Jan 17, 2020

Online gambling boosts GVC despite regulatory crackdown

GVC, the owner of Ladbrokes Coral, said it had an "Excellent" performance last year despite a hefty regulatory crackdown in the UK. The company said on Friday that earnings before interest, tax, amortisation and depreciation for the full year would be around £680m - the upper end of its previously upgraded forecast. The industry has made some efforts itself, including a whistle-to-whistle ban on gambling advertising and increased funds for treatment but many see its attempts to curb problem gambling as token. On Tuesday, the Gambling Commission, which regulates the UK industry, announced a ban on gambling with credit cards from April. Mr Wood also said that credit cards make up around 6 per cent of UK online deposits, not including e-wallets, but that GVC expected gamblers to use other methods should a ban be enforced. Analysts at Morgan Stanley said that GVC was their top pick in the gambling sector thanks to its "Superior geographic diversification and exposure to high growth markets, scale to absorb potential regulatory headwinds, an under-appreciated opportunity in Brazil".

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