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Business owner GVC Holdings, owner of the Ladbrokes Coral brand could be closing up to 900 betting outlets across the UK and Northern Ireland by 2021.Since the reduction of maximum bets on Fixed Odds Betting Terminals (FOBT’s) from £100 down to £2 earlier this year, has seen a massive impact on sales in betting shops offering these machines.
Northern Ireland Included
The result will mean a closure of up to 900 betting outlets across UK and Ireland, resulting in 12,000 job losses. Although Ireland betting shops do not offer FOBT’s, the 140 betting shops across Northern Ireland will have a full review, the same as its UK estate.The Irish operation were reported to have made an increase of 1% in Net Gaming, although a small profit was made Ireland was the weakest performer in the first half of the year and lagged behind the UK’s 10% and Belgium’s 12% growth.The third quarter reports the European Retail Division, which Ireland is part of, fell by 4%, with the total group revenue down by 1%.
Looking Further Afield
The uncertainty in the UK market, plus the threat of a no-deal Brexit has had a huge impact on operators. With foreign markets now allowing legalised online betting, other countries that offer less strict rules than the UK are becoming more appealing for business. The US markets have opened up with various states now holding licenses to gamble in online casinos, encouraging the likes of GVC to look further afield.They have a joint venture with US casino and hotel operator MGM resorts International, since its mobile app BetMGM launched back in September, they have seen healthy results so far.