Ladbrokes profit down 10%, fewer phone bets

The world's largest betting company reported Q1 profits down 10%, mostly due to low phone betting numbers.

Ladbrokes profit down 10%, fewer phone bets Ladbrokes Plc. (LON:LAD) stock closed down 1.1% or 4.5 pence per share following the news. According to the company, the numbers were low because of fewer telephone wagers by gamblers of the British bookmaker. Ladbrokes' net win from phone wagers were down 47%.

The total stakes at the phone betting unit of the British bookmaker were up 70% for the same period last year, but the company's management states that this was very unusual and it will most likely never be repeated again.

The total gross winnings for Q1 of 2007 climbed up 2%, and Ladbrokes is confident that the company will be able to meet the annual profit expectations. Ladbrokes is also looking forward opening about 200 betting shops in Italy, after being granted a license from the government last year. Ladbrokes is also applying for betting license in Spain.

In 2006 Hilton Group plc sold its hotels division, Hilton International, to Hilton Hotels Corporation, and at the same time, the Group changed its name to Ladbrokes plc.

05/18/2007