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Ladbrokes owner sees revenues increase regardless of gambling crackdown
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9 October 2019

GVC, the business that owns Ladbrokes, states it expects its profits to be bigger than expected regardless of the government's clampdown on betting.
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The company still anticipates to close 900 shops 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 making use of FOBTs has fallen, in the 3rd quarter more bets were being placed in-store.

The group, which likewise owns Coral, said online wagering is also up by 12%.

In a 3rd quarter trading update, it updated its for the full year to between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.

Kenneth Alexander, GVC's primary executive, stated: "I am thrilled that the group's financial efficiency has actually permitted us to update our full-year profits before interest and tax expectations once again.
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"Online momentum stays strong across all major territories, with net gaming revenue up 12% in the quarter despite the previous duration including part of the World Cup."

In August, the company announced plans to shut 900 shops - putting up to 5,000 jobs at threat - due to the fact that of the cut in FOBTs maximum stakes from ₤ 100.

There were 3,500 Ladbrokes and Coral shops at the start of the year, and some 198 have actually already shut, with the remainder arranged for closure by April 2021.

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

But the greatest growth remained in online betting, improved by a 16% increase in online sport wagering profits. GVC shares were up almost 4% in early trading.
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