Ladbrokes owner shares fall even as online offsets UK hit

Ladbrokes owner GVC Holdings eked out 3% growth in overall revenue in the second quarter, online growth offsetting the collapse in UK high street revenue that drove rival William Hill to announce mass closures earlier this month.

GVC, which in March warned legislation ordering a cut in the maximum stake on fixed-odds betting terminals could lead to up to 1,000 shop closures, reported an almost 40% fall in like-for-like revenue from its machines. But it also said a 19% overall fall in like-for-like retail revenue was better than it had feared, with some punters turning to its sports betting terminals instead.