1 Ladbrokes Owner Sees Profits Boost Despite Gambling Crackdown
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Ladbrokes owner sees profits improve regardless of betting crackdown

9 October 2019

GVC, the yohaig code company that owns Ladbrokes, says it expects its profits to be bigger than expected despite the federal government's clampdown on gambling.
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the yohaig code still expects to close 900 stores over 2 years due to the fact that of the optimum stake on fixed-odds wagering terminals (FOBTs) being cut to ₤ 2.
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But while making use of FOBTs has fallen, in the 3rd quarter more bets were being placed in-store.

The group, which also owns Coral, stated online betting is also up by 12%.
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In a 3rd quarter trading upgrade, it upgraded its earnings guidance for the full year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.

Kenneth Alexander, GVC's chief executive, stated: "I am happy that the group's monetary performance has allowed us to upgrade our full-year revenues before interest and tax expectations once again.
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"Online momentum remains strong throughout all major areas, with net gaming income up 12% in the quarter in spite of the previous duration containing part of the World Cup."

In August, the company revealed strategies to shut 900 stores - putting up to 5,000 jobs at danger - 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 currently shut, with the remainder scheduled for closure by April 2021.

Rival William Hill has stated it will close 700 shops as a result of the regulatory clampdown. While GVC said earnings in the shops is down 18%, it still ahead of expectations.
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GVC suggested that clients were discovering other ways to bet, as while earnings from machines - including FOBTs - were down 36% in the yohaig code quarter, there was 7% increase in betting in stores.

But the yohaig code biggest development was in online betting, boosted by a 16% rise in online sport betting profits. GVC shares were up nearly 4% in early trading.
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