Online casino and sportsbook operator Gaming VC Holdings SA has released a trading update for 2009 showing a 7.2 percent year-on-year rise in net gaming revenues to €53.7 million.

The Isle Of Man-based firm revealed that its revenues from sport for 2009 were up 38 percent compared with the previous year to €8.7 million while those from gaming increased three percent year-on-year to €45 million.

It stated that total average daily revenues last year were €142,000 with €118,000 from gaming and €24,000 from sport while the margin for its sportsbook increased to 15.8 percent from 11.4 percent in 2008.

Gaming VC announced that it held €19.2 million in cash at the end of December while revenues from its Betboo concern averaged €12,000 per day from July to the end of 2009.

For the first 24 days of 2010, Gaming VC revealed that its gaming revenues averaged €139,000, which was a 15 percent year-on-year increase from the same period in 2009. In addition, sports wagers for this period were up 31 percent compared with the first 24 days of 2009.

Source:iGamingBusiness