GVC the owner of Ladbrokes and Coral betting shops has seen their sales tumble by nearly a fifth due to the crackdown on the fixed odds betting terminals.
Britain’s largest bookmaker said that UK retail net gaming revenues fell by 19% for the second quarter to 30 June.
The fall in revenue was driven by a 39% plunge in the UK like-for-like machine sales following the governments move on fixed odds betting to £2.
However, online sales and international business helped to offset the troubled betting shops with the overall net gaming revenues at 3% higher for the quarter up by 5% in the first half.
Chief executive Kenneth Alexander said, “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.”
GVC who has 3,400 betting shops in the UK has previously said up to 1,000 of their bookies are at risk of closure as a result of the governments fixed odd betting clampdown to £2 bets.
Along with the clampdown there has been tough high street conditions, and earlier this month William Hill announced they are axing 700 of their shops affecting 4,500 jobs.