Ladbrokes Claimed ₤ 102m Furlough Despite Online Boost
Ladbrokes declared ₤ 102m furlough in spite of online increase
7 January 2022
ByBen King
Business press reporter, BBC News
Bookmaker Ladbrokes declared ₤ 102m from the furlough plan, regardless of quick development in online betting making up for all losses from the closure of shops.
Accounts published on Thursday reveal that Ladbrokes declared ₤ 57.5 m in 2020, and the BBC understands it declared a further ₤ 44m this year.
Since the pandemic started moms and dad business Entain has actually increased earnings, driven by strong online growth.
Entain said the money protected 14,000 jobs, and is "under review."
The most significant claimers from the furlough scheme were primarily those for whom Covid lockdowns meant steep falls in income - airlines, club business, leisure groups, shops, dining establishments and caterers.
One company sticks out in the list - Ladbrokes, the UK's biggest operator of wagering stores, with 2,845 properties branded Ladbrokes or Coral.
For though it needed to close them for large parts of 2020 and 2021, it had a lifeline - online.
Its parent company, FTSE 100-listed video gaming giant Entain, has a big online gambling service, and customers who couldn't wager in shops during the dark days of lockdown gathered to sites and apps instead.
Last April's Grand National climaxed for the biggest online sports wagering occasion in the UK.
This implied that despite lockdowns, Entain's 2020 earnings were the same from the year before at ₤ 3.6 bn, and it even handled to tape-record a revenue of ₤ 114m. In the first 9 months of 2021 profits grew 8%.
Entain is likewise well put to take advantage of the explosive development of online wagering in the US through its BetMGM joint endeavor.
Ladbrokes declared ₤ 102m furlough in spite of online increase
7 January 2022
ByBen King
Business press reporter, BBC News
Bookmaker Ladbrokes declared ₤ 102m from the furlough plan, regardless of quick development in online betting making up for all losses from the closure of shops.
Accounts published on Thursday reveal that Ladbrokes declared ₤ 57.5 m in 2020, and the BBC understands it declared a further ₤ 44m this year.
Since the pandemic started moms and dad business Entain has actually increased earnings, driven by strong online growth.
Entain said the money protected 14,000 jobs, and is "under review."
The most significant claimers from the furlough scheme were primarily those for whom Covid lockdowns meant steep falls in income - airlines, club business, leisure groups, shops, dining establishments and caterers.
One company sticks out in the list - Ladbrokes, the UK's biggest operator of wagering stores, with 2,845 properties branded Ladbrokes or Coral.
For though it needed to close them for large parts of 2020 and 2021, it had a lifeline - online.
Its parent company, FTSE 100-listed video gaming giant Entain, has a big online gambling service, and customers who couldn't wager in shops during the dark days of lockdown gathered to sites and apps instead.
Last April's Grand National climaxed for the biggest online sports wagering occasion in the UK.
This implied that despite lockdowns, Entain's 2020 earnings were the same from the year before at ₤ 3.6 bn, and it even handled to tape-record a revenue of ₤ 114m. In the first 9 months of 2021 profits grew 8%.
Entain is likewise well put to take advantage of the explosive development of online wagering in the US through its BetMGM joint endeavor.