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Ladbrokes owner sees revenues boost despite betting crackdown

9 October 2019

GVC, the company that owns Ladbrokes, says it anticipates its to be larger than expected despite the government's clampdown on gaming.
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The firm still anticipates to close 900 shops over 2 years because of the maximum stake on fixed-odds wagering terminals (FOBTs) being cut to ₤ 2.
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But while making use of FOBTs has actually fallen, in the yohaig code 3rd quarter more bets were being positioned in-store.
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The group, which also owns Coral, stated online wagering is likewise up by 12%.
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In a third quarter trading update, it upgraded its earnings guidance for the full year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.

Kenneth Alexander, GVC's primary executive, said: "I am pleased that the group's financial performance has enabled us to upgrade our full-year profits before interest and tax expectations again.
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"Online momentum stays strong across all significant areas, with net gaming profits up 12% in the quarter despite the prior duration including part of the World Cup."

In August, the business revealed plans to shut 900 stores - putting up to 5,000 tasks at danger - since of the cut in FOBTs optimal stakes from ₤ 100.

There were 3,500 Ladbrokes and Coral stores at the start of the year, and some 198 have already shut, with the remainder scheduled for closure by April 2021.
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Rival William Hill has stated it will close 700 shops as an outcome of the regulatory clampdown. While GVC said profits in the shops is down 18%, it still ahead of expectations.

GVC indicated that consumers were finding other ways to gamble, as while revenues from devices - 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% increase in online sport wagering incomes. GVC shares were up almost 4% in early trading.