Ladbrokes Poker Revenue Down 23 Percent In 2012British Bookmaker Sees Poker Continue To Decline To Less Than One-Third Its 2006 Level |
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Ladbrokes plc, Britain’s largest bookmaker, has reported a 23.2 percent decline in poker revenue in 2012 to £10.9 million from £14.2 million in 2011.
It’s the third year in succession where the company’s poker revenue fell by around one-quarter and it now stands at less than one-third of its 2006 level.
The company said in its final results statement, “Strong competition amongst poker operators, with increasing activity on recruitment of players continues to characterise a tough marketplace.
“We are starting to see initial signs of our run rate settling with stable revenue from Q2 onwards".
Ladbrokes digital business has been under pressure for some time but the company says it is beginning to turn around and overall it saw digital net revenue growth of 9.0 percent in 2012 to £178.1 million although operating profit in the digital division was down 39.3 percent to £31.8 million from £52.4 million in 2011.
The company agreed to buy betting exchange Betdaq in January 2013 for £30 million.
Richard Glynn, chief executive officer of Ladbrokes, said, “We are continuing to transform Ladbrokes, with the resilience and reinvigoration of the UK Retail estate driving another year of growth in profit per shop.
“The development of the Digital business is progressing well and our investment in trading systems is generating improved quality of earnings. Ongoing business momentum has enabled us to deliver a strong Group performance with growth in revenue, operating profit and dividend.
“2013 will see us continue to drive investment in areas where we see opportunities to grow the business. We will accelerate our programme of shop openings, focussing on areas of unmet demand. In machines, whilst the market is becoming much more competitive, we expect to generate continued growth through the use of Odds On, more exclusive games and the roll out of the latest new terminal towards the end of the year.
“In Digital, after a delay during 2012, we will complete the roll out our new of our sportsbook and mobile platforms in Q1 and Q2 2013 respectively and look to improve our capability around customer relationship management. We expect these developments to drive growth in Digital revenues and earnings, particularly during the second half of the year.”
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