Ladbrokes Coral Group reports rise in revenue helped by popularity of online trading

The English football season particularly supported the group's performance, as well as the 10th round victory of Floyd Mayweather over Conor McGregor in late August

Josie Co
Business Editor
Monday 13 November 2017 09:59
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Ladbrokes and Gala Coral merged last year to create the company in its current form
Ladbrokes and Gala Coral merged last year to create the company in its current form

Ladbrokes Coral Group has reported a 3 per cent increase in net revenue for the four months to the end of October, particularly helped by a strong performance in its online trading business.

The company, which is the UK’s largest bookmaker, said on Monday that digital net revenue had jumped by 12 per cent, largely thanks to an 18 per cent increase in sportsbook net revenue.

European retail net revenue increased by 17 per cent, offsetting a marginal fall in retail revenue for the UK.

"The four month period to 29 October represents another period of positive trading performance for the group as well as solid delivery on the key operational and financial targets for the year including the swift integration of people, operations and platforms,” said chief executive Jim Mullen.

“Our digital performance is strong and the Ladbrokes brand in Australia and the Eurobet brand in Italy continue to post very strong revenue growth,” he added.

He said that, in the UK, the Coral and Gala brands also posted “very pleasing growth”.

Ladbrokes and Gala Coral merged last year to create the company in its current form.

In terms of specific events, the group said on Monday that during the four months, the English football season had particularly supported its performance, as well as the 10th round victory of Floyd Mayweather over Conor McGregor in late August.

Last month, the Government’s Department for Digital, Culture, Media and Sport announced that it was launching a 12-week consultation period, on how better tracking and monitoring of play on fixed-odds betting terminals could help with interventions to protect players.

And Ladbrokes Coral Group on Monday said that it would “take an active part in providing evidence on all relevant areas as part of the process outlined within the consultation document”.

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