Ladbrokes Coral have announced an update in line with expectations despite reporting that a combination of One For Arthur\’s Grand National victory and poor football results made for a tough April.
Total net revenue was up 11% on the same period (January-April) 12 months ago, with their sportsbook returning an increase of 40%
The firm admitted that, while Aintree was a favourable meeting overall, a win for One For Arthur in the year\’s most significant betting race meant that revenue was down on 2016\’s meeting. The firm also singled out the football results in the week leading up to Aintree, when 14 of the 15 leading favourites won in a single week. Football results in Italy, “the worst on record”, were blamed for a sharp drop in revenue for Eurobet\’s retail division.
CEO Jim Mullen said: “Sporting results in the UK gave with one hand and took with the other but we are probably marginally ahead overall. As previously communicated, sports results in Italy were unusually bad in February and March and have had an adverse impact on our Eurobet business, but pleasingly results have been a lot stronger in April. UK Retail OTC stakes continue to exhibit the negative trends reported since the middle of 2016, driven by the challenging UK High Street environment and our own focus on the multi–channel opportunity.”
He added of the ongoing merger between the two firms: “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.”
No mention was made of how a snap general election may impact on revenue in the coming months, or of the impact the levy replacement could have in the longer term.
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