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Ladbrokes owner sees earnings boost despite gambling crackdown
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9 October 2019
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GVC, the business that owns Ladbrokes, says it anticipates its revenues to be bigger than anticipated regardless of the government's clampdown on betting.
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the yohaig code firm still anticipates to close 900 stores over two years since of the optimum stake on fixed-odds betting terminals (FOBTs) being cut to ₤ 2.
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But while the use of FOBTs has fallen, in the 3rd quarter more bets were being placed in-store.
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The group, which also owns Coral, stated online wagering is likewise up by 12%.

In a 3rd quarter trading update, it upgraded its for the complete year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
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Kenneth Alexander, GVC's president, stated: "I am pleased that the group's financial efficiency has permitted us to upgrade our full-year incomes before interest and tax expectations once again.

"Online momentum remains strong throughout all major areas, with net video gaming profits up 12% in the quarter in spite of the previous period containing part of the World Cup."

In August, the business revealed plans to shut 900 shops - putting up to 5,000 tasks at risk - because of the cut in FOBTs maximum stakes from ₤ 100.
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There were 3,500 Ladbrokes and Coral stores at the start of the year, and some 198 have already shut, with the rest set up for closure by April 2021.
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Rival William Hill has said it will close 700 shops as an outcome of the regulative clampdown. While GVC stated revenue in the yohaig code shops is down 18%, it still ahead of expectations.

GVC suggested that clients were finding other ways to gamble, as while profits from machines - including FOBTs - were down 36% in the quarter, there was 7% rise in wagering in shops.

But the greatest development was in online gambling, boosted by a 16% increase in online sport wagering incomes. GVC shares were up almost 4% in early trading.