Just like online product sales for common goods have forced many brick-and-mortar stores to close, it appears the more ‘punters’ in the UK bet online, the less they bet in old-fashioned bookmaking shops.
Online successes felt from the merger that created Ladbrokes Coral haven’t fully offset the losses expected at retail betting shops across London and the UK.
Ladbrokes Coral’s income from digital operations climbed 17 % in the half that is first of, with sports wagering revenues up 25 %, in line with the FTSE 250 company’s latest public financial reports, released on Thursday.
The general amount wagered online on sports grew by 27 percent, while revenues from games such as online roulette showed an 11 percent increase. Profits from land-based operations, meanwhile, slipped six percent, while the total amount bet in these shops on like-for-like offerings declined seven percent.
Coming FOBT Crunch
The boost that is online total income inch up by one percent compared to last year, but figures for retail betting make for grimmer reading. And with regulations on fixed-odds betting terminals expected to be tightened soon carrying out a federal government revue, likelihood of a rebound that is retail slim.
Some politicians have called for the odds on FOBTs to be cut from £100 ($131) a spin to £2 ($2.61), a move that the bookmaking industry has warned would lead to the loss of 20,000 jobs, and lead to clo (more…)