Lads Coral pro-forma results reveals ditching of Ladbrokes high-rollers
Enlarged group now operates with no high-roller service as Ladbrokes follows Coral by discontinuing volatile business
Legacy Ladbrokes ditched its high-roller service last year, it was revealed today, as Ladbrokes Coral published pro-forma numbers for the 18 months up to 30 June 2016.
The decision, which was confirmed by CFO Paul Bowtell to analysts this morning, came ahead of the November merger with Gala Coral, which itself canned its high-roller service after suffering heavy losses in 2015.
The move means the enlarged firm is now focused on recreational and VIP customers, with none of its brands operating in the high-roller segment.
The news came following a presentation of the Ladbrokes Coral’s pro-forma results for the full-year 2015 and H1 2016 – the firm is scheduled to release its full-year 2016 results on 28 March.
Digital net revenues for 2015 amounted to £499.3m, with gaming contributing £294.5m and sportsbook £204.8m. EBITDA for the year was £67.3m.
H1 2016 net revenues were £320m, up 36% year-on-year, with gaming up 22% to £174.9m and sportsbook up 59% to £145.1m. EBITDA for the six months was £52m.
Total group net revenues, which includes its large retail base, amounted to £2.1bn in 2015 and £1.2bn in H1 2016.