Wednesday 22 May 2019

Ladbrokes reports higher levels of online betting

Ladbrokes (Stock photo) Photo: PA
Ladbrokes (Stock photo) Photo: PA

Alys Key

Ladbrokes owner GVC Holdings has said it is on track to deliver double-digit growth in its online business this year, after it posted strong growth in the first quarter.

Net gaming revenue (NGR) for online was up 17pc in the three months to March 31.

This comprised 16pc growth in sports betting, while gaming was up 20pc.

Chief executive Kenneth Alexander said the results showed a continuing "strong trend" and represented an "excellent start to the year".

"We continue to see good volume growth across all major online brands and territories and we remain very confident of achieving our target of double-digit online NGR growth," he said.

Total group NGR for the period was up 8pc.

Meanwhile, like-for-like revenue in UK retail was flat, but European shops saw 2pc growth.

The new stake limit on fixed odds betting terminals (FOBTs) in the UK came into effect on April 1, introducing a £2 cap.

Mr Alexander said it would be several weeks before GVC would be able to assess the impact of the new regulation.

Other high street betting shops have already faced warnings from the Gambling Commission over the introduction of new games, following concerns that they could undermine the stake limit.

Paddy Power Betfair and Betfred both pulled new products earlier this week.

Press Association

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