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

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Ladbrokes owner sees revenues improve regardless of gambling crackdown
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9 October 2019
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GVC, the company that owns Ladbrokes, states it expects its revenues to be larger than expected despite the federal government's clampdown on gambling.

The company still to close 900 shops over 2 years since of the maximum stake on fixed-odds wagering terminals (FOBTs) being cut to ₤ 2.
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But while using FOBTs has actually fallen, in the 3rd quarter more bets were being positioned in-store.
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The group, which likewise owns Coral, stated online betting is also up by 12%.
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In a third quarter trading update, it upgraded its earnings assistance for the full year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
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Kenneth Alexander, GVC's chief executive, said: "I am delighted that the group's monetary performance has enabled us to upgrade our full-year revenues before interest and tax expectations once again.

"Online momentum stays strong throughout all major areas, with net gaming revenue up 12% in the quarter despite the previous period containing part of the World Cup."
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In August, the business announced strategies to shut 900 stores - putting up to 5,000 tasks at danger - 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 actually already shut, with the remainder set up for closure by April 2021.

Rival William Hill has said it will close 700 stores as an outcome of the regulatory clampdown. While GVC said profits in the stores is down 18%, it still ahead of expectations.
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GVC showed that clients were finding other methods to gamble, as while profits from machines - consisting of FOBTs - were down 36% in the quarter, there was 7% rise in wagering in stores.

But the greatest development remained in online betting, enhanced by a 16% increase in online sport wagering profits. GVC shares were up almost 4% in early trading.