GVC Boss Talks About FOBTs & Clamp Down On Advertising
GVC Chief executive Kenny Alexander has said that Ladbrokes Coral had suffered a “hangover” from the Fixed Odds Betting Terminals (FOBTs) government announcement that stakes will be drastically reduced from £100 to £2 starting in 2020.
Alexander said that in the first half of 2018 machine revenues were down 3% compared to the same period in 2017. The company also said that some 1,000 Ladbrokes and Coral betting shops will close when the new regulations on FOBTs come into force, currently GVC operates 3,500 betting shops in the UK.
The boss said that overall FOBTs account for around 15% of the companies £1.7 billion revenues, so is a small part of the business and said that the way forward is digital growth.
Talking also about the UK government looking to reduce gambling adverts on television Alexander said that the clamp down on gambling advertising would impact on their competitors who have no presence on the UK high street more than his company.