21 Views

Ladbrokes Coral Group commits to greyhound racing levy

In the United Kingdom, sportsbetting giant Ladbrokes Coral Group has announced that it intends to begin paying a voluntary levy on all of its offshore greyhound racing turnover from the start of next year.

London-based Ladbrokes Coral Group, which last week eschewed a second takeover attempt from online gambling firm GVC Holdings, explained that the commitment is unconditional and will see monies directed to the industry via the British Greyhound Racing Fund or through an appropriate body advised by the ongoing review into the industry being conducted by Lord David Lipsey.

“We are passionate supporters of greyhound racing,” read a statement from Jim Mullen, Chief Executive Officer for Ladbrokes Coral Group. “While it may be declining in popularity, it is still a much loved and staple part of our offer both in shops and through our digital channels.”

Ladbrokes Coral Group owns and operates greyhound racing facilities in the cities of Wolverhampton and Brighton along with venues in the London boroughs of Bexley and Havering. It declared that its commitment would be in addition to paying the existing retail levy and “significant investment in welfare and infrastructure at these tracks”.

“The debate on its funding has been going on for some time and while we have not always agreed that the sport is under funded, we do recognize that it is time for the industry to move on and start to rebuild the sport,” read the statement from Mullen. “We run our tracks to the highest standards of integrity and welfare and hope that this additional funding can help the wider industry join us in the aim of building a better sport and spectacle for the modern-day customer. We hope this gesture will help Lord Lipsey bring a period of stability to the sport when he produces his findings and that others will follow.”

In connected news, Ladbrokes Coral Group also recently released its unaudited interim financial results for the six months to the end of June showing that it recorded a 7% year-on-year pro-forma increase in its operating profit to $203.87 million.

October saw Ladbrokes Betting and Gaming Limited agree to a $3 billion deal to merge with Gala Coral Group Limited and create Ladbrokes Coral Group. This move has now resulted in the much larger entity recording an almost 82% swell year-on-year in overall half-year revenues to $1.55 billion.

London-listed Ladbrokes Coral Group additionally saw its earnings before interest, tax, depreciation and amortization for the first six months of 2017 rise by 135% year-on-year to $271.73 million while its operation profit from digital services swelled by 776% to hit $67.87 million.

“Ladbrokes Coral [Group] continues to make good operational and financial progress,” read a statement from Mullen. “We entered the year with ambitious targets for the first half to substantially complete the integration of our teams and migrate United Kingdom digital to a single platform. We delivered on both fronts and at the same time kept the business moving forward. The business is now looking to the second half with confidence.”

Ladbrokes Coral Group commits to greyhound racing levy was last modified: August 31st, 2017 by Adam Morgan


Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Latest Posts

Lord Aleems seems to be getting into trouble lately
Uncategorized
107 views
Uncategorized
107 views

Lord Aleems seems to be getting into trouble lately

admin - November 14, 2017

You’d think that the super rich kid Lord Aleem with all his expensive cars lives a life with little problems, but you’d be wrong. He made a…

Cherry AB gains approval for Nasdaq Stockholm listing
Economy/Finance
94 views
Economy/Finance
94 views

Cherry AB gains approval for Nasdaq Stockholm listing

admin - November 7, 2017

Swedish online casino operator Cherry AB (publ) has been approved by Nasdaq Stockholm’s listing committee for class B shares for listing on the Nasdaq Stockholm Stock Exchange.…

WSOPC heads to the Seminole Hard Rock Hotel & Casino of Hollywood
Poker
40 views
Poker
40 views

WSOPC heads to the Seminole Hard Rock Hotel & Casino of Hollywood

admin - October 30, 2017

For the first time ever, the World Series of Poker Circuit and the Seminole Hard Rock Hotel & Casino in Hollywood, Florida are teaming up for the…

WSOPC Horseshoe Southern Indiana Main Event win goes to Justin Boggs
U.S.A.
36 views
U.S.A.
36 views

WSOPC Horseshoe Southern Indiana Main Event win goes to Justin Boggs

admin - October 26, 2017

The Horseshoe Southern Indiana Casino recently played host to the World Series of Poker Circuit, offering poker players the opportunity to enjoy quality tournament gaming. The most…

Macau reports decrease in National Day Golden Week visitors
Economy/Finance
43 views
Economy/Finance
43 views

Macau reports decrease in National Day Golden Week visitors

admin - October 22, 2017

The first four days of the annual National Day Golden Week holiday have reportedly seen the total number of visitors to Macau decline by 2% year-on-year to…

Juergen Trager wins Delaware Poker Championship main event
Poker
51 views
Poker
51 views

Juergen Trager wins Delaware Poker Championship main event

admin - October 19, 2017

The seventh annual Delaware Poker Championship was held at the Dover Downs Hotel and Casino over the weekend and saw more than 1,500 players compete in nine…

Fedor Holz signs sponsorship deal with partypoker
Poker
61 views
Poker
61 views

Fedor Holz signs sponsorship deal with partypoker

admin - October 17, 2017

Online poker brands regularly sign poker pros to their sites, to work as ambassadors or sponsored players during online and live events. The latest online poker room…

Sands Cotai Central to be re-branded as The Londoner Macao
Latest Casino and Gambling News
60 views
Latest Casino and Gambling News
60 views

Sands Cotai Central to be re-branded as The Londoner Macao

admin - October 16, 2017

In Macau, Las Vegas Sands Corporation has reportedly announced that it intends to spend approximately $1.1 billion in order to re-brand its Sands Cotai Central integrated casino…

Indigo Sky Casino opens second hotel tower
U.S.A.
53 views
U.S.A.
53 views

Indigo Sky Casino opens second hotel tower

admin - October 15, 2017

After announcing expansion plans last year, the Indigo Sky Casino has now opened a second hotel tower complete with guest rooms, conference space and a banquet center.…

Partypoker announces exit from Australia amidst iGaming law changes
Poker
41 views
Poker
41 views

Partypoker announces exit from Australia amidst iGaming law changes

admin - October 12, 2017

On August 9th, the Australian Senate passed a modified version of the Internet Gambling Amendment Bill 2016. Included in this bill was a provision that outlawed the…