November 13, 2017 / 7:35 AM / 7 days ago

Online trading boosts revenue at UK bookmaker Ladbrokes

(Reuters) - Britain’s largest bookmaker Ladbrokes Coral Group (LCL.L) reported a 3 percent rise net revenue on Monday as strong trading online helped offset falling retail sales in the UK.

The group, created by the merger of Ladbrokes and Gala Coral last year, said digital net revenue rose 12 percent from July 1 to Oct 29, with sportsbook net revenue up 18 percent.

In the second quarter of its financial year, net revenue fell 2 percent.

“The main sporting events in the period were the resumption of the football season and the profitable 10th round victory of Floyd Mayweather over Conor McGregor in late August,” Ladbrokes said, adding its performance for the full year remained in line with expectations.

Ladbrokes Coral, which trades from over 3,500 shops across England, Wales and Scotland under the Ladbrokes and Coral brands, said UK retail like-for-like net revenue fell 1 percent.

The company has been trying to increase its share of the online gambling market as a possible crackdown by the government on profitable betting terminals in high street shops threatens to hit its retail operations.

In October, the government launched a 12-week consultation on a range of options on cutting the maximum stakes allowed on gambling machines from the current 100 pounds to between 50 pounds and 2 pounds.

Ladbrokes said it would take an “active part” in providing evidence on all relevant areas of the consultation.

Reporting by Justin George Varghese and Radhika Rukmangadhan in Bengaluru; Editing by Jason Neely and Mark Potter

Our Standards:The Thomson Reuters Trust Principles.
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