bit.ly
Ladbrokes owner sees profits increase regardless of crackdown
bet9ja.com
9 October 2019
bet9ja.com
GVC, the company that owns Ladbrokes, says it expects its profits to be bigger than anticipated regardless of the federal government's clampdown on betting.

The company still expects to close 900 shops over 2 years due to the fact that of the maximum stake on fixed-odds betting terminals (FOBTs) being cut to ₤ 2.
bit.ly
But while making use of FOBTs has actually fallen, in the 3rd quarter more bets were being put in-store.
bet9ja.com
The group, which also owns Coral, said online betting is also up by 12%.

In a third quarter trading update, it upgraded its revenues guidance for the full year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
bit.ly
Kenneth Alexander, GVC's president, said: "I am pleased that the group's financial efficiency has actually enabled us to upgrade our full-year incomes before interest and tax expectations again.

"Online momentum stays strong across all significant territories, with net gaming revenue up 12% in the quarter despite the previous period including part of the yohaig code World Cup."

In August, the company announced strategies to shut 900 stores - putting up to 5,000 tasks at danger - since of the cut in FOBTs optimal stakes from ₤ 100.
bet9ja.com
There were 3,500 Ladbrokes and Coral shops at the start of the year, and some 198 have currently shut, with the remainder set up for closure by April 2021.
bit.ly
Rival William Hill has stated it will close 700 stores as a result of the regulatory clampdown. While GVC said revenue in the shops is down 18%, it still ahead of expectations.
bit.ly
GVC showed that clients were discovering other ways to bet, as while revenues from machines - including FOBTs - were down 36% in the quarter, there was 7% increase in wagering in stores.

But the greatest development remained in online gaming, increased by a 16% rise in online sport wagering earnings. GVC shares were up almost 4% in early trading.