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Ladbrokes owner GVC revealed soaring sales last year but warned again that it will be forced to shut around 1,000 betting shops because of a gambling crackdown. GVC said the £2 limit will hit earnings by £135m in 2019, adding that it is trying to transition to a “smaller, right-sized and more sustainable estate” as smoothly as possible. Chief executive Kenneth Alexander said that GVC is “well-placed” to absorb the impact of the new regulations.
In results reporting a 14 percent jump in quarterly net gaming revenue thanks to the soccer World Cup and gains in its online business, the company said Rob Wood has been appointed as deputy CFO and will take over from Bowtell in March. Wood is currently CFO of the Ladbrokes Coral UK Retail business, GVC's largest division after the merger.
LADBROKES Coral owner GVC suffered a “hangover” as the political furore over betting machines put off punters, the firm said today. The publicity around the Government’s triennial review of controversial “crack cocaine” machines - which has cut the maximum stake from £100 to £2 as of 2020 - “undoubtedly fed into customers’ spending on machines”, the company said. Around 1000 of Ladbrokes Coral’s 3500 shops will close when the tougher rules come into force.
Ladbrokes owner GVC has confirmed it will partner with MGM resorts on a US sports betting joint venture to take advantage of a huge new market. The US Supreme Court ruled in May that Congress had exceeded its authority by passing a 1992 law banning gambling on sports. The latest tie-up will see GVC, which owns Coral, Sportingbet, Foxy Bingo, Gala and Bwin, join forces with MGM, the company most famous for its Las Vegas casinos such as the MGM Grand and the Bellagio.