Business

Ladbrokes and Coral close hundreds of shops as gamblers move online

Ladbrokes and Coral close hundreds of shops after gamblers blockade and go online

Ladbrokes and Coral will close hundreds of bookmakers this year after gamblers flock online during a pandemic.

Owner Entain said it could close up to 300 of its 3,000 stores in 2021 after the online betting boom.

The warning came from the company making a profit of £ 174.7m in 2020 and a loss of £ 164.4m in the previous year.

Entain, the owner of Ladbrokes and Coral, said that in 2021 up to 300 of the 3,000 bookmakers could be highlighted after the online betting boom.

The business was boosted by the rapid growth of US joint ventures and the switch to online gambling.

Rival William Hill, acquired by U.S. casino giant Caesars Group for a £ 2.9bn deal, lost 91% to 9.1 million as 1,414 bettors suffered repeated lockdowns and turmoil in sporting events. He said it was in pounds.

There is concern that a record number of gamblers may use their smartphones and computers to place bets and never return to High Street while the bookmaker is closed.

Earlier this week, Flutter CEO Peter Jackson, who owns Paddy Power and Skybet, predicted that “too many” high-street bettors will close this year.

Rob Wood, Chief Financial Officer of Entain, told analysts: ‘In the UK, there are about 100 closures per year from a starting point of 3,000. You wouldn’t be surprised to see the closure of a few years this year be a year.

“There’s a reason retailers exist. I like customers watching sports on the social side and on the big screen, so I expect most of them to come back.”

Ladbrokes and Coral close hundreds of shops as gamblers move online

Source link Ladbrokes and Coral close hundreds of shops as gamblers move online

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