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  1. #1
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    Default Ladbrokes Coral could lose 1,600 jobs after Foxy Bingo takeover

    Less than two months after the takeover of Ladbrokes Coral by GVC, it is being reported that up to 1,600 jobs could be cut.

    According to an article in The Guardian yesterday, GVC and Ladbrokes said up to 6% of their combined 26,800 workforce – around 1,608 staff – could lose their jobs. Most would be in the UK but the cuts are not expected to affect staff until next year

    The jobs likely to be affected are in areas including marketing, customer services and administrative functions. Ladbrokes’ network of high street bookmakers is not likely to be affected.

    Ladbrokes Coral’s head office in central London is likely to close, with some of those roles moving to GVC’s head office, also in the capital.

    The forecast of job cuts came as the two companies outlined the terms of a tie-up worth up to £3.9bn and Ladbrokes handed its shareholders a surprise dividend payout worth £78m.

    The eventual price tag of the deal to create the UK’s largest public betting firm depends on of the maximum permitted stake on (FOBTs).

    GVC’s offer is worth up to £3.9bn, but could fall by £800m if the government opts to slash the maximum permitted FOBT stake to £2. This is because the machines bring in more than half of bookmakers’ revenues and GVC does not want to pay the top price if a big chunk of Ladbrokes’ income could disappear.

    More takeovers among gaming firms could follow, with William Hill, online casino 888 and Mecca Bingo firm Rank all potential merger or acquisition candidates.
    Read the entire article here: https://www.theguardian.com/business...bingo-takeover

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  3. #2
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    In related news, GVC has been fined £350,000 for “repeatedly misleading consumers” with offers of free bonuses, on the same day that regulators announced a crackdown on gambling adverts:

    https://www.theguardian.com/society/...oblem-gamblers

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  5. #3
    baldidiot is offline Private Member
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    The GVC / Ladbrokes Coral merger is also being investigated by the CMA right now so not great timing for them..

    See here, here and here.
    onlinegamblingwebsites.com - Formally known as goodbonusguide.
    baldidiot.net - Baldys affiliate blog. Will get updated one day. Maybe.

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