GVC Boss Kenny Alexander
Gaming giant GVC announced their annual results with a 9% rise in group wide revenues to £3.6 billion. Online gaming performed well with a 19% rise in revenues but betting shops continued their downward spiral with a drop of 3% in revenues.
Kenneth Alexander, Chief Executive of GVC Holdings said “2018 was a transformational year for the group with the completion of the Ladbrokes Coral acquisition in March making the group the largest online-led sports-betting and gaming operator in the world.”
However there was bad news for workers in the companies retail betting outlets as GVC said it is looking at closing up to 1,000 betting shops following the cap on Fixed Odds Betting Terminals (FOBTs) from £100 to £2.
GVC has with Ladbrokes Coral some 3,500 betting shops in the UK, so a closure of 1,000 would represent some 30% of the whole estate.
Over recent times GVC has made it clear that its future is towards online and the US market with Ladbrokes now entering that business.
How long the retail business will last for GVC depends on whether the company can stop the continual decline in revenues.
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