Ladbrokes have seen their high street betting shops see in an increase in profit at around the 8% mark over the last six months thanks to advent of in-store gambling machines. According to a report in the Financial Times, the pre-tax profits of the company rose 49% since January; with a sizeable 21% of this increase due to gambling machines it has been stated. This comes at a time when the total revenue raised via online gambling digitally dropped by a massive fifty percent.
Ladbrokes pre-tax profits rose to over £105 million at the end of June, with revenues spiking at £529 million, making up the eight percent rise.
The 2,150 Ladbrokes betting shops that exist in the United Kingdom continue to do relatively well in the current financial and economic climate, despite the decrease in online gambling. This is widely rumored to be due to a delay in Ladbroke’s latest digital online gambling platform, which it is feared may not even be ready for the start of English Premier League football season, due to kick off in just over twelve days time.
The digital profit fell by a staggering £15m over the last six months, placing Ladbrokes far behind its nearest and biggest rival, the successful William Hill, who has been gained steady ground since announcing record increase in profits during the last years. William Hill have also been busying themselves wheeling and dealing in the U.S. market of late, attempting to secure a sports betting license should the country decide to approve sports betting in Nevada, amongst other states.
Rounded up and packaged neatly, this shows that Ladbrokes are far behind par and still some distance behind William Hill, although they do predict that their new digital online platform will be ready by the beginning of the fourth quarter of the year.
Ladbrokes has come out and stated that their net debt has increased £397 million over the same period, a rise of some £56.9 million, with diluted earning shares rising to 12.3 pence from 6.6 pence.
And yet the future still looks bright for the sportsbook, both online and on land. The new digital online platform is being heralded as revolutionary by Ladbrokes, and the company has every intention of opening up at least sixty new betting offices within the year, proving the popularity of these land based betting houses is as popular as ever.