|
 Ladbrokes
Profit Rises:
Cautious Concern
Over Looming
Recession
Ladbrokes and the
gambling industry as
a whole is not
"recession-proof", a
concern echoed by
Chris Bell,
Ladbrokes’ chief
executive, following
an earnings
announcement Friday.
His firm had a
profits rise of 13
percent over the
last quarter but the
economic climate
showed hints of
problems ahead for
the entire gaming
industry.
“I’d
never say this
business was
recession-proof but
it is
recession-robust,"
Bell stated.
"We are mindful of
the economic climate
and the spending of
our customers but,
like any hobby, it
is what you do, and
you still do it."
Despite a loss in
high rollers, the
average stake placed
came in around £8.50
and there was enough
of these bets to
push Ladbrokes into
the black.
The
thought of betting
remained affordable
as there was always
the potential to win
more, according to
Bell.
“If
times are hard then
you may as well have
a bet because you
never know,” he
said.
Mr Bell is expecting
brisk business in
the next few days as
money pours in for
this afternoon’s FA
Cup Final, and
Wednesday night’s
Champions League
Final.
“There is a match on
nearly every night
now and this season
it is going right
down to the
wire.There were
three English teams
in the Champions
League semi-finals
and there have been
lots of draws, the
idiosyncrasies of
form have helped
us.”
Mr Bell said that he
would be watching
Wednesday night’s
final between
Premiership rivals
Chelsea and
Manchester United
closely and
predicted that the
game was likely to
be a record betting
event for the
Champions League.
He
also highlighted the
increasing numbers
of people in the Far
East who are logging
on to the company’s
website to take a
punt on football.
“If you go to Asia
all they want to do
is bet on football,”
he said.
Ladbrokes shares
rose 5p to 315p
Friday.
----
Christopher
Costigan,
Gambling911.com
Publisher
CCostigan@CostiganMedia.com
Originally published
May 16, 2008 5:46 pm
EST
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