SBC News Voice of the Sports Betting Industry
UK based gaming operator Ladbrokes, published its first half interim report for 2013, the operator has as reported a 48% drop in pre-tax profit to £55.1m. The return shows a decline in from £106.9m for the same period in 2012.
Ladbrokes have pinpointed the cause of the decline coming from its high-street retail stores, that have been affected by the June and July UK heatwave and the increase on taxes on retail betting, Ladbrokes retail shops have also witnessed a downturn on wagering on its popular in-store gaming machines, play has been affected by the ‘stay at home’ punters, that have seen a decrease in bets wagered at retail stores by 15%.
Ladbrokes UK Retail business, still its largest business division,operating more than 2000 retail betting shops in the UK. The operator had issued an earnings warning to shareholders in early March of 2013.
Ladbrokes senior management have planned a comeback against recent performance by forming a strategic alliance with Playtech plc, the online gaming services and software provider that has multiple partnerships with igaming operators. Ladbrokes also paid 30 million euros earlier this year to buy Irish-based Betdaq betting exchange as the operator looks to strengthen its digital proposition. The acquisition of which has had an impact on the operators first half of year performance effecting group operational profit.
Below SBC reports a short summary of the figures published by Ladbrokes PLC:-
- Ladbrokes 48.5% decline in pre-tax profits to £55.1m down 106.9m
- High street retail wagering down 15%
- Ladbrokes group operating profit fell almost 20% to 85.7 million
- Digital performance has declined – falling 28% to £10.8m
