UK betting giant Ladbrokes has posted its third quarter financial results, noting a 57% drop in earnings due to tighter regulation and higher taxes in Britain.
Key financial indicators for the third quarter ending September 30th, 2015 were:
57% drop in earnings before tax to £14.3 million
EBITDA less than half of the £33 million last year
Marketing Expenses up 6.4%
Mobile Bets up 69% by value
Commenting on his company's performance Ladbrokes CEO Jim Mullen said, "These numbers reflect the first 68 days of activity since we announced our organic plan to aggressively invest and grow our recreational and multi-channel customer base particularly across UK retail, Ladbrokes.com and Ladbrokes Australia."
"It is early in our journey, but today's results reflect positive initial progress. The focus now is on building on this start; our people are responding to this challenge and we are committed to taking whatever steps necessary to keep this focus."
"With sports betting at our core, we see customers responding well to our products, our value and to our recently launched multi-channel offer."