Betting is Buoyant Despite the Sports Shutdown

The Week: Morningstar columnist Rodney Hobson notes that shares in gambling giant GVC are close to their record highs as betting thrives in the pandemic 

Rodney Hobson 9 October, 2020 | 9:27AM

The Week

It’s easy to get your priorities confused when you are faced with Armageddon but it’s still hard to comprehend that gambling group GVC (GVC) has bounced back way beyond its pre-crisis level and continues to rise. Contrast that with pharmaceuticals group GlaxoSmithKline (GSK) where shares have almost slipped back to their March low. Perhaps people have decided that if you are going to die tomorrow you might as well gamble your money away rather than bank on a Covid-19 cure coming to save us at the last minute.

GVC reported net gaming revenue up 12% in the third quarter, with online gaming ahead of pre-coronavirus levels. The inability of sports fans to attend matches seems to have enhanced rather than dimmed their enthusiasm for betting on the results.

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About Author

Rodney Hobson

Rodney Hobson  is a columnist for Morningstar.co.uk and author of several investing books, including The Dividend Investor and How to Build a Share Portfolio.

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