Third Quarter Update

Gaming VC Holdings S.A.
14 November 2005



14th November 2005
                    Gaming VC Holdings S.A. ('the Company')
                              Third Quarter Update

In line with the company's commitment to make quarterly figures available to the
market, the Directors of Gaming VC wish to provide the following trading update
for the three months ended 30th September 2005.

Financials

                1st Half to June 30th         Quarter 3 to Sept 30th*
                Euro Millions                 Euro Millions

Revenue                  21.3                         9.2

Gross Profit             16.5                         6.9

EBITDA                   12.5                         1.8
(after exceptionals for Q3)

* Results for Quarter 3 are unaudited.

There were Euro 2.0 million in exceptional charges in the quarter including Euro
1.6 million related to poker and Euro 0.4 million related to inbound M & A. An
additional Euro 0.9 million will be taken in quarter 4 related primarily to
poker.

4662 new depositing customers were added during the quarter representing a 23%
increase over quarter 2 making 12,777 for the year to date.

Marketing spend in the third quarter was Euro 3.9 million compared to 0.9
million in the first half.

October

Following the marketing spend in quarter 3, new registrations in October were
well over 3000, making it the most successful month this year. Revenue compared
to September was ahead by 6%.

Casino

As expected due to the previously mentioned delay in H1 marketing, net revenue
per day continued to decline in Q3 with the average daily revenue some 7% below
Q2 at Euro 100k per day. However the decline in the later months of the quarter
slowed due to the increase in new players from the August campaign. The full
impact of this Q3 spend will be reflected in Q4 revenues, as demonstrated by the
October results, and into 2006.

In Germany, the company's historically strong direct mail marketing campaign was
re-started in the first two weeks of August. Using the results of this campaign,
Gaming VC launched a second more focused direct mail campaign on Oct 15th.

In Spain, both Poker and Casino were launched, with on-line channels showing
good leads to the site. Visits to the Spanish site in September and October were
over 9,000 per day. However, lead conversion to paid play has been slower than
expected. The company therefore is working on improving ad targeting, web
navigation and Spanish support services in order to improve conversion. Phase
two of the Spanish marketing campaign is planned for early in the new year.

Poker

Casino Club's on-line poker room completed a soft-launch in August, and
underwent beta-level testing during the European summer holiday.  Substantive
marketing efforts to promote this new product began in September. Efforts
included promotion in Casino Club magazine to the existing German customer base,
a direct marketing campaign to new prospects and inclusion in the rollout of the
Spanish marketing campaign.

Early indications show that net revenue per player has increased with poker/
casino combination, with less than 3% of casino players defecting to play lower
margin Poker only games.

The company's typical customer acquisition through direct mail has proved
uneconomic given the competitive nature of bigger brands in poker, and plans
moving forward will not include substantive direct marketing mailings.

Restructuring

Following the post-acquisition build out of corporate infrastructure and
management, the company is now able to more precisely focus its operations and
has therefore reduced staffing levels both in Boston and London. In addition, as
separately announced, Dr. Robert Willis will become a non executive director to
concentrate solely on business development and strategy. Bob will be replaced by
Gerard W. Cassels as interim finance director. These measures are expected to
reduce general and administration expenses by approximately 15%.

Outlook

The first half of 2005 saw exceptional and unrealistic EBITDA results due to the
lack of marketing spend. Third quarter results suffered from a continued decline
in net revenue per day as a result of this lack of marketing spend and a
significant increase in marketing costs to return to normalized levels.

In October the company has experienced a dramatic increase in new player
registrations and has completed a realignment of management focus. Daily revenue
in October has improved by a 2% average month over month along with a further
increase of 4700 new depositing customers for the quarter. These early
indications bode well for the company into 2006.

The Director's will declare a final dividend in March, whilst the level of
dividend will be based on the cash available, the Director's believe that a
dividend is sustainable.

For further information contact:

Steve Barlow, CEO                      020 7554 1400
Ken Cronin, Gavin Anderson & Company   020 7554 1400
Robert Speed, Gavin Anderson & Company 020 7554 1400



Note to Editors

Gaming VC Holdings SA (AIM: GMHq.L) is a leading online casino games operator
with an annualized handle in excess of EUR 1.5 billion. The majority of its
existing customers come from German speaking countries. The company listed on
the Alternative Investment Market in December 2004. Gaming VC Holdings also owns
two magazines, Casino Club and Roulette. Through unique marketing approaches and
its innovative informational magazines GVC is able to attract and retain some of
the highest value casino players in the sector.



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