First quarter net sportsbook revenues for Ladbrokes’ online business were down 31.5 per cent year on year as “customer friendly results and externally imposed headwinds” combined to deliver a 60 per cent drop in group revenues (EBIT), down to £14.3m from £35.6m (Q4, 2014).
“In Q1, many of our customer metrics are encouraging but results have favoured customers and profits are materially down,” said CEO Jim Mullen in a statement.
“I will complete my review of the wider business quickly and I will present some of the principal changes that I intend to make in June, earlier than planned.”
Year on year, online sportsbook saw a 28.8 per cent increase in amounts staked, with mobile sports stakes rising 62.7 per cent across the same period.
Online gaming net revenue was up 13 per cent year on year while active gaming accounts are up 34.5 per cent compared with Q1, 2014.
