months ended 30 June.
EPC acquired Sportingbet’s Turkish-facing Superbahis for a minimum consideration of £125m last year and this contributed to an average daily B2B revenue rise from 1.4m to 29.9m while B2C revenues were relatively flat, rising 3.5% to 19.2m.
In April, chief executive Kenny Alexander (pictured) told eGaming Review that the company was well-positioned to look at more potential B2B deals, and that it could do so in the future.
The B2C numbers are like-for-like figures stripping out the Italian-facing Betaland business which was sold to unaffiliated company GVC New Limited in April. As part of the acquisition agreement GVC New Ltd is required to change its name by April 2014.
Revenues from the South American-focused Betboo brand were up 32.1% for the half, coming in at 5.1m, but CasinoClub revenues fell by almost 4% to 14.1m.
Just 6.1% of B2C revenues came from sports, but the vertical dominated B2B figures with 71.4% of total revenues, 21.4m compared to 8.5m in gaming and other revenues.
Alexander noted “challenging economic conditions” across the quarter, adding that: “Our B2C brands have performed satisfactorily given the underlying economic climate and overall we remain cautiously optimistic for the year.”