Ladbrokes Coral: Mayweather victory saved us a “bloody nose”

UK-listed gambling operator Ladbrokes Coral credited strong digital growth for overcoming its weak retail operations in the first half of 2017.

Thursday saw Lads Coral issue its interim results for the six months ending June 30, which were largely in line with the earnings preview it issued last month. Year-on-year comparisons are complicated by the fact that Ladbrokes and Gala Coral Group were standalone entities before last year’s merger, but pro-forma revenue inched up 1% to just under £1.2b, while earnings were flat at £211m.

Digital revenue hit £374.5m, up 17% from the same period last year. Sports betting stakes rose 23% (34% if you factor out last year’s Euro 2016 impact), while revenue gained 25% to £180.7m. Digital gaming revenue rose 11% to £193.8m, driven by a 15% rise in sportsbook-led brands on increased cross-sell.

Lads Coral credited multi-channel as a key component of digital growth, accounting for 53% of Coral.co.uk net revenue and 36% of Ladbrokes.com revenue. Over one-third of active customers at Eurobet.it were initially acquired via the Italian brand’s retail outlets.