Ladbrokes chalks up snooker sponsorship deal

Ladbrokes has struck a deal to sponsor snooker’s World Grand Prix and the Players Championship tournaments this year, as the operator continues to reallocate marketing budget previously reserved for British horseracing.

The deal with World Snooker gives the bookmaker naming rights to both contests, which will be known as the Ladbrokes World Grand Prix and the Ladbrokes Players Championship.

The operator said snooker’s popularity as a betting sport continues to increase, particularly in-play, with almost 80% of total stakes in 2015 wagered during matches.

“We are building our brand in a sport which has proven in-play betting appeal,” Kristof Fahy, Ladbrokes chief marketing officer, said.

“Sponsorship at Ladbrokes is much more than sticking ribbons on a trophy and we’re looking forward to working with World Snooker to raise the profile of these events even further.”

The agreement bolsters Ladbrokes’ portfolio of sporting sponsorships which already includes Rugby League’s Challenge Cup and the Scottish Professional Football Leagues.

The deal suggests Ladbrokes has adopted a similar strategy to rival William Hill, with the duo shifting marketing spend away from British horseracing after failing to agree to the terms required to be an Authorised Betting Partner.

The controversial scheme requires bookmakers to give 7.5% of online profits derived from UK racing, in addition to the 10.75% retail levy, back to horseracing in an effort to provide additional funding for the sport.

Non-ABPs cannot enter into commercial agreements with the sport.

Let week, BetVictor announced it had become the fourth operator to sign up to the ABP scheme, following in the footsteps of 32Red, Betfair and bet365.

As yet, no operator with a UK land-based presence has signed a deal.