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Ladbrokes owner sees profits enhance regardless of gambling crackdown
bit.ly
9 October 2019
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GVC, the company that owns Ladbrokes, states it expects its earnings to be larger than anticipated in spite of the government's clampdown on betting.

The company still anticipates to close 900 shops over 2 years because of the yohaig code optimum stake on fixed-odds betting (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, said online betting is likewise up by 12%.
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In a 3rd quarter trading upgrade, it updated its revenues assistance for the full year to between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.

Kenneth Alexander, GVC's primary executive, stated: "I am happy that the group's financial efficiency has enabled us to upgrade our full-year revenues before interest and tax expectations once again.

"Online momentum remains strong across all major territories, with net gaming revenue up 12% in the quarter regardless of the previous period including part of the World Cup."
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In August, the company announced plans to shut 900 shops - putting up to 5,000 jobs at danger - since of the cut in FOBTs maximum stakes from ₤ 100.

There were 3,500 Ladbrokes and Coral stores at the start of the year, and some 198 have already shut, with the remainder arranged for closure by April 2021.
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Rival William Hill has stated it will close 700 shops as an outcome of the regulative clampdown. While GVC stated revenue in the shops is down 18%, it still ahead of expectations.
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GVC suggested that consumers were discovering other ways to bet, as while profits from makers - including FOBTs - were down 36% in the quarter, there was 7% rise in wagering in stores.

But the yohaig code most significant growth was in online betting, enhanced by a 16% rise in online sport wagering earnings. GVC shares were up nearly 4% in early trading.
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