* GVC expects FY EBITDA of 770 mln to 790 mln pounds
* Q3 online gaming revenue jumps 26%
* Announces acquisition of Portuguese firm Bet.pt
* Stock rises as much as 9%
(Adds analyst quote, shares, background)
By Pushkala Aripaka and Samantha Machado
Oct 8 (Reuters) - Ladbrokes and bwin owner GVC
lifted its annual profit outlook for the second time this year
as sports events such as the English Premier League resumed and
interest in online gaming surged, sending the bookmaker's shares
9% higher on Thursday.
Online gaming revenue jumped 26% in the three months to the
end of September as COVID-19 restrictions encouraged customers
to play more to keep themselves entertained when other leisure
activities were curtailed.
GVC, which owns the Coral and Eurobet brands as well,
announced the acquisition of Bet.pt, an online gambling operator
in Portugal for an undisclosed price as it pushes ahead with its
expansion plans.
The gambling company expects full-year earnings before
interest, taxes, depreciation, and amortization (EBITDA) to be
between 770 million and 790 million pounds ($996 million
and$1.02 billion) after third-quarter net gaming revenue rose
12%.
The upgrade from its previous forecast of 720-740 million
pounds helped to push other gambling stocks higher, while GVC
was among the best performers on London's blue chip index
. It was up 4% at 1,095 pence by 1045 GMT and has gained
around 25% this year.
"We have delivered our nineteenth consecutive quarter of
double-digit online growth, along with market share gains in all
our major territories... GVC is primed for further growth,"
Chief Executive Officer Shay Segev said.
Gambling firms, including rivals William Hill and
888 Holdings have been targeting overseas markets,
especially the United States, to offset a hit from tighter
regulations in Britain.
GVC, which has a U.S. presence through a venture with casino
operator MGM Resorts, said that business was tracking
ahead of expectations, with sales of roughly $150 million to
$160 million expected this year.
"GVC's strong Q3 update confirms a favourable trading
environment for gaming operators at present", analysts at Davy
View said.
The bookmaker last week warned that new gambling rules in
Germany, its second-largest online-gaming market, would reduce
2021 profit by 70 million pounds.
($1 = 0.7732 pounds)
(Reporting by Pushkala Aripaka and Samantha Machado in
Bengaluru, additional reporting by Tanishaa Nadkar; Editing by
Sherry Jacob-Phillips and Keith Weir)
888 Holdings (888)
