The famous UK gambling group Ladbrokes has joined Victor Chandler in accessing the South African sports betting market. The sports section of the South African morning newspaper The Times reported Thursday that the British bookkeeper has partnered with local betting company KaiRo International in launching an online sportsbook. The two companies have apparently collaborated in Africa since 2002.
KaiRo MD Mustafa Ko said the group has applied for a bookmaker licence in the Western Cape province and that this would allow Ladbrokes to increase its market share in the region.
In related news, Ladbrokes share price took a hit of 4.5% Thursday following the release of full year results that showed a drop of 28% in pre-tax profit.
Analysts attributed the poor performance to tough economic conditions, discontinued operations and punter-friendly results hitting margins in the third quarter.
The company revealed that 2009 pretax profit fell to £191.3 million from £265.6 million in 2008. Full-year net profit fell 63% to £74.4 million from £200.7 million in 2008, as a £72 million charge from discontinued operations hurt the company's bottom line.
Revenue fell 10% to £1.032 billion.
Source: InfoPowa News