UK-listed gambling operator GVC Holdings says its “mitigating actions” have reduced its monthly earnings hit from the COVID-19 pandemic to £50m.

On Monday, GVC issued a trading update saying it had started 2020 off on the right foot, with net gaming revenue in Q1 up 1% year-on-year, while online revenue was up 16%. But by mid-March things had gone squirrelly following the closure of its retail operations and the mass cancellation of sports and racing events due to pandemic mitigation measures.

GVC previously estimated the negative impact of COVID-19 on its earnings would be around £100m per month, but has now revised this estimate to £50m after taking what CEO Kenny Alexander called “a range of measures to keep our people safe, strengthen our financial position, limit cash outflow, preserve jobs and maintain a compelling customer offer.”

Last week, UK media reported that GVC’s Ladbrokes and Coral brands had notified their retail landlords of the company’s intention to withhold rent payments on around 3k betting shops. GVC subsequently issued a statement saying it had “taken the difficult decision to temporary place on hold rental payments” but “fully intends to make-up the shortfall once normal trading conditions resume.”