Sales at Isle of Man registered gambling giant GVC were dented by extreme weather in the first quarter, with horse racing cancellations hitting the firm’s performance.

The group saw like-for-like retail gaming revenue drop 5% in the 20 weeks to May 20, with sports betting falling 9%.

GVC said the performance was hit by ‘severe weather’, which saw 12% of all horse racing fixtures cancelled because of the Beast from the East.

Gaming machine revenues were 2% behind last year and ‘could remain under pressure’, GVC added.

It comes after a Government move to cut the maximum stake for fixed-odds betting terminals (FOBTs) to £2, with bookmakers across the board expected to take a hit.

Total group net gaming revenue increased 7%, driven by a 32% increase in Europe, while online net gaming revenue rose 17%.

The tie-up with Ladbrokes, which completed this year, will see the creation of an online-led global gambling giant, combining Ladbrokes’ high street and online operations with GVC’s stable of brands, including Sportingbet and PartyCasino.

Chief executive Kenneth Alexander said: ‘It is very early days since the completion of the acquisition of the Ladbrokes Coral Group, but from what I have seen so far I am excited about the opportunities and even more confident of delivering shareholder value.

‘The online operations continue to grow strongly and this is before we have started to implement best in practice across the enlarged group.’

More growth may come from the US, where the sports betting market is tipped for take-off after a Supreme Court ruling this month.

GVC said the judgment ‘presents the potential for a significant expansion in the regulated sports betting market.’

GVC Holdings PLC is one of the world’s largest sports betting and gaming group.

It operates brands across more than 20 countries. The Group has more than 28,000 employees and contractors and is headquartered in Athol Street, Douglas.

Sports brands include bwin, Ladbrokes, Gala Casino, Coral and Sportingbet.Games brands include Foxy Bingo, Party Poker and Cheeky Bingo.