Betting firm GVC makes 200 million-euro provision for Greek tax bill

GVC Holdings has made a provision of about 200 million euros in its 2017 accounts after its Greek unit was slapped with a tax bill from a local authority.

The tax bill was 186.77 million euros, 'substantially higher by multiples' than the revenues generated by the Greek business during the period of assessment, 2010 and 2011, the sports betting firm said in a statement after the market close on Thursday.

GVC did not provide further details but said it planned to appeal.

During the period of the tax assessment, the business was owned by Sportingbet Plc, prior to its acquisition by GVC, the gaming company said in a statement.

The company, which sealed a deal to buy Britain's largest bookmaker Ladbrokes Coral last month, said it expects full-year net gaming revenue from Ladbrokes of around 1 billion euros.

Earlier in the month, the company...