First-half profit at Ladbrokes’ Irish operation falls by 33.3%

FIRST-HALF operating profit at Ladbrokes’ Irish operations fell by 33.3%, on a year-on-year basis, to £3.8 million (€4.4m) as well-backed Irish horses cleaned up at high-profile meets like Cheltenham and Royal Ascot, the company said yesterday.

The British-owned betting company — the second largest player in the Irish market behind Paddy Power — added that net revenue at its Irish operations (which cover nearly 300 stores on the island of Ireland, 216 of which are in the Republic) fell by 3.3% during the first six months of this year, when compared with the same period last year, to £38.6m. Gross win amounts, or what the company makes from punters’ losing bets, were also down by 3.4% to £39.8m, but amounts staked grew by over 5% here.

“Despite tough economic conditions, amounts staked in the Republic grew by 6.9%, reflecting our strategy to reinvigorate the brand and work to grow market share on a localised basis,” the company said.