Gambling More Popular Than Ever

Ladbrokes have released their financial results for the third quarter and it shows that the gambling corporation has grown by 128% in the past 12 months, and that they are confident of meeting all their project targets for the year.

Richard Glynn, Ladbrokes chief executive said that the groups operating profits had risen from £22.4 million to £51.5 million when compared to last year. The good results were put down in the main to successful sports betting during July’s football World Cup in South Africa, better than predicted start to the Premiership campaign and higher machine earnings from the machines in the betting shops.

The net value of the company rose by 12% and the net revenue went up by 17% due to the performance of their sportsbook, bingo and casino operations. There was however a decrease in revenue from online poker, which Glynn put down to “industry-wide” issues regarding legislation and liquidity internationally.

The biggest area of growth was in the betting shops which showed more people had been coming through the doors to place bets across the counters and using the slot machines. Net revenues in betting shops grew by 12% indicating that despite the current economic climate customers where still prepared to have a gamble.

Glynn said that all the indications were that Ladbrokes would meet this year’s financial target: . “Ladbrokes has a great brand and a strengthened management team determined to drive operational improvements forward.”