GVC Racks £2 Million a Day in Profits for Last Year

Ladbrokes and Coral owner, GVC, announced its great profits for last year. It seems that according to the numbers, the operator managed to rack almost 2 million British pounds every single day.

GVC Announces Its Great Numbers from Last Year

GVC, whose brands include Ladbrokes, Coral, Sportingbet, Foxy Bingo, and Party Poker, announced its profits for 2019. The operator stated that the earnings for 2019 were at the top end of their expectations of between 670 and 680 million British pounds. It means that the operator was able to rack almost 2 million pounds every single day. It seems that these astounding numbers came even after the crackdown on the FOBTs, which decreased the maximum stake on these machines to only £2. The trading update by the operator came a few days after the UKGC announced its ban on credit card gambling starting from April.

The Operator Comments on the Trading Update

The Chief Executive of GVC, Kenny Alexander, got a total of 37 million pounds in the past two years. He hailed the fantastic performance of the company in 2019. The shares of the operator peaked at 1170p during 2018 before it failed to 507p last year. The shares closed down at 2.5 percent, at 910.2p. Even though it posted lower sales from the high street bookmakers, the company stated that the retail arm in the United Kingdom managed to perform ahead of the expectations.

The bookmaker also expressed that it is confident that the company is in a position that would allow it to have a highly successful 2020. The casino is going to integrate the Ladbrokes Coral acquisition fully, and it will expand and grow its United States sportsbetting venture.

GVC holdings also stated that the decline in its United Kingdom shops was not as devastating as they expected last year. As for the online gambling growth, it slightly slowed during the 4th quarter of the year. All of these factors resulted in the great numbers of the operator in 2019. It also increased the confidence the company has in a successful 2020, despite the changes occurring in the UK gambling industry.

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