Oct 9, 2019

Ladbrokes owner sees profits boost despite gambling crackdown

GVC, the company that owns Ladbrokes, says it expects its profits to be bigger than expected despite the government's clampdown on gambling. While the use of FOBTs has fallen, in the third quarter more bets were being placed in-store. The group, which also owns Coral, said online betting is also up by 12%. In a third quarter trading update, it upgraded its profits guidance for the full year to between £670-£680m, from £650-£670m. "Kenneth Alexander, GVC's chief executive, 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 12% in the quarter despite the prior period containing part of the World Cup.". The biggest growth was in online gambling, boosted by a 16% rise in online sport betting revenues.

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