GVC Holdings chief executive Kenny Alexander has stressed that the operator will not sell off core bwin.party assets and that there are no immediate plans to pull out of the New Jersey market.

Anyone looking for a happy industry turnaround story need look no further that GVC’s revamp of Sportingbet. Its acquisition of the operator’s core assets saw GVC set itself a huge task, especially as the successful component of the business, the Australian operation, went to William Hill.

But while Australia has proved more costly and complicated than anticipated for William Hill, GVC has turned Sportingbet into a leaner, meaner and now profitable business. Even so it seemed unlikely that its acquisition of the struggling giant bwin.party - following a prolonged battle with 888 - would result in such a rapid turnaround.

The company's first quarter results suggest otherwise...

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