Ladbrokes owner sees profits boost despite gambling crackdown
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9 October 2019
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GVC, the yohaig code business that owns Ladbrokes, says it anticipates its earnings to be larger than expected regardless of the federal government's clampdown on gambling.

The firm still expects to close 900 shops over 2 years since of the maximum stake on fixed-odds wagering terminals (FOBTs) being cut to ₤ 2.
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But while using FOBTs has fallen, in the 3rd quarter more bets were being put in-store.
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The group, which also owns Coral, said online betting is also up by 12%.
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In a third quarter trading update, it updated its for the complete year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m.
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Kenneth Alexander, GVC's chief executive, said: "I am happy that the group's monetary performance has actually allowed us to update our full-year incomes before interest and tax expectations once again.

"Online momentum remains strong across all major areas, with net video gaming earnings up 12% in the yohaig code quarter despite the previous duration containing part of the World Cup."
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In August, the company announced strategies to shut 900 stores - putting up to 5,000 tasks at danger - 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 actually already shut, with the rest scheduled for closure by April 2021.
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Rival William Hill has stated it will close 700 stores as an outcome of the regulative clampdown. While GVC stated profits in the shops is down 18%, it still ahead of expectations.
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GVC indicated that clients were finding other methods to gamble, as while revenues from machines - including FOBTs - were down 36% in the quarter, there was 7% increase in wagering in shops.

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