Machines help boost Ladbrokes by 20%

18/02/2011

The ongoing roll-out of new gaming machines at high street betting shops helped Ladbrokes notch up a 20% rise in profits last year, reports This is Money

Meanwhile, revenues from online sports betting grew 16.9% to £65.1m, driven by a 19% rise in pre-event turnover and 11.2% growth for in-play betting. Ladbrokes has benefited from the growing popularity of in-play betting, which allows customers to place wagers when a match or race is already underway.

It offered 23,000 Bet In Play events in 2010, an increase of 27%, with amounts staked now accounting for 42% of total online sports betting. The company plans to invest an additional £50m during the next two years to further improve its technology.

Ladbrokes, which has 2,100 outlets in the UK, opened 40 new shops, closed 30 and carried out 102 shop refurbishments during the year. It plans to open another 50 shops this year with 20 outlets scheduled for closure.

Ladbrokes said current trading was strong with the amount staked up 14.1% in the first six weeks of the new financial year, although net revenues were flat due to pressure caused by unfavourable horseracing and football results.

Chief executive Richard Glynn said: ‘Whilst we remain very mindful of the uncertain consumer outlook in the UK and the absence of a major football tournament in 2011, the board looks forward with confidence to executing its new strategy.’

Read more: http://www.thisismoney.co.uk/markets/article.html?in_article_id=523079&in_page_id=3#ixzz1EIRvkWg6

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