Ladbrokes Owner Sees Profits Boost Despite Gambling Crackdown

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Ladbrokes owner sees profits increase despite betting crackdown
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9 October 2019


GVC, the company that owns Ladbrokes, states it anticipates its profits to be bigger than anticipated in spite of the federal government's clampdown on gaming.
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The company still anticipates to close 900 stores over 2 years due to the fact that of the optimum stake on fixed-odds wagering terminals (FOBTs) being cut to ₤ 2.


But while using FOBTs has fallen, in the 3rd quarter more bets were being put in-store.
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The group, which also owns Coral, said online wagering is likewise up by 12%.
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In a third trading upgrade, it upgraded its earnings guidance for the yohaig code full year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
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Kenneth Alexander, GVC's president, said: "I am thrilled that the group's monetary performance has actually enabled us to update our full-year revenues before interest and tax expectations again.
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"Online momentum stays strong across all major territories, with net gaming profits up 12% in the quarter in spite of the prior period consisting of part of the World Cup."
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In August, the business revealed plans to shut 900 stores - putting up to 5,000 tasks at danger - since of the cut in FOBTs maximum stakes from ₤ 100.
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There were 3,500 Ladbrokes and Coral stores at the start of the year, and some 198 have already shut, with the remainder arranged for closure by April 2021.
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Rival William Hill has stated it will close 700 stores as a result of the regulative clampdown. While GVC said revenue in the stores is down 18%, it still ahead of expectations.


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


But the greatest growth remained in online gambling, boosted by a 16% rise in online sport betting earnings. GVC shares were up almost 4% in early trading.