Having reported its first positive set of interim results in eight rounds, Ladbrokes CEO Richard Glynn highlighted the importance of the Australian igaming market to the operator’s future corporate growth and value strategy.
Speaking to investors at Ladbrokes Q3 call, Richard Glynn confirmed that Ladbrokes Australia had become profitable in just over a year of being full operations.
Ladbrokes Australian sports betting operations had witnessed a Q3 net revenue jump of 172%, Glynn further noted that Ladbrokes Australia had more than doubled its active customer base in 2014.
Ladbrokes had entered the Australian igaming market with the £13 acquisition of Gaming Investments in September 2013. The UK betting operator further extended its presence with an April acquisition of Melbourne sports betting operator Eskander for £11 million.
During the investor call, Glynn pointed out that Ladbrokes believed that the Australian igaming market would become quickly saturated with more UK competitors seeking to establish operations in the region.
“The Ladbrokes brand is getting some resonance there, but there’s an awful lot to play for,” Glynn added.
Ladbrokes announced that it would look to increase its coverage in the region, targeting potential partnerships and major Australian sporting events.