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Operating profit soars 128 percent, boosted by a successful football World Cup
Ladbrokes investors will be pleased with the UK gambling group's third quarter 2010 results released this week, which report a 128 percent rise in operating profit over the same period last year, thanks in no small part to a successful football World Cup in June-July.
Management reported that the group is well on schedule to meet its full year targets, and that a higher net revenue performance, aided by lower operating costs, has combined to create a profit of GBP51.1 million in the quarter.
The latest interim results show a substantially more promising performance than the lacklustre results posted at the half-year mark.
World Cup betting helped push the groups net revenues excluding high rollers up by 12 percent, with e-gaming making a significant contribution through net gaming revenues that grew by 17 percent across sportsbook, casino and bingo operations.
Online poker again disappointed, declining 27 percent, with management flagging to the advantage held by major companies prepared to risk operating in the lucrative US market.
UK retail operational revenues were up 12 percent. 
Recently appointed chief executive Richard Glynn said: “Our job is to make sure that we are as efficient as possible and that our outlets are as attractive as possible."
He cautioned that the next year would be "tough", but said that the growth rates achieved in the third quarter gave Management confidence that Ladbrokes is on track to meet its full year expectations.
“Ladbrokes has a great brand and a strengthened management team determined to drive operational improvements going forward," said Glynn. "Though much remains to be done, I am encouraged by the progress we are making across the Group and I look forward to updating the market in February 2011.”

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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