UK bookmaker Ladbrokes has reported a 13 per cent increase in group net revenue for the third quarter of 2014, following strong growth from the company’s online sports betting offering which benefited from a significantly higher gross win margin and a successful World Cup.
Ladbrokes said that operational delivery and improved sporting results helped to drive its strong performance in Q3, with group operating profit nearly doubling, up 94 per cent to £33.0m.
“Ladbrokes is on track. The major operational improvements completed in H1 are now delivering growth,” said Ladbrokes CEO Richard Glynn. “Our performance in the World Cup and throughout Q3 demonstrate that we are competing successfully and winning customers.”