BUSINESS

Gala Coral and LCG release results as Betdaq brings new product to the table

TAGs: Betdaq, Gala Coral, London Capital Group

Financial ResultsGala Coral saw turnover drop by 8% compared with last year as they released Q3 financial highlights earlier today. Turnover stood at £251.8m for the quarter, which represented a drop of £20.9m compared with the year before. You have to take into account this time last year the World Cup was on and excluding this and prize bingo, turnover was said to be “level.” The company reported that results were “in line with expectations.” The firm also reported that remote turnover continues to “fall behind prior year levels” and profitability was 5% lower year-on-year for this part of the business. In terms of the year so far, the group saw a drop of 5% on their turnover to £868m. Not a good time to be in the Gala parlor.

London Capital Group (LCG) also saw disappointing results as the spread-betting company’s revenues for the half-year were down by 12% to £19.34m. This was despite the amount of accounts increase by 19% to 68,652. Simon Denham, Chief Executive, commented, “In the first half of the year we successfully strengthened and widened our product range and made significant progress with our international subsidiaries, as well as bolstering our capital base. LCG is now in a stronger position for the longer term and there are many reasons to be optimistic for the remainder of the year. We are encouraged by current trading, which is a reflection of the strengths of LCG’s business model.”

Lastly online betting exchange Betdaq has launched a new feature called 1Bet. The new feature brings a traditional bookmaker-style interface to exchange betting. Members using the service will see one set of “back” odds displayed instead of the full set of “back” and “lay” odds seen on the standard site. Shane McLaughlin, BETDAQ Marketing Director, said, “We are aiming to reach out to a new audience through this new feature and to give our members as much choice as possible. BETDAQ 1Bet is perfect for anyone who wants the simplicity of the traditional bookmaker style and commission-free betting, while still having access to the better odds and more advanced features that the exchange offers. It’s all about giving our members the choice to bet as they prefer.”

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