bet9ja.com
Ladbrokes owner sees profits increase despite gambling crackdown

9 October 2019

GVC, the company that owns Ladbrokes, says it anticipates its revenues to be bigger than anticipated regardless of the government's clampdown on betting.
bet9ja.com
The company still anticipates to close 900 shops over 2 years due to the fact that of the maximum stake on fixed-odds betting (FOBTs) being cut to ₤ 2.
bit.ly
But while using FOBTs has fallen, in the third quarter more bets were being positioned in-store.

The group, which also owns Coral, said online wagering is likewise up by 12%.
bit.ly
In a third quarter trading update, it updated its profits assistance for the complete year to between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
bet9ja.com
Kenneth Alexander, GVC's president, said: "I am happy that the group's monetary performance has allowed us to upgrade our full-year earnings before interest and tax expectations again.

"Online momentum remains strong across all significant territories, with net video gaming revenue up 12% in the quarter in spite of the prior period containing part of the World Cup."
bet9ja.com
In August, the company announced plans to shut 900 shops - putting up to 5,000 jobs at danger - because of the yohaig code 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 already shut, with the rest set up for closure by April 2021.

Rival William Hill has said it will close 700 shops as an outcome of the regulatory clampdown. While GVC stated profits in the stores is down 18%, it still ahead of expectations.

GVC indicated that clients were finding other methods to bet, as while earnings from machines - including FOBTs - were down 36% in the quarter, there was 7% rise in wagering in stores.

But the most significant growth was in online betting, boosted by a 16% rise in online sport wagering revenues. GVC shares were up almost 4% in early trading.
bet9ja.com