Online gambling provider has made a GBP 4 million provision in anticipation of a penalty
UK online gambling provider Stride Gaming has advised that it has made provision for up to GBP 4 million in anticipation of a penalty from the UK Gambling Commission.
The reason for such a heavy penalty is not clear from the report, which records that the company has been presenting its case to the Commission following notice of a penalty in August last year arising from a Commission review of Stride’s activities.
The company expects the issue to be resolved by year’s end.
Stride’s trading update details estimated full-year results to end August 2018 as in line with expectations, with revenue of around GBP 85 million, up GBP 3 million on the preceding year.
EBITDA is estimated at GBP 16 million, or GBP 4 million lower than the preceding year.
Management commented on a resilient performance despite the challenges of GBP 4 million in tax increases and the implementation of stricter responsible gambling measures.
Final full-year results will be announced on November 21, 2018.
Eitan Boyd, CEO of Stride Gaming, said: “I am pleased to report that the group has traded well during the second half of the year despite a number of headwinds impacting the UK online gaming market.
“Our focus remains on delivering further market share growth in the UK, driven by continued product innovation and increasing player loyalty. This is underpinned by the strength of our proprietary technology as well as our proven business analytics capabilities.
“We have an excellent technology platform as well as a highly experienced team driving the group forward, and as a result we look forward to the future with confidence.”