GVC a Step Closer to Nevada License in Squeaker 2-1 Vote

World-known gambling and online gambling operator for both B2B and B2C markets, GVC Holdings, is officially getting closer to getting a license to operate in the state of Nevada.

Of course, like every potentially lucrative deal, this didn’t come easy for GVC either. This UK sports wagering company received two votes in favor and one vote against acquiring a provisional license from the Nevada Gaming Control Board (NGCB).

Now, the next step towards entering the regulated US sports betting market is facing the Nevada Gaming Commission (NGC).

GVC Facing Some Difficulties

Board member of NGCB, Terry Johnson, was giving GVC the hard time during the four-hour-long testimony. He actually said that the company did not face enough punishment for operating in Turkey where gambling is illegal.

Also, there was some information that Ladbrokes, the GVC brand in Turkey, was concealing payment information to keep money flowing. And allegedly, some employees were taking advantage of customers, keeping a little bit of the deposits on the side for themselves.

“I’m at a loss to understand where exactly did the buck stop in the company if it didn’t stop with you, and why are we to be assured that going forward you’re going to be at the helm of this company in a different manner than what transpired over the past several years?” Johnson asked.

The final votes in favor of GVC came thanks to the approval from Chairwoman, Sandra Morgan, and new member, Phil Katsaros. Johnson was the one who voted against it.

The Future of GVC in the USA

If GVC, who recently launched its ‘Changing for the Bettor’ campaign, manages to finally get a license from the NGC, the company will have to get new approval from Nevada regulators again in two years if it wants to keep its license and also pay $100,000 towards the board’s expenses.

The Nevada Gaming Commission will give its final verdict regarding the future of GVC on May 23…

…so if everything goes well, the company will other British companies in US sports betting market.

That includes big names like William Hill, Paddy Power Betfair, and bet365.

GVC still doesn’t hold any US license but is operating in the sports betting market through a deal with MGM Resorts International. The deal between the two companies could last from 10 to 25 years, depending on how satisfied both sides are.

More on GVC Holdings

GVC has released its newest update on financial results at the beginning of April.

The company presented great results for the first quarter of the year, and even though the UK introduced changes regarding fixed off betting terminals (FOBT)…

…it saw major performance boosts and increases in revenue.

An 8% growth on their net gaming revenue for the first quarter of 2019 and it is believed that the numbers are good thanks to the better results in virtual sports and gambling bets.

The improvement in online operations most definitely helped to counteract losses brought by changes in the UK market. Also, the retail revenue for GVC stayed flat, while the online revenue grew 17%.

Source:

“GVC a step closer to Nevada license in squeaker 2-1 vote”, Derek Tonin, calvinayre.com, May 9, 2019.