May 4, 2017

Ladbrokes sales hit by high-street slowdown

Revenues at Ladbrokes Coral were held back by a fall in wagers at its high-street betting shops as gamblers shift to online platforms. The FTSE 250 gambling company said that net revenues rose 2 per cent on a constant currency basis in the year to April 23. The bookmaker added that over-the-counter wagers at its UK betting shops, which account for the majority of its revenues, fell 2 per cent as the company suffered from the shift by gamblers to online betting rather than in-store. The company's shares fell more than 4 per cent in early trading to 123p. Ladbrokes Coral said trading was "In line with expectations" but also blamed a "Challenging UK high-street environment" as a factor behind the weakness in trading at its retail stores. Among the expected proposals is a cut to maximum stakes from in-store gambling machines that provide the largest source of revenues at some retail bookmakers, including Ladbrokes Coral.

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