1 Ladbrokes Owner Sees Profits Boost Despite Gambling Crackdown

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Ladbrokes owner sees revenues improve in spite of gambling crackdown
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9 October 2019

GVC, the business that owns Ladbrokes, states it expects its profits to be larger than expected regardless of the government's clampdown on betting.

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

But while making use of FOBTs has fallen, in the 3rd quarter more bets were being put in-store.
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The group, which likewise owns Coral, stated online wagering is also up by 12%.

In a third quarter trading upgrade, it updated its profits guidance for the complete year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
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Kenneth Alexander, GVC's president, said: "I am pleased that the group's monetary efficiency has permitted us to update our full-year profits before interest and tax expectations once again.

"Online momentum stays strong across all significant territories, with net video gaming income up 12% in the quarter regardless of the prior period containing part of the World Cup."
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In August, the company revealed strategies to shut 900 stores - putting up to 5,000 jobs at risk - due to the fact that of the cut in FOBTs maximum stakes from ₤ 100.

There were 3,500 Ladbrokes and Coral shops at the start of the year, and some 198 have actually currently shut, with the rest set up 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 said earnings in the shops is down 18%, it still ahead of expectations.
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GVC suggested that customers were discovering other methods to gamble, as while revenues from devices - consisting of FOBTs - were down 36% in the quarter, there was 7% increase in betting in shops.

But the most significant development remained in online betting, enhanced by a 16% increase in online sport wagering revenues. GVC shares were up nearly 4% in early trading.
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