Ladbrokes-owner GVC expects full-year core earnings in the range of £670-680m, compared with the £650-670m range it provided in August. This will be the second time the company is raising its annual core earnings forecast in three months.
Bookmakers including GVC, Flutter Entertainment and William Hill have been targeting the rapidly growing U.S. market, which has expanded since sports betting regulation was liberalized. GVC said it had seen an excellent start to its BetMGM mobile app launched in September in New Jersey.
Since Britain companies put in place tighter regulations and cut the maximum stake allowed on high-speed slot machines to 2 pounds from 100 pounds, the British gambling companies are now targeting the rapidly growing U.S. market.
GVC is doing well as per the latest trading updates. The company is expected to appoint a new chairperson before the end of the year to replace Lee Feldman, who will step down to comply with the U.K. corporate governance code’s limits on tenure.