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Ladbrokes owner sees revenues boost regardless of betting crackdown
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9 October 2019
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GVC, the company that owns Ladbrokes, states it anticipates its earnings to be bigger than expected regardless of the government's clampdown on gaming.

The firm still expects to close 900 stores over 2 years since of the optimum stake on fixed-odds wagering terminals (FOBTs) being cut to ₤ 2.

But while the use of FOBTs has fallen, in the third quarter more bets were being positioned in-store.

The group, which also owns Coral, stated online wagering is likewise up by 12%.
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In a 3rd quarter trading update, it updated its for the full year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
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Kenneth Alexander, GVC's chief executive, stated: "I am pleased that the group's monetary efficiency has permitted us to upgrade our full-year revenues before interest and tax expectations once again.
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"Online momentum stays strong throughout all significant areas, with net video gaming profits up 12% in the quarter in spite of the previous duration including part of the World Cup."

In August, the company announced plans to shut 900 shops - putting up to 5,000 jobs at risk - since of the cut in FOBTs maximum stakes from ₤ 100.
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There were 3,500 Ladbrokes and Coral shops at the yohaig code start of the yohaig code year, and some 198 have actually currently shut, with the yohaig code rest scheduled for closure by April 2021.
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Rival William Hill has stated it will close 700 shops as a result of the regulatory clampdown. While GVC stated profits in the shops is down 18%, it still ahead of expectations.

GVC suggested that consumers were finding other ways to gamble, as while incomes from makers - consisting of FOBTs - were down 36% in the quarter, there was 7% rise in betting in shops.

But the biggest development remained in online betting, boosted by a 16% increase in online sport betting revenues. GVC shares were up almost 4% in early trading.
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