* H1 online gaming revenue up roughly 20%
* Overall EBITDA slips 5% to 348.6 million pounds
* Interim dividend scrapped
* Forecasts FY profit of 720-740 mln pounds, above estimates
(Writes through, adds shares, analyst comments, background)
By Pushkala Aripaka
Aug 13 (Reuters) - Ladbrokes and bwin brand owner GVC
reported lower first-half core profit on Thursday, while
forecasting growth for the rest of the year as its online
betting business flourishes and the company looks to cash in on
a growing U.S. market.
Betting shop closures and sport events cancellations during
the COVID-19 lockdowns hurt overall revenue, but GVC's online
sales jumped nearly 20%, with growth in both sports and gaming
categories and double-digit growth across major markets.
It now expects full-year underlying core profit to be
between 720 million pounds and 740 million pounds, down from 761
million it reported last year, but above a company supplied
consensus estimate of 715 million pounds.
The company also scrapped its interim dividend and its
shares fell almost 1% to 778 pence by 0813 GMT, having risen as
much as 3% earlier in the day.
Online profits surged 53% to 368.6 million pounds ($481.80
million), while in Britain like-for-like sales halved on
government-mandated restrictions.
"Given the unprecedented trading environment, GVC has
delivered an encouraging performance in the first half,
underlining the strength of our diversified business model," new
Chief Executive Shay Segev said.
Segev took over from long-time CEO Kenny Alexander in July
and the results bode well for him and the company as it shifts
strategies.
British bookmakers, including GVC and peer William Hill
have been expanding into the U.S. market to offset a hit
from tighter regulations at home.
GVC, which has a U.S. presence through a venture with casino
operator MGM Resorts, on Thursday said the United States
represented the "single biggest growth opportunity for GVC".
Underlying earnings before interest, taxes, depreciation and
amortization for the six months to June slipped 5% to 348.6
million pounds on a reported basis.
However, sporting events, such as horse-racing, Britain's
Premier League and Germany's Bundesliga and Major League
Baseball, resumed in recent weeks, aiding bookmakers.
($1 = 0.7649 pounds)
(Reporting by Pushkala Aripaka and Yadarisa Shabong in
Bengaluru; Editing by Amy Caren Daniel, Patrick Graham and
Emelia Sithole-Matarise)
