Home Business News Ladbrokes could see up to 1,000 store closures

Ladbrokes could see up to 1,000 store closures

by LLB Reporter
5th Mar 19 8:42 am

GVC the owner of Ladbrokes, has posted a full-year of soaring sales however, the betting company warned that new rules for fixed-odds betting terminals will see around 1,000 store closures.

Revenue rose from £789.9m to £2.9bn in 2018, the group posted £18.9m pre-tax loss in 2018, which is up from £22.6m the previous year.

Kenneth Alexander, the chief of Ladbrokes said, the firm is “well-placed” to absorb the impact of the new regulations.

Alexander added, “2018 was a transformational year for the group with the completion of the Ladbrokes Coral acquisition in March making the group the largest online-led sports-betting and gaming operator in the world.

“Excellent operational execution, effective marketing and a good World Cup helped both the legacy GVC and the acquired Ladbrokes Coral businesses perform ahead of expectations and materially ahead of the market, delivering market share gains in all our major territories.”

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