Jul 17, 2019
GVC’s bet on online gambling pays off as retail business suffers
GVC, the owner of betting shop chain Ladbrokes Coral, reported double digit online growth as it seeks to offset a sharp fall in revenue from its UK retail arm. Revenues from its UK betting shops dropped 10 per cent in the same period following a cut to the maximum stake permitted on fixed odd betting terminals, a kind of electronic slot machine, that has hit all retail bookmakers. To counter the effects of the stake cut and greater regulation of gambling in the UK market, gambling groups have looked to expand their activities in other countries, in particular the US where sports betting was made legal at a federal level in May last year. New Jersey is currently the biggest online sports betting market in the US, having legalised it last June. Bet 365 is also due to launch a betting platform in New Jersey in conjunction with Hard Rock in September.
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