Ladbrokes Coral online operations up

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Credits: This is Money

The UK company Ladbrokes Coral revealed a double-digit growth for 2016.

UK.- The UK merged company Ladbrokes Coral announced that in 2016 it experienced a double digit growth. The numbers released yesterday reported revenues of £1.5 billion, whilst earnings scored almost £200 million.

The cost related with the merger of both companies totaled an operating loss of £202 million. The company is valued in £2.3 billion, and it became the UK’s biggest retail bookmaker with a combined portfolio and more than 3500 betting shops. The merger was completed in November 2016 after the approval of the UK Competition and Markets Authority (CMA).

Even though the numbers are estimative since the company didn’t exist until a few months ago, online operations totaled £666.2 million. Ladbrokes Coral currently has 12 percent of the UK online market. Moreover, online sports betting revenue grew 51 percent to £310 million, and online gaming also increased to £356 million.

“The challenges around integrating two significantly sized companies has been managed well. You get access to more detail post the merger and you also maybe change your plans slightly about the acceleration of how you can deliver,” said Jim Mullen, chief executive officer of the company.