Ladbrokes Claimed ₤ 102m Furlough Despite Online Boost
Ladbrokes claimed ₤ 102m furlough in spite of online increase
7 January 2022
ByBen King
Business reporter, BBC News
Bookmaker Ladbrokes declared ₤ 102m from the furlough scheme, in spite of rapid development in online betting making up for all losses from the closure of stores.
Accounts published on Thursday show that Ladbrokes claimed ₤ 57.5 m in 2020, and the BBC understands it declared an additional ₤ 44m this year.
Since the pandemic started parent business Entain has in fact increased incomes, driven by strong online development.
Entain said the cash secured 14,000 tasks, and is "under evaluation."
The biggest claimers from the furlough plan were mostly those for whom Covid lockdowns meant steep falls in income - airlines, pub companies, leisure groups, stores, restaurants and catering services.
One company stands apart in the list - Ladbrokes, the UK's biggest operator of wagering stores, with 2,845 properties branded Ladbrokes or Coral.
For though it had to close them for large parts of 2020 and 2021, it had a lifeline - online.
Its moms and dad business, FTSE 100-listed gaming giant Entain, has a big online gaming organization, and consumers who could not wager in stores throughout the dark days of lockdown gathered to websites and apps instead.
Last April's Grand National climaxed for the most significant online sports betting event in the UK.
This implied that regardless of lockdowns, Entain's 2020 profits were the same from the year before at ₤ 3.6 bn, and it even managed to tape a revenue of ₤ 114m. In the first 9 months of 2021 profits grew 8%.
Entain is also well put to gain from the explosive development of online wagering in the US through its BetMGM joint endeavor.
₤ 102m furlough claim
Despite a strong financial performance, Ladbrokes made a big furlough claim.
Ladbrokes claimed ₤ 102m furlough in spite of online increase
7 January 2022
ByBen King
Business reporter, BBC News
Bookmaker Ladbrokes declared ₤ 102m from the furlough scheme, in spite of rapid development in online betting making up for all losses from the closure of stores.
Accounts published on Thursday show that Ladbrokes claimed ₤ 57.5 m in 2020, and the BBC understands it declared an additional ₤ 44m this year.
Since the pandemic started parent business Entain has in fact increased incomes, driven by strong online development.
Entain said the cash secured 14,000 tasks, and is "under evaluation."
The biggest claimers from the furlough plan were mostly those for whom Covid lockdowns meant steep falls in income - airlines, pub companies, leisure groups, stores, restaurants and catering services.
One company stands apart in the list - Ladbrokes, the UK's biggest operator of wagering stores, with 2,845 properties branded Ladbrokes or Coral.
For though it had to close them for large parts of 2020 and 2021, it had a lifeline - online.
Its moms and dad business, FTSE 100-listed gaming giant Entain, has a big online gaming organization, and consumers who could not wager in stores throughout the dark days of lockdown gathered to websites and apps instead.
Last April's Grand National climaxed for the most significant online sports betting event in the UK.
This implied that regardless of lockdowns, Entain's 2020 profits were the same from the year before at ₤ 3.6 bn, and it even managed to tape a revenue of ₤ 114m. In the first 9 months of 2021 profits grew 8%.
Entain is also well put to gain from the explosive development of online wagering in the US through its BetMGM joint endeavor.
₤ 102m furlough claim
Despite a strong financial performance, Ladbrokes made a big furlough claim.