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Ladbrokes Coral doing well in 2017

Ladbrokes Coral Group published their trading update earlier this week. This newly formed betting and casino giant is doing pretty well job. According to the statement for period January 1 to April 23 they met the expectations.

The company said that total net revenue for the period was up 5% on last year. While other operators reported poor performance blaming bad sports results Lads showed growth. It's definitely a good sign for this online casino operator.

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Online casino and sportsbook growing

What is even better their digital revenue grew 22% year-on-year. Sports betting part was up by 29%, while sportsbook net revenue grew by 40%. Online casino and games net revenue also increased by 7%.

On the other hand the Ladbrokes Coral UK retail operations was hit with 2% drop. In other retail markets in Europe net revenue was down also by 2% year-on-year. That is despite the growth in staked amounts of 22%.

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Ladbrokes CEO comments

Jim Mullen, chief executive of Ladbrokes Coral, said:
“Trading in the period was in-line with our expectations. We see encouraging trends in digital sportsbook and gaming with continued enthusiasm for our multi-channel products in all our major markets. Over a million customers now signed up in the UK alone.

“Merger integration continues at pace, with significant changes undertaken in our digital operations as we have already successfully completed the transfer of all key digital systems to one unified platform.

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“We have also commenced large scale moves of colleagues from Rayners Lane to Stratford, in-line with our property plans.

“The online market remains highly competitive. Although recent high profile sporting events seem to indicate that as much emphasis is being placed on customer retention as is being placed on the acquisition of new customers.

“Our plan is to continue to use our data driven marketing approach and leverage our market leading multi-channel capability to enhance returns.”

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