GVC (owner of Corals and Ladbrokes) last week released their results for the second quarter of the year. This is the first full period taking into account the drop in stake on the FOBTs from £100 to £2. Not surprisingly the machine profit was down a massive 39% which has put a number of their shops in serious jeopardy and they are planning on closing 100’s of shops in the coming months. Surprisingly GVC were very bullish about their performance overall during this period and described their results as strong! Not surprisingly they announced they had made some big gains in online gaming.
So it looks as though the missing FOBT punters may have found there way on to online casinos where there are no limits on stakes and the chances of human interaction are far less. Unfortunately the anti gambling brigade ran roughshod over any logical argument that was put forward regarding FOBTs.
I hope the Daily Mail, The Guardian, the Left Wing Politicians and the Right Wing ones with business interests in Arcades or Pubs are happy with their work as they have left behind carnage:
*The Racing Industry will be severely underfunded.
*Thousands of jobs have been lost in the shops.
*The safest place for people to gamble has been removed.
*Empty shops on the High Street.
*Some lonely people have lost their community hub.