Ladbrokes winnings less than reported last week

BOOKMAKER LADBROKES said yesterday that it has won less from Irish punters this year than it reported last week.

BOOKMAKER LADBROKES said yesterday that it has won less from Irish punters this year than it reported last week.

The London-quoted bookmaker issued a statement yesterday saying that winnings in its Irish outlets actually fell 4.4 per cent on a like-for-like basis in the first half of the year and did not expand by 1.7 per cent as it said last week.

Ladbrokes has grown its business significantly in Ireland, through the purchase of operations such as Barney Eastwood's shops in the Belfast area.

Last week, Ladbrokes said that its gross winnings from its Irish business during the first six months of the year was £47.6 million sterling, up from £32.8 million during the same period in 2007.

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The group said last week that on a like for like basis, its gross winnings were up 1.7 per cent, when in fact they were down 4.4 per cent.

Gross win is the difference between the amount staked by customers and that returned to them in winnings. Ladbrokes also said last week that costs were up 2.9 per cent, but it should have stated that they were up 5.6 per cent.

The group stated yesterday that the corrections do not affect its profit numbers or its outlook for the rest of the year.

Overall last week, Ladbrokes reported that in the first half of the year, its gross win grew 6.5 per cent to £394.3 million, while operating profit dipped by 2.6 per cent to £98.3 million from £100.9 million over the same period.

Last year was one of exceptionally high growth for bookmakers as they benefited from a series of sports results that went against punters.

Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas