Digital business improves at Ladbrokes
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Its total net revenues for the first three months of 2012 increased by 8.9 percent year-on-year.
Harrow-based Ladbrokes additionally revealed that overall operating profits for the first quarter of 2012 rose by 3.9 percent year-on-year to us$ 80.8 million while net revenues from its digital operations improved by 5.9 percent when compared to the same period in 2011.
Regarding its digital business, Ladbrokes stated that it saw ‘momentum in customer acquisition’ over the first quarter of 2012 with ‘continuing double-digit growth’ in the number of sign-ups and active players. Additionally, it reported a 22.4 percent rise net revenues from its digital sportsbook business over the first quarter ‘driven by strong increase in stakes and increase in margin’ while its mobile service now accounts for 20 percent of the total amounts staked online, which was up from 15 percent for the final three months of 2011.
“This has been another period of progress for Ladbrokes,” said Richard Glynn, Chief Executive Officer for Ladbrokes. “UK retail saw another quarter of strong growth in machines revenue. Over-the-counter staking remains resilient and gross win margin, helped by a better Cheltenham festival, was at the upper end of our historical range.
“We have invested considerably more in digital marketing and customer acquisition remains strong. We are starting to see this drive growth in the top-line, particularly in the key focus area of UK sportsbook, which was up 22 percent. Our football Bet In Play offer is now leading the market with up to 800 matches per week. We are continuing to deliver on our trading and digital milestones with further developments expected in the coming months.
“As stated in February, we are confident of delivering digital profit growth during the second half of the year as the benefits from our investments converge. At this early stage of the year we are in line with the board’s expectations for the group in 2012,” he concluded.