GVC Holdings, which has more than 3,400 betting shops, said U.K. retail net gaming revenues dropped 19%, driven by a 39% plunge in like-for-like machine sales following the Government’s move to slash the maximum stake on FOBTs to £2 in April.


But the firm said the hit was not as bad as feared, thanks to a surge in online revenues and international business with overall net gaming revenues 3% higher in the quarter and 5% up in the first half.

From Yahoo Finance:

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.”

Bookmakers have been hammered by the FOBT crackdown, which has been compounded by challenging high street conditions.
William Hill announced earlier this month that it was axing around 700 betting shops across the UK, putting 4,500 jobs at risk.
GVC has previously said up to 1,000 of its bookies are at risk of closure due to the stake cut.

In its trading update, GVC confirmed the boost from online gambling, with website net gaming revenues up 16% in the second quarter and 17% over the first half despite a strong performance a year earlier from the football world cup.
UK online sales jumped 19%, it added.
Read more here: https://uk.finance.yahoo.com/news/la...WVuYMMVAGeWqSm