FOBT Limit Delay Will Save GVC £700 Million

This story was published more than 5 years ago.

Gaming firm GVC Holdings will avoid a £700 million payout to former investors after the UK government delayed the implementation of max stakes on fixed odds betting terminals (FOBTs).

The government is delaying the implementation until April 2019, wherein FOBT limits will be reduced from £100 to £2, and will likely negatively impact gaming firms, as revenues will shrink. For GVC though, they won't have to pay out money to Contingent Value Rights, which was a condition set out when the company bought Ladbrokes Coral earlier this year.

The company will now have to pay out an £80 million one time payment, instead of the massive £700 million payout. The revelation sent GVC shares up in the immediate aftermath, but have since leveled out.

No comment from GVC was available as of press time.

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Therese Williams // UK Correspondent
Therese Williams
Therese is a fervent fan of slot machines and pub fruities, often trying her luck at some of the top online casinos. She covers news for Casino Listings with a focus on the UK and Europe. Therese studied arts and creative writing at university and has written for newspapers in the UK.