Ladbrokes Owner Sees Profits Boost Despite Gambling Crackdown
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Ladbrokes owner sees profits despite gambling crackdown
bet9ja.com
9 October 2019
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GVC, the company that owns Ladbrokes, states it anticipates its revenues to be bigger than anticipated despite the government's clampdown on gambling.

The company still expects to close 900 stores over 2 years due to the fact that of the maximum stake on fixed-odds betting terminals (FOBTs) being cut to ₤ 2.
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But while using FOBTs has actually fallen, in the 3rd quarter more bets were being positioned in-store.

The group, which likewise owns Coral, stated online wagering is likewise up by 12%.
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In a 3rd quarter trading update, it upgraded its profits guidance for the yohaig code full year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.

Kenneth Alexander, GVC's president, said: "I am thrilled that the group's financial performance has allowed us to update our full-year profits before interest and tax expectations once again.

"Online momentum remains strong across all major territories, with net video gaming income up 12% in the quarter despite the prior duration including part of the World Cup."
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In August, the company announced strategies to shut 900 shops - putting up to 5,000 tasks at risk - due to the fact that 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 actually already shut, with the rest scheduled for closure by April 2021.
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Rival William Hill has said it will close 700 stores as an outcome of the regulatory clampdown. While GVC stated income in the shops is down 18%, it still ahead of expectations.
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GVC indicated that consumers were discovering other ways to gamble, as while profits from machines - including FOBTs - were down 36% in the quarter, there was 7% rise in wagering in stores.

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