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Ladbrokes Predicted 32.8 percent drop in profits

Thursday March 20,2014 :  LADBROKES CONFIRMS A DISMAL 2013 PERFORMANCE (Update)
Predicted 32.8 percent drop in profits reflected in newly released annual report.
The troubled land and online gambling group Ladbrokes released its formal annual report this week, confirming earlier warnings that it was not going to make happy reading for investors.
The group continues to trail behind its peers in the online and mobile sectors, with just 15.7 percent (down slightly at GBP 175 million) of overall revenues being generated by the digital division despite the much promised improvements expected to flow from the switch in software provider to Playtech.
By contrast the UK land operations contributed 72.1 percent of net revenue, although that could decline in future following Management's decision to cut back on investment in this division in order to boost digital activity. European retail operations delivered almost 12 percent of net revenues.
Group net revenue came in at GBP 1,111.3 million in 2013, down again, this time by 0.6 percent, but more importantly profits dropped by a worrying 32.8 percent.
Creating widespread comment despite the contractual nature of the remuneration was the package awarded to embattled CEO Richard Glynn. His total package came in at GBP 4.7 million...a remarkable 85 percent increase on his rewards in 2012.
Both CEO Glynn and chairman Peter Erskine remain upbeat about the future, saying that significant operational progress has been made and things should get better.

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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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