n its Q1 trading update for the three month period ending 31 March 2020, Gamesys Group announced Thursday it will cut TV and radio advertising until Britain’s coronavirus restrictions are eased
The company announced it had increased the monitoring of player time and spend across all its sites and that it will suspend its direct-mail marketing and untargeted digital advertising but will continue to advertise its brands online, saying it was concerned not to target children and those with gambling problems stuck at home during the lockdowns.
First-quarter revenue at the company, which offers bingo and casino games, increased by 19% on a proforma basis to 155.3 million pounds ($191.64 million), boosted by strong growth in Asia and solid performance in the UK.
Shares in the company, which said its balance sheet was in robust financial health, were up 6.2% to 851 pence by 0719 GMT, Reuters reports.
The owner of brands such as Jackpotjoy, Virgin Games, Botemania also said it is providing 10 hours of free bingo every day in markets where regulations allow.
Gambling firms have flagged growing risks of gambling-related harm as more stuck-at-home Europeans bet online amid nationwide lockdowns. Another online gaming firm 888 said last week it was ramping up programs aimed at managing gambling addiction.
Gamesys said it had made a good start to the second quarter, with trends so far broadly in line with those experienced in the first quarter.
"The Group is in a strong position given our operational control of a portfolio of well-renowned brands and complete ownership of our technology platforms, said Lee Fenton, Chief Executive Officer. "We are confident that the business is capable of meeting the challenges in the current environment and continuing to thrive in the long term."