Big payouts to punters betting on soccer drag Ladbrokes revenues down

Big payouts to punters betting on soccer results dragged first quarter revenues, at Ladbrokes Ireland, down by nearly 13%.

The British betting services group yesterday reported overall operating profits of £18.4m (€22.4m) for the first three months of 2014 in line with guidance; while group revenue was down by 2.3% to £6.5m.

In its Irish operations — which, last year, saw a near-30% drop in operating profits, but a 1.1% rise in net revenue — first quarter net revenue was down by 12.8%, year-on-year, with football results being the main driver.