Ladbrokes gets lucky

Bookmaking giant Ladbrokes’ Irish operations saw pre-tax profits soar 33% to €4.96 million last year.

Ladbroke Leisure (Ireland) Limited took in more than €75 million in bets, a 9% increase, during the 12 months to December, according to accounts filed recently at the Companies Office.

The company’s gross profit, which consisted of the difference between amounts handed over by customers less winning bets paid out, nudged up just 4% to €10.76 million.

Operating margins, the key measure of a bookmaker’s success in the ongoing battle against punters, dropped during the year. Ladbrokes’ kept €14.30 for every €100 bet during 2003, which was a sharp fall from the €15.10 retained the previous year. Most bookmakers retain between €10 and €15 of every €100 taken in.

Operating and administrative costs tumbled 9% to just over e6 million, while proceeds from asset disposals bumped up profits by a further €297,000.