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

Ladbrokes owner sees revenues increase despite betting crackdown
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9 October 2019

GVC, the yohaig code company that owns Ladbrokes, states it anticipates its profits to be bigger than expected despite the federal government's clampdown on gaming.
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The company still to close 900 shops over two years because of the optimum stake on fixed-odds betting terminals (FOBTs) being cut to ₤ 2.

But while using FOBTs has actually fallen, in the third quarter more bets were being put in-store.
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The group, which also owns Coral, stated online betting is likewise up by 12%.
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In a 3rd quarter trading upgrade, it updated its earnings assistance for the full year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
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Kenneth Alexander, GVC's president, stated: "I am pleased that the group's financial efficiency has allowed us to update our full-year earnings before interest and tax expectations once again.
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"Online momentum remains strong throughout all major territories, with net video gaming income up 12% in the quarter despite the prior period containing part of the World Cup."
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In August, the business revealed plans to shut 900 shops - putting up to 5,000 tasks at risk - due to the fact that of the cut in FOBTs optimal stakes from ₤ 100.
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There were 3,500 Ladbrokes and Coral shops at the start of the year, and some 198 have already shut, with the rest scheduled for closure by April 2021.
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Rival William Hill has stated it will close 700 stores as an outcome of the regulatory clampdown. While GVC stated revenue in the stores is down 18%, it still ahead of expectations.

GVC showed that customers were discovering other ways to bet, as while earnings from devices - including FOBTs - were down 36% in the quarter, there was 7% rise in wagering in stores.

But the biggest development was in online betting, increased by a 16% rise in online sport wagering revenues. GVC shares were up nearly 4% in early trading.
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