British gambling giant GVC Holdings recently acquired Portuguese online casino and sports betting operator Bet.pt. The company claimed to be going through “another strong period” during the third quarter trading update.

Expanding market in Portugal

GVC said that Bet.pt is one of the leading online gambling firms in Portugal and acquiring the operator falls in line with its ongoing market expansion strategy. It aims to work specifically on markets that are either already regulated or eyeing regulation to help fuel its international growth. The group believes that Portugal’s sports betting and gaming market is undergoing a period of rapid growth. It is expected to grow more than double in size to become a €450 million market by 2023.

The group reported in its quarterly performance that its net gaming revenue has increased by 12%. The online segment is delivering double-digit growth figures for the 19th consecutive month, registering a 26% increase.

Strong and diverse business

The results reflect the strength and diversity of the business as its online gaming business remained healthy amidst fears of the pandemic. The group’s performance in Australia saw solid growth with net gaming revenue rising over 64%.

GVC CEO Shay Segev commented on the good period for the company and said,

“This has been another strong period for GVC. We have delivered our nineteenth consecutive quarter of double-digit online growth, along with market share gains in all our major territories.”

He added that the traction their business is receiving is proof of their resilience with a diversified business model, their proprietary technology platform, and their brands and products apart from their dedicated teams.

The firm expects the US sports betting and iGaming market to be worth around $20.3 billion by 2025. It already has a successful joint venture with MGM Resorts called Roar Digital which runs the BetMGM brand. It is live in eight states and expects to launch in three more states by the end of the year.