Disappointing Poker Reports

Ladbrokes released its interim six month numbers to the end of June this week. The
reports on online poker operations, due probably to the increasingly competitive European business environment, disappointed investors when the e-gaming division of the gambling group was presented.

Net poker revenue fell ₤2.7 million to ₤15.7 million in the face of stiff competition in the UK and Scandinavian regions as active player numbers fell 15 percent to 422,000 and yield per unique active player fell 10.6 percent to ₤144. Other e-gambling operations fared better, with increased net revenues over the past six months. Overall gross rose 8.9 percent to ₤72.5 million from ₤67 million for the same period last year with unique active players rising 5 percent to 441,000.

The pre-tax profit figure, before non-trading items for the group, rose to ₤161 million from ₤155 million for the same period last year. Gross win rose to ₤624 million from ₤523 million while operating profit rose to ₤195 million from ₤151 million, aided by record results from telephone betting. Ladbrokes also announced that its Italian retail business was up and running with 12 shops now trading. Online sportsbook revenue rose 13.9 percent to ₤27 million with gross win margin coming in at 7.9 percent. Casino net revenue grew by 14.4 percent to ₤22.2 million. Games revenue rose 50 percent to ₤7.5 million.

The chief executive of Ladbrokes, Christopher Bell, said that the company had experienced good growth in its online sportsbook, casino and gaming products to counter the poker performance and that the online business continued to perform satisfactorily.

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