No profit for bookmaker despite Irish recovery

The economic recovery has so far failed to generate a positive bounce in the fortunes of Ladbrokes here, with increased competition in the betting market contributing to a 60% annualised drop in its Irish profits in the first half of the year.

As part of its first-half group results, published yesterday, the British betting services giant said operating profits for its Irish operations amounted to £2.5m (€3.14m), down 60.3% on the £6.3m figure it reported for the first six months of 2013.

Furthermore, the amount Ladbrokes Ireland won — on a gross basis — from punters’ losing bets was down by 12%, year-on-year, at £37.5m.