GVC Holdings has hailed an “excellent” trading performance over 2019 despite a year of significant regulatory upheaval.

The company, whose brands also include Coral, bwin and Foxy Bingo, said total annual group net gaming revenue rose 2%.

However, its UK retail like-for-like sales fell 11% in the last quarter of the year, as Britain cut the maximum stake allowed on high-speed slot machines – dubbed the “crack cocaine” of gambling by critics – to 2 pounds from 100 pounds.

Less than a year after Britain slashed the maximum stake that can be placed on popular fixed-odds betting terminals, GVC said this month that it would ban the country’s 24 million gamblers from using credit cards to bet online or offline to rack up debt, the latest move by the government to tackle problem gambling.

Britain has a thriving gambling industry. It employs more than 100,000
people and made 14.4 billion pounds ($18.84 billion) after paying out winnings in the 2018-2019 financial year.

It said then that it expects full-year core earnings in the range of 670 million pounds to 680 million pounds.

Kenneth Alexander, chief executive officer of GVC, said: “The group’s operational and financial performance in 2019 has been excellent with the strong momentum reported at quarter three continuing throughout quarter four.

“The performance continues to be driven by our industry-leading technology, products, brands, marketing capability, people and local execution, all of which is underpinned by our determination to spearhead the industry’s approach to responsible gaming.

“As the group continues to deliver the opportunities provided by both the Ladbrokes Coral integration and our sports betting joint-venture in the US, the board is confident that the group is well-placed for a successful 2020.”