The largest bookmaker in the UK, Ladbrokes has reported a 128 percent third quarter profit increase compared to the same period last year. Ladbrokes has seen its income increase from £22.4m in 2009 to £51.1m and is well on track to meet its full year earnings.
A very profitable World Cup was a key factor in boosting profits. Which is understandable since the blind love for England caused many otherwise sensible people to bet on England to have a good showing in the World Cup.
According to a recent report, the net revenue for its egaming section increased to 17%, which pointed to an overall growth in sportsbook, casino and bingo. However, due to legislative issues pertaining to the internet casino industry concerning liquidity in Europe and the US sites, poker was down by 27%.
Ladbrokes maintains that their strength lies in its management team and its continuous pursuit of delivering better service to its customers, but perhaps the operational move that cut costs the most and contributed to the increase in profit was the decision to seek a more tax friendlier environment by moving the company’s online sportsbook to Gibraltar.