International edition
September 25, 2020

The company has over 2,750 betting shops

Ladbrokes revenue declines in first four months

(UK).- Bookmaker Ladbrokes said last week that net revenue fell 6 % in the first four months of its fiscal year as the amount of bets being placed at its shops continued to decline sharply.

T

he company, which has over 2,750 betting shops, said revenue from bets placed over-the-counter dropped by 11 percent during the period while gross win (total bets minus payouts) from gambling machines rose by 1 percent.

New Chief Executive Richard Glynn, who joined the company last month, said the economic environment remained challenging.

"The strength of UK consumer confidence post the election is difficult to gauge. However, group profitability year to date has been broadly in line with expectations," he said.

Ladbrokes and other operators of high street betting shops, such as William Hill and Paddy Power, were hit harder by the economic downturn than anticipated, having previously been thought of as relatively recession resilient because of the habitual nature of gamblers.

However, recent updates had been more encouraging. William Hill said it had made an encouraging start to the year, boosted by strong online sales while Paddy Power's full-year earnings decline was not as bad as anticipated.

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