Bad results for Cryptologic Ladbrokes


Ladbrokes released disappointing numbers for the 4 first 4 months of 2009 ended April, reporting a 34 percent overall decline in pre-tax profits. The UK land and online gambling group blamed the "abnormal" gross win margin in March and an increase in free bets offered to new customers, but added that the statistics for May showed a return to "more normal trends".

The results included those for the online gambling division, where there was strong competition and net revenues were down 2 percent, making it unlikely that the division would make its circa GBP 85 million profit target. Lower yields from online poker players took the shine off a 14 percent increase in active players and an overall increase in signups of 10 percent, probably occasioned by the poker operations being assimilated into the Microgaming Poker Network in February 2009.

Across the wider group, punters had the best of it, costing the company dearly in winnings, whilst telephone betting profit fell 54 percent, and profit before interest, tax and non-trading items from high rollers fell to GBP 25 million compared to GBP 40 million last year. Since the beginning of May, Ladbrokes has made a further GBP 17 million profit from high rollers.

Group gross win was in line with expectations up until February, but March proved highly profitable for the gamblers. Since then gross win rose 5 percent.

The company warned in a statement that whilst it remained confident for 2009 full year positive results, weaker economic conditions and softening yields make it unlikely that it will achieve the growth necessary to reach its previously forecast profitability target in 2010”.

Ladbroke chief executive Chris Bell said: "While it is difficult to predict future staking levels in the current economic climate, the general resilience of our business and strong cost control gives us confidence in the outturn for the full year."

General Gambling News

Login to post a comment:


 
 

Click Here to register a new account

What's going on right now!

4mins ago someone from United States read article Probability Jones Licenses Games to Betsson

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

Casino Of The Month

Casino of the Month

In the last 24h

Totals

  • New Members
    26
  • Members Online
    406
  • Guests
    1,642
Highest Community Rated Online Casinos
BETAT Casino
  (207 Ratings)
SlotsMillion
  (66 Ratings)
32 Red Casino
  (333 Ratings)
Guts Casino
  (195 Ratings)
Club USA Casino
  (268 Ratings)
Mr Green Casino
  (297 Ratings)
Buzzluck Casino
  (168 Ratings)
Lucky Red Casino
  (218 Ratings)
Videoslots.com
  (158 Ratings)
NextCasino
  (164 Ratings)
Bet365 Games
  (182 Ratings)
Bohemia Casino
  (11 Ratings)
Unibet Casino
  (155 Ratings)
CasinoLuck
  (239 Ratings)
Betsson Casino
  (227 Ratings)
Betsafe Casino
  (200 Ratings)
Redbet Casino
  (165 Ratings)
Spin Palace Casino
  (124 Ratings)
Casino Extreme
  (175 Ratings)
Slotty Vegas
  (119 Ratings)
Intertops Red Casino
  (130 Ratings)
ComeOn Casino
  (262 Ratings)
Sin City Casino
  (110 Ratings)
Vera John Casino
  (189 Ratings)
Intertops Casino Classic
  (117 Ratings)
Thrills Casino
  (145 Ratings)
Winner Casino
  (357 Ratings)
Ladbrokes Casino
  (160 Ratings)
Voglia di Vincere
  (6 Ratings)
Slotland
  (323 Ratings)


Follow LCB on Facebook Follow LCB on Twitter Follow LCB on Pinterest Follow LCB on Google plus