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LadBrokes Profit down 34%
Ladbrokes released disappointing numbers for the 4 first 4 months of 2009 ended April, reporting a 34 percent overall decline in pre-tax profits. The UK land and online gambling group blamed the "abnormal" gross win margin in March and an increase in free bets offered to new customers, but added that the statistics for May showed a return to "more normal trends".
The results included those for the online gambling division, where there was strong competition and net revenues were down 2 percent, making it unlikely that the division would make its circa GBP 85 million profit target. Lower yields from online poker players took the shine off a 14 percent increase in active players and an overall increase in signups of 10 percent, probably occasioned by the poker operations being assimilated into the Microgaming Poker Network in February 2009.
Across the wider group, punters had the best of it, costing the company dearly in winnings, whilst telephone betting profit fell 54 percent, and profit before interest, tax and non-trading items from high rollers fell to GBP 25 million compared to GBP 40 million last year. Since the beginning of May, Ladbrokes has made a further GBP 17 million profit from high rollers.
Group gross win was in line with expectations up until February, but March proved highly profitable for the gamblers. Since then gross win rose 5 percent.
The company warned in a statement that whilst it remained confident for 2009 full year positive results, weaker economic conditions and softening yields make it unlikely that it will achieve the growth necessary to reach its previously forecast profitability target in 2010”.
Ladbroke chief executive Chris Bell 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 outturn for the full year."
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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