Ladbrokes owner sees earnings boost regardless of betting crackdown
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9 October 2019
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GVC, the business that owns Ladbrokes, states it expects its revenues to be bigger than anticipated despite the government's clampdown on gaming.
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The firm still expects to close 900 shops over 2 years due to the fact that of the optimum stake on fixed-odds betting terminals (FOBTs) being cut to ₤ 2.

But while using FOBTs has actually fallen, in the yohaig code third quarter more bets were being put 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 3rd quarter trading upgrade, it updated its for the full year to between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
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Kenneth Alexander, GVC's primary executive, said: "I am pleased that the group's monetary performance has actually permitted us to update our full-year profits before interest and tax expectations again.
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"Online momentum stays strong throughout all significant territories, with net gaming income up 12% in the yohaig code quarter in spite of the previous duration containing part of the World Cup."
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In August, the business revealed strategies to shut 900 shops - putting up to 5,000 jobs at risk - 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 currently shut, with the rest scheduled for closure by April 2021.
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Rival William Hill has said it will close 700 shops as an outcome of the regulatory clampdown. While GVC said earnings in the stores is down 18%, it still ahead of expectations.

GVC indicated that clients were finding other methods to gamble, as while revenues from devices - consisting of FOBTs - were down 36% in the quarter, there was 7% increase in betting in stores.

But the biggest growth remained in online betting, improved by a 16% increase in online sport betting revenues. GVC shares were up almost 4% in early trading.