High street betting dip a loser for bookmaker
Bookmaker Ladbrokes Coral has said tough high street conditions are hitting its betting shops, while sporting results "gave with one hand and took with the other" in a turbulent start to the year.
The group saw a 7% plunge in bets made over the counter in its shops between January 1 and April 23 amid a "challenging" retail environment and as it focuses on online betting.
A better performance from machines in its betting shops left overall net revenues 2% lower across the chain.
Chief executive Jim Mullen said over-the-counter stakes "continue to exhibit the negative trends reported since the middle of 2016, driven by the challenging UK high street environment and our own focus on the multi-channel opportunity".
Online betting turnover surged 22%, helping overall net revenues lift 5%.