Irish businessman Dermot Desmond is against Ladbrokes and Gala Coral unifying, but that stance could change after Gala posted strong 2015 earnings.
The Gala Coral Group announced Monday that its Internet video gaming arm may be the ‘fastest growing in the UK online gambling market,’ net revenues for the division a full 36 percent higher than the year that is previous.
Earnings before interest, taxation, depreciation, and amortization (EBITDA) for online gambling rose 14 per cent to £56.2 million ($85 million). 972,000 first-time depositors had been also acquired during the fiscal year, Gala Coral stating that led to ‘more net revenue than any other listed peer in both cash and percentage terms.’
Overall, Gala Coral was one percent higher in 2015 than 2014, but taking into account the World Cup, the business claims it was net 30 percent ahead.
‘The Group’s financial performance within the full year ended up being strong … despite significant regulatory headwinds, and last year’s World Cup,’ CEO Carl Leaver commented.
Ladbrokes Owner Goes For Broke
On November 24, Ladbrokes shareholders voted in favor of the $3.5 billion merger with Gala Coral.
During the time, much opposition was voiced from investors in Britain’s largest retail bookmaker who felt the slightly smaller Gala Coral stood to gain more through the alliance.
Irish billionaire Dermot Desmond has upwards of three % of Ladbrokes, and was (more…)