Ladbrokes owner sees earnings enhance despite betting crackdown
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9 October 2019

GVC, the company that owns Ladbrokes, says it anticipates its profits to be bigger than anticipated in spite of the government's clampdown on gaming.
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The firm still expects to close 900 stores over two years because of the maximum stake on fixed-odds wagering terminals (FOBTs) being cut to ₤ 2.

But while making use of FOBTs has fallen, in the third quarter more bets were being put in-store.
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The group, which also owns Coral, said online wagering is likewise up by 12%.

In a third quarter trading upgrade, it upgraded its profits guidance for the full year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
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Kenneth Alexander, GVC's president, stated: "I am happy that the group's monetary performance has enabled us to upgrade our full-year earnings before interest and tax expectations again.
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" stays strong across all major areas, with net video gaming income up 12% in the quarter regardless of the previous period including part of the World Cup."
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In August, the yohaig code company revealed plans to shut 900 shops - putting up to 5,000 tasks at threat - since of the cut in FOBTs optimal 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 currently shut, with the remainder arranged for closure by April 2021.

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

GVC indicated that clients were discovering other ways to gamble, as while revenues from makers - including FOBTs - were down 36% in the quarter, there was 7% increase in wagering in stores.

But the biggest development was in online betting, boosted by a 16% increase in online sport betting earnings. GVC shares were up almost 4% in early trading.
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