International edition
September 28, 2020

Operating profit gained 128 % to us$ 81.4 million in the period

Ladbrokes has doubled operating profit in the third quarter 2010

(UK).- British bookmaker Ladbrokes said third-quarter operating profit more than doubled, boosted by betting on soccer’s World Cup and higher win percentages on games.

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perating profit gained 128 % to us$ 81.4 million in the period, the Harrow, England-based company said in a statement. Ladbrokes said the company is “on track” to meet its full-year forecasts. Richard Glynn, who took over as CEO in April, revamped his management team in August and changed gambling machine suppliers as the company tries to boost its take from betting shops.

Ladbrokes said it generated us$ 13.1 million in gross win from the World Cup. “Although bolstered by successful latter stages of the World Cup and an easy comparative period, the growth rates achieved in the third quarter give the board confidence that the group is on track to meet its full-year expectations,” Glynn said in the statement. Ladbrokes gained 3.1 pence, or 2.3 %, to 141.1 pence in London.

The shares have risen 2.6 % so far this year, giving the bookmaker a market value of us$ 2 billion. Ladbrokes’ five-year credit-default swaps fell 26 basis points to 285, according to data provider CMA. Buying Tote, the state-owned bookmaker, is not “highest on our agenda,” Glynn said on a conference call with reporters. “We have a very good retail estate at the moment.” The U.K’s Department for Culture, Media and Sport said last month it will solicit bids for Tote.

Internet net revenue rose 17 % during the period, led by sports betting. Ladbrokes benefited from a rebound in margin as the number of draws was higher than usual, compared with an unexpectedly low total in the year-earlier period, Finance Director Brian Wallace said on the call. Bookmakers benefit from draws because few bettors wager on ties.

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