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GVC’s UK Retail Net Gaming Revenue Decreases in Q2 2019

Published

5 years ago

July 18, 2019

German sports-betting licences for GVC Holdings

Reading Time: < 1 minute

GVC’s UK retail net gaming revenues have dropped 19% in Q2 2019. This was driven by a 39% plunge in UK like-for-like machine sales following the Government’s move to slash the maximum stake on fixed-odds betting terminals (FOBTs) to £2 in April.

“The transition to a post-£2 stakes-cut environment in UK retail is progressing very well and we believe the Ladbrokes Coral estate is best placed to take market share,” Chief executive Kenneth Alexander said.

Bookmakers have been hammered by the FOBT crackdown, which has been compounded by challenging high street conditions. William Hill announced earlier this month that it was closing around 700 betting shops across the UK, putting 4500 jobs at risk. GVC has previously said up to 1000 of its bookies are at risk of closure due to the stake cut.

GVC confirmed the boost from online gambling with website net gaming revenues up 16% in Q2 and 17% over the first half despite a strong performance a year earlier from the football world cup.

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Niji Narayan

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.