ladbrokes-owner-sees-profits-boost-despite-gambling-crackdown

1 Ladbrokes Owner Sees Profits Boost Despite Gambling Crackdown

Ladbrokes owner sees profits improve despite betting crackdown
bit.ly
9 October 2019

GVC, the company that owns Ladbrokes, states it expects its earnings to be bigger than expected regardless of the federal government's clampdown on gambling.
bet9ja.com
The firm still expects to close 900 stores over two years since of the maximum stake on fixed-odds betting terminals (FOBTs) being cut to ₤ 2.
bet9ja.com
But while the usage of FOBTs has fallen, in the third quarter more bets were being put in-store.
bet9ja.com
The group, which likewise owns Coral, stated online betting is also up by 12%.
bet9ja.com
In a third upgrade, it upgraded its earnings assistance for the complete year to between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
bit.ly
Kenneth Alexander, GVC's chief executive, stated: "I am happy that the group's monetary performance has actually enabled us to upgrade our full-year revenues before interest and tax expectations again.
bet9ja.com
"Online momentum remains strong across all significant territories, with net gaming profits up 12% in the quarter regardless of the previous duration including part of the World Cup."
bet9ja.com
In August, the company revealed strategies to shut 900 stores - putting up to 5,000 tasks at risk - due to the yohaig code fact that of the cut in FOBTs optimal stakes from ₤ 100.
bit.ly
There were 3,500 Ladbrokes and Coral shops at the yohaig code start of the year, and some 198 have already shut, with the rest set up for closure by April 2021.
bet9ja.com
Rival William Hill has said it will close 700 stores as a result of the regulative clampdown. While GVC said profits in the yohaig code shops is down 18%, it still ahead of expectations.

GVC indicated that customers were discovering other methods to bet, as while revenues from machines - including FOBTs - were down 36% in the quarter, there was 7% rise in betting in stores.

But the most significant growth was in online gaming, increased by a 16% rise in online sport wagering profits. GVC shares were up almost 4% in early trading.