Ladbrokes has seen revenues increase as it makes progress on its digital strategy, easing pressure on under-fire CEO Richard Glynn.
Glynn had come under scrutiny from investors earlier in the year as the company prepared to announce a downturn in profits, following investments in back office IT systems to support its online and mobile betting strategy. The Ladbrokes CEO had previously warned that the first half of the year would focus on delivery of new services and platforms, with growth returning in the second half.
In its third quarter financial statement, the company indicated that it is making good on its promise, with group net revenues up 13 percent. This includes a 45 percent increase in digital revenues over the same period, as services such as its sportsbook benefitted from investments in mobile platforms.
Glynn said that the company is now in line to meet financial expectations for the full year.
“We are now seeing the financial benefits of the digital operational transformation implemented over the past 18 months,” the company said in its results statement for the three months up to 30 September.
However, it noted that while its digital progress is “encouraging”, there still remains “significant further opportunity to optimise cross-selling and refine marketing strategies to deliver on the long-term potential of our brand”.
The company spent £56 million last year as it transitioned its Playtech’s IMS back office system, in a four-year deal with the gaming software provider. In April it completed the creation of a single betting wallet, as part of its goal to have the “best in class CRM”. The company also launched its mobile sportsbook in December, after partnering with the Chelsea Apps Factory.