Monday 21 October 2019

Ladbrokes owner gets boost from online betting

Ladbrokes (Stock photo) Photo: PA
Ladbrokes (Stock photo) Photo: PA Business Desk Business Desk

Ladbrokes owner GVC Holdings has said online gaming growth means the gambling firm's earnings for 2019 will be higher than previously forecast but held firm on plans to shut 900 stores over the next two years.

The gambling giant, which also owns Coral, said earnings have been bolstered by stronger-than-forecast revenues in UK high street retail stores despite the impact of new legislation for fixed-odds betting terminals (FOBTs).

Nevertheless, the company said it still expects to close 900 of its stores over the next two years in line with plans announced in July, after the maximum bet restriction for the terminals was reduced from £100 to £2 in April in the UK.

Kenneth Alexander, chief executive officer of GVC, said: "I am delighted that the group's financial performance has allowed us to upgrade our full-year earnings before interest and tax expectations again.

"Online momentum remains strong across all major territories, with net gaming revenue up 12pc in the quarter despite the prior period containing part of the World Cup.

"This performance continues to be driven by our industry-leading technology, products, brands, marketing capability, and people."

PA Media

Also in Business