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.
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