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

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Ladbrokes owner sees revenues boost regardless of betting crackdown

9 October 2019
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GVC, the company that owns Ladbrokes, says it expects its revenues to be larger than anticipated in spite of the federal government's clampdown on gambling.
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The company still anticipates to close 900 stores over 2 years since of the maximum stake on fixed-odds betting terminals (FOBTs) being cut to ₤ 2.

But while the usage of FOBTs has actually fallen, in the third quarter more bets were being put in-store.

the yohaig code group, which likewise owns Coral, stated online betting is also up by 12%.
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In a 3rd update, it upgraded its earnings guidance for the full year to between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
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Kenneth Alexander, GVC's president, stated: "I am happy that the group's monetary efficiency has actually allowed us to update our full-year profits before interest and tax expectations once again.
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"Online momentum remains strong throughout all major territories, with net gaming profits up 12% in the quarter despite the previous period consisting of part of the World Cup."
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In August, the business announced plans to shut 900 stores - putting up to 5,000 tasks at risk - since 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 currently shut, with the rest arranged for closure by April 2021.
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Rival William Hill has said it will close 700 stores as an outcome of the regulatory clampdown. While GVC said income in the shops is down 18%, it still ahead of expectations.
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GVC showed that customers were discovering other methods to bet, as while earnings from makers - consisting of FOBTs - were down 36% in the quarter, there was 7% increase in betting in stores.

But the yohaig code most significant growth was in online gambling, improved by a 16% increase in online sport wagering incomes. GVC shares were up almost 4% in early trading.