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Ladbrokes plc 34% Profit Decline

The British online and land gambling giant Ladbrokes plc published an unaudited interim management statement this week covering the last four months, and conveying the disappointing news that group profits compared to the same period last year had eroded by 34 percent.
 
Management hastened to reassure the market that the decline was not typical: "This rate of decline is not representative of our expectations for the year and has already given way to more normal trends in May,” the company said in a statement, which indicated that the drop was mainly due to an abnormal gross win margin in March and increased free bets and unspecified negative costs associated with "phasing in eGaming."
 
Excluding high rollers, the results were in line with management's expectations to the end of April 2009 despite an unusually high level of horse race cancellations. The company admitted that the month of March had been very profitable for the punters with group win increasing by five percent year-on-year while group gross win remained flat.
 
Profits from continuing operations before EBITDA from high rollers were down GPB 15 million compared with last year at GBP 25 million, although Ladbrokes recovered somewhat, taking in a further GBP 17 million since the beginning of May.
 
Chris Bell, the group CEO, said: “While it is difficult to predict future staking levels in the current economic climate, the general resilience of our business and strong cost control gives us confidence in the out turn for the full year.”
 
Net revenues from online operations dipped two percent year-on-year over the first four months of 2009, the management statement revealed. Although it experienced growth in games, this was offset by weakness in Internet poker and sportsbook margins. Active players increased 14 percent during the period with sign-ups growing by ten percent but this was offset by a decline in player yields.
 
The company successfully completed the migration of its online poker operations to the Microgaming Poker Network early in February.



Gambling News :

Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

Sensational Sixes Slot Goes Live - Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!

3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

The Railbird Launched By Americas Card Room #acra - Watching your friends conquer the tables just got a whole lot easier. Americas Card Room recently launched its industry-first Player Observer Tool dubbed “The Railbird”, a new feature that allows players seated at Americas Card Room tables to instantly share a live stream of their action with friends.

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