May 25, 2018 / 6:33 AM / in 3 months

UK gambling firm GVC raises cost savings target from Ladbrokes buy

May 25 (Reuters) - British gambling company GVC Holdings Plc on Friday forecast higher cost synergies from its 4 billion pound ($5.34 billion) acquisition of Ladbrokes Coral, and posted a double-digit growth rate in online gaming revenue.

GVC, the owner of the Sportingbet, Bwin and Foxy Bingo brands, said it expected cost synergies from the Ladbrokes deal to be at 130 million pounds by 2021, compared with 100 million pounds projected at the time of deal.

Total group net gaming revenue for the period from Jan. 1 to May 20 was up 7 percent, with biggest boost coming from online channels, where net gaming revenue rose 17 percent. ($1 = 0.7486 pounds) (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)

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