Connect with us

WINNING COMBINATION - SOFTSWISS develops innovative iGaming software products for online casino, sports betting, and beyond. Our products can be delivered as standalone solutions or combined into a single iGaming Platform.

The future of sports betting: BETBY sportsbook is focused on innovation through deep industry knowledge, state-of-the-art software & endless customization possibilities.

Gambling in the USA

Ladbrokes owner GVC bets on US growth

Published

on

Ladbrokes owner GVC bets on US growth
Photo Source:ft.com
Reading Time: < 1 minute

 

GVC, the holding firm of Ladbrokes, is hopeful of a massive growth in the USA, following its third straight annual loss in the UK and circumstances of general gloom.

The company acquired bookmaker Ladbrokes Coral last year for £4bn. Now it reports a pre-tax loss of £18.9m. The loss last year was £22.6m.

The reasons for the loss are mainly £434.2m in one-off costs, which include write downs of the value of Ladbrokes’ UK shops and back taxes in Greece.

GVC reiterated its expectation that the rule change on April 1, when the maximum stake on fixed-odds betting terminals will be slashed from £100 to £2, would force it to close about 1,000 shops, with roughly 5,000 job losses.

British gambling companies are increasingly seeking to duck domestic headwinds by building their businesses in the US market, which has opened up piecemeal since a ruling permitted individual states to legalise sports betting.

Ladbrokes rival William Hill, which already has operations in all seven US states where sports betting has been legalised, last week said it aimed to expand its US presence as it too revealed an annual loss.

Kenny Alexander, GVC chief executive, said the importance of the UK retail business was declining as customers moved online, and that he expected GVC to return to profitability in the next 12 months.

GVC said the US market was a “very significant opportunity” and that it expected the majority of states to be regulated within three to five years.

“We’ll be aggressive when new markets open up there,” said Mr Alexander, adding that it would not be a “drain on our financial firepower.”

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

Advertisement

Trending (Top 7)

EuropeanGaming.eu is a premier online platform that serves as a leading information hub for the gaming and gambling industry. This industry-centric media outlet reaches over 200,000 readers monthly, providing them with compelling content, the latest news, and deep-dive insights.

Offering comprehensive coverage on all aspects of the gaming sector, EuropeanGaming.eu includes online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant virtual meetups and conferences, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - European Gaming is part of HIPTHER. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.