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

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.