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Betting business GVC, the owner of Ladbrokes Coral, says it has had an "excellent". In a trading update, the firm said profits would be at the upper end of analysts' forecasts.
Despite the industry seeing a backlash, with criticism over its practices and a regulatory crackdown, GVC is expanding fast.
“The group’s operational and financial performance in 2019 has been excellent,” said Kenny Alexander, GVC’s chief executive in the statement.
BBC Radio 5 Live
Wake Up To Money
Shares in betting companies such as GVC and William Hill fell sharply on Monday after a report by a cross-party group of MPs called for measures to overhaul online gambling and protect vulnerable people.
The MPs have called for a limit on the maximum stakes on online slot machines, similar to the £2 limit brought in for fixed-odds betting terminals (FOBTs).
They are also seeking a ban on the use of credit cards to gamble online.
Laura Foll, fund manager at Janus Henderson Investors, told BBC Radio 5 Live's Wake Up To Money that she did not own such gambling shares in her fund.
"I find this regulation hard to predict. The direction has to be that regulation is going up," she said.
Shares in all the main gambling companies are down sharply.
GVC, which earlier named a new chairman, is off 12% while William Hill has fallen 7%, 888 is down 5% and Flutter (Paddy Power) is off 2%.
Neil Wilson, chief market analyst at markets.com, points to the all-parliamentary party group report - written up by the Guardian - which says online casinos should be subject to maximum stake limits similar to the £2 limits imposed on fixed-odds betting terminals (FOBTs).
"If any future government carried out these reforms it would be a big blow to bookmakers who now derive a lot of revenues from online gaming. It could be as bad for them as the FOBT restrictions," he said.
GVC Holdings, the owner of sports betting and gaming firms including Ladbrokes Coral and Gala, has reported a 12% rise in net gaming revenue for the three months ending 30 September 2019.
GVC has also upgraded its full-year guidance to £670m-£680m, from £650m-£670m.
The firm says that its revenues were boosted by a rise in online wagers compared to the same period in the previous year, despite the fact that 2018 had the impact of the football World Cup.
GVC said it is to migrate its Ladbrokes, Coral and Gala online brands onto its BetMGM app that was launched in the US in September in partnership with MCM Resorts.
GVC, owner of Ladbrokes Coral, has issued a trading update, as mentioned earlier. It reported a 19% drop in like-for-like second quarter sales in the UK, driven by thereduction of the maximum stake on fixed-odds betting terminals from £100 to £2.
Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said: "The group hasn't avoided a dip in like-for-like sales within its retail estate but performance hasn't been as bad as had been feared.
"It seems some of those now unwilling, or unable, to gamble as much on the fixed terminals are turning to old fashioned over-the-counter sports wagers."
The shares are down 1.5% at 599p.
Ladbrokes Coral-owner GVC Holdings reported a 19% drop in like-for-like second quarter sales in the UK, driven by the reduction of the maximum stake on fixed-odds betting terminals from £100 to £2.
Despite the sharp fall, GVC Holdings said the trend was "better than initial guidance".
The reduction has impacted rival William Hill which recently announced plans to close 700 betting shops, putting 4,500 jobs at risk.
GVC Holdings said its European business reported like-for-like sales up 12% in the three months to 30 June.
Total online betting rose 16% which the company described as "very strong" "despite the comparative period including part of the Football World Cup".