Double digit increases in moist online activity
The UK online and land gambling group Ladbrokes has reported improved results in its Q3-2016 performance, with digital channels doing especially well in achieving double digit growth.
Overall group net revenues rose 12.1 percent in the quarter, although the retail division achieved only a 1.9 percent year-on-year improvement, mainly from European operations which grew 11.3 percent.
Digital was where it was all happening, with overall net revenue up 48.2 percent, and Ladbrokes.com and the betting exchange operation recording a rise of 32.7 percent over the corresponding period last year.
Digital sportsbook revenues were up 47.9 percent, and the gaming division reported revenues up 23.7 percent y-o-y.
The group revealed that its Australian business flourished and delivered significant growth in the third quarter, achieving an outstanding 89.6 percent year-on-year growth in revenue.
Group CEO Jim Mullen commented:
"We've emerged from a busy summer of sport with more evidence that our strategy of appealing to the recreational customer is delivering growth and we remain confident of delivering full year results in line with our expectations.
"Across all our key pillars we have been encouraged by the customer reaction.
"These results have been achieved by a group of colleagues whose commitment to delivering Ladbrokes' Plan A has been all the more impressive given the ongoing work towards completion of our merger with Coral.
"Following our agreement to sell 359 shops subject to CMA approval, we are close to completion of the deal and look forward to the opportunities it will bring to customers, colleagues and shareholders."
Online Casino News Courtesy of Infopowa