Ladbrokes owner GVC sees higher levels of online betting
Growth in UK high street betting shops was flat.
Ladbrokes owner GVC Holdings has said it is on track to deliver double-digit growth in its online business this year, after it posted strong growth in the first quarter.
Net gaming revenue (NGR) for online was up 17% in the three months to March 31.
This comprised 16% growth in sports betting, while gaming was up 20%.
We continue to see good volume growth across all major online brands and territories Kenneth Alexander, GVC chief executive
Chief executive Kenneth Alexander said the results showed a continuing “strong trend” and represented an “excellent start to the year”.
“We continue to see good volume growth across all major online brands and territories and we remain very confident of achieving our target of double-digit online NGR growth,” he said.
Total group NGR for the period was up 8%.
Meanwhile, like-for-like revenue in UK retail was flat, but European shops saw 2% growth.
The new stake limit on fixed odds betting terminals (FOBTs) in the UK came into effect on April 1, introducing a £2 cap.
Mr Alexander said it would be several weeks before GVC would be able to assess the impact of the new regulation.
Other high street betting shops have already faced warnings from the Gambling Commission over the introduction of new games, following concerns that they could undermine the stake limit.
Paddy Power Betfair and Betfred both pulled new products earlier this week.