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Update: New Developments in GVC Holdings


Novelties in litigation against Boss Media

A new trading update has been issued by an online gambling group GVC Holdings plc for the period between 1 October 2010 and 15 December, including a report on the group's long-running litigation against Boss Media.

It seems that the group's top is satisfied with the current results, anticipating that it will meet the target values for the year. They pointed out that the Casino Club brand has proved to be resilient with average daily NGR at Euro 78 000 in Q4-2010, down slightly from Euro 81 000 in Q4-2009, also showing strong December results with daily NGR has averaged Euro 83 000.

Another rise was noted in Q4 sports wagers, which went up 41 percent to Euro 205 000, well ahead of the same period last year (Euro146 000). In terms of sports margins over the year, the average was at 12.6 percent, which is lower than in 2009 when 16.8 percent was achieved. Also, unfavorable sports results caused a 6 percent dropw in Q4 margins.

In the given period, these were the average daily stats for Q4-2010:

Sports wagers up 41 percent at Euro 205 000 (Q4-2009: Euro 146 000)

Sports hold 6 percent (Q4-2009: 22 percent)

Sports NGR Euro 11 000 (Q4-2009: Euro 32 000)

Gaming NGR Euro131 000 (Q4-2009: Euro 129 000)

Total NGR Euro 142 000 (Q4-2009: Euro 161 000)

In respect to 2010, the average daily statistics were the following:

Sports wagers Euro 193 000 (2009: Euro 149 000)

Sports hold 12.6 percent (2009: 16.8 percent)

Sports NGR Euro 24 000 (2009: Euro 24 000)

Gaming NGR Euro 126 000 (2009: Euro 124 000)

Total NGR Euro 149 000 (2009: Euro 150 000)

The group also expects further increases in its Latin American ventures, through its proprietary software powered Betboo subsidiary, which they believe will be able to reach self-funding in 2011 as marketing investment is boosted. The Malta-based management has further improved margins at the short-term expense of volume.

In addition, the group's Casino and Poker platform was transferred in Q4-2010 to an alternative provider, briefly affecting the volumes.

Turning to the group's litigation against GTechG2 subsidiary, Boss Media for breach of confidentiality, it seems that it will continue for a while, as there was a court hearing on jurisdiction in Malta on 2 December 2010, and also a separate arbitration has been initiated by Boss Media against GVC Corporation BV in Sweden. According to the Malta court, GVC's claims that the proceedings in Malta and Sweden are totally separate and should not be tied together are right.

Still, the court enabled Boss Media to provide more evidence regarding the jurisdiction issue by 25 January 2010 and adjourned the hearing on jurisdiction until 24 February 2010.

The preliminary date for oral submissions on jurisdiction to the tribunal in Sweden, has been set for 20/21 June 2011.

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