Retail sales at its high street shops fell sharply for Ladbrokes and Coral after the government cut the maximum bet allowed on fixed odds betting terminals.
GVC, owner of Ladbrokes and Coral, saw sales from games in its UK retail arm drop by 19 percent in the second quarter to June 30. The losses come after the UK government cut the maximum stake allowed on FOBTs’ from £100 to £2 a spin.
GVC said sales from FOBT machines were down 39 percent, but also said the 19 percent overall decline was better than expected as some gamblers had started using alternative sport betting terminals instead.
The company’s overall expansion into online gambling allowed it to see overall gaming sales grow by 3 percent for the quarter and 5 percent in the first half of the year.
