ladbrokes-owner-sees-profits-boost-despite-gambling-crackdown

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Ladbrokes owner sees earnings enhance regardless of betting crackdown
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9 October 2019
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GVC, the business that owns Ladbrokes, states it expects its profits to be bigger than expected despite the clampdown on gaming.

The company still expects to close 900 shops over two 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 the usage of FOBTs has actually fallen, in the third quarter more bets were being placed in-store.
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The group, which likewise owns Coral, said online betting is likewise up by 12%.
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In a 3rd quarter trading update, it upgraded its revenues assistance for the full year to between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
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Kenneth Alexander, GVC's chief executive, said: "I am delighted that the group's monetary efficiency has actually allowed us to update our full-year revenues before interest and tax expectations again.

"Online momentum stays strong throughout all significant territories, with net gaming earnings up 12% in the quarter regardless of the prior period consisting of part of the World Cup."
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In August, the business announced plans to shut 900 shops - putting up to 5,000 tasks at risk - since of the cut in FOBTs optimal stakes from ₤ 100.

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 yohaig code regulatory clampdown. While GVC stated earnings in the shops is down 18%, it still ahead of expectations.
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GVC indicated that consumers were finding other methods to gamble, as while revenues from machines - consisting of FOBTs - were down 36% in the quarter, there was 7% increase in betting in shops.

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