Ladbrokes Has a Lot to Improve, Admits CEO of the Company

Richard Glynn, chief executive of Ladbrokes, a reputed gambling site, has admitted that there is a lot to be done with the business and that he is trying every possible means to ensure that the company becomes more competitive online. Glynn, who was appointed as the CEO of the company last year, has assured investors that he is on a mission to make the company the leading player in the British betting industry.

Positive signs

The net revenue of Ladbrokes for the last half of the current year was lower than expected due to poor casino performance. Although they offer pachinko, the operating profits of Ladbrokes fell by 16.8% by the end of June. Last year, the operating profit of the company was £103.6m by the end of June but this year it was only £97.6m. The company was also blamed for not living up to the expectation of the players. But Glenn has said that despite challenging economic conditions, there is substantial growth in the UK business. Growth is being seen in the digital business too. He also said that the Q2 performance of the company will be a lot better.

Setting priorities right

Glynn said that the company is trying to focus on its sportsbook and Ladbrokes casino. He revealed that the company is forming the right strategies to ensure further growth and progress. He is also reviewing supplier relations of the company. Recently, the company had entered into a new deal with Microgaming, a leading gaming software developer.

Richard Ames, head of products of the company had recently said in an interview that the company was reviewing all its contracts in order to boost its business. He said that since the deals that the company intends to undertake are confidential, he is not in a position to divulge anything about them. But he assured that the company is trying every possible means to reclaim its hold in the online gaming industry. He remarked that the company is now focusing on new slots, in-play betting and sportsbook. With all these efforts, the company could soon regain its leadership position in the market.

Jason Street, an analyst with RBS had recently said that the executive team of Ladbrokes was not taking enough responsibility. But Peter Erskine, chairman of Ladbrokes denied it and said that the company is clear about what its goals are and is working hard towards achieving them.