Ladbrokes targets 80 new Irish shops
BETTING giant Ladbrokes is planning to increase its Irish portfolio by up to 80 stores in the next 18 months, bringing total branch numbers here to about 290.
Approximately 20 or 30 of these new stores will be in the Republic, while 40 or 50 will be in the North, the managing director of Ladbrokes' Irish arm said last night.
His comments came as Ladbrokes Ireland reported an 84pc jump in operating profits for the first half of the year, to £12.5m. Gross win, or income after payouts, came to £32.8m (up from £23.2m the previous year). Ladbrokes attributed the high figures to good horse racing results from the UK and Ireland. Meanwhile, costs grew by almost 38pc.
The bookmaker's growth plans represent a considerable ramp-up in ambition as just 13 stores were added in the first six months of the year, while two were closed.
"In the UK we have 2,500 shops so we're at virtual saturation," said John Lewins.
"The Irish market has still some way to go and the propensity to bet in Ireland is more than in the UK. Here almost every one you talk to either owns a horse or knows somebody who owns a horse."
Mr Lewins said the Irish growth was more likely to be driven by acquisitions than new licences.
"We'd prefer to build it up by buying whole chains, if that's possible and we're talking to a number of different bookmakers now," said Mr Lewins.
"It's very difficult to say when the next announcement will come, it could be next week and it could be six months."
The Ladbrokes group reported an expected dip in pre-tax profits, down to £156m from £158.6m the previous year.
- Laura Noonan
