Euro 2016 Surprise Results Give Boost To Sportingbet Owner GVC

Surprise results in the first half of the Euro 2016 tournament "gave a boost to second-quarter profitability at GVC Holdings Plc, the online bookmaker that more than doubled in size with the takeover this year of Bwin.party Digital Entertainment Plc.," according to Paul Jarvis of BLOOMBERG. The Isle of Man-based company said that results "were especially good in the early stages of the event in France." It said that that "led to an above-average win margin" of 9.9% on sports bets, up from 7.9% in the same period last year. About a third of games "played in the opening round of the Euro 2016 tournament were draws, traditionally a favored outcome for bookmakers." Upset wins for long-shots such as Albania and Iceland "also helped the win percentage for GVC, which owns the online wagering company Sportingbet" (BLOOMBERG, 7/13).