GVC and Bwin still have so many fences to jump

Outlook

Scrappy little AIM-listed sprinter GVC gave its shareholders something to smile about with a winning trading statement showing nearly everything going in the right direction. Whether everything will look quite as cheerful after it has started to tackle steeplechase fences by integrating the much larger Bwin.party remains to be seen.

The deal, secured only after a battle with larger rival 888 Holdings, is doing fine in training. But it came at a heavy price and represents a huge punt.

There was a sprinter that made a success of big steeplechase fences over long distances. His name was Red Rum. But his last Grand National win was long ago. The owners of most modern sprinters shun wild gambles. They know it pays to keep to the shorter distances.