GVC unfazed by Barcelona and Bayern wins

Sportingbet owner GVC Holdings shrugged off a Champions League setback today as it reaped the benefits of its £1 billion takeover of rival bwin.party and kept its eye open for more deals.

Barcelona’s stunning late comeback against PSG triggered a payday for GVC’s South American punters whereas bwin — whose key market is Germany — paid out heavily after Bayern Munich’s 5-1 demolition of Arsenal at the Emirates.

“If the favourites win, there are lots of goals and there are late goals and we’re going to get hit,” said chief executive Kenny Alexander.

Despite the setback, GVC kept up the momentum seen last year with gaming revenues up 15% in the first quarter.

That followed underlying profits up 26% to €205.7 million (£177.8 million) in 2016. GVC also paid out a special dividend and is on track to make €125 million in cost savings this year.

GVC has been mooted as a possible buyer of William Hill or Ladbrokes. Alexander said: “We are not restricted to the UK, we are very flexible about what geographies or products we buy.

"I look at a lot of things and when the right one comes along we are in a great position to do it.”