Ladbrokes Owner Sees Profits Boost Despite Gambling Crackdown Ladbrokes owner sees revenues increase in spite of gambling crackdown 9 October 2019 GVC, the company that owns Ladbrokes, says it anticipates its profits to be bigger than expected in spite of the federal government's clampdown on gaming. The firm still expects to close 900 shops over two years due to the fact that of the optimum stake on fixed-odds betting terminals (FOBTs) being cut to ₤ 2. But while the use of FOBTs has fallen, in the 3rd quarter more bets were being positioned in-store. The group, which also owns Coral, said online betting is also up by 12%. In a third quarter trading upgrade, it updated its earnings guidance for the full year to in between ₤ 670-₤ 680m, from ₤ 650-₤ 670m. Kenneth Alexander, GVC's chief executive, stated: "I am happy that the group's monetary performance has allowed us to upgrade our full-year profits before interest and tax expectations once again. "Online momentum stays strong throughout all major territories, with net gaming profits up 12% in the quarter regardless of the previous duration consisting of part of the World Cup." In August, the business revealed strategies to shut 900 stores - putting up to 5,000 tasks at risk - because of the cut in FOBTs maximum stakes from ₤ 100. There were 3,500 Ladbrokes and Coral shops at the start of the year, and some 198 have already shut, with the rest scheduled for closure by April 2021. Rival William Hill has stated it will close 700 shops as a result of the regulative clampdown. While GVC said earnings in the shops is down 18%, it still ahead of expectations. GVC showed that customers were finding other methods to bet, as while revenues from devices - consisting of FOBTs - were down 36% in the quarter, there was 7% rise in betting in shops.