New Corporate Development Director for Ladbrokes

Ladbrokes the UK sports betting company have appointed Chris Palmer as their new Corporate Development Director. Prior to this position he was the Managing Director of the Hesketh Family Office which saw him running the famous Towcester racecourse as well as running trusts and funds for the Hesketh Family.

He will join Ladbrokes from February 2009 where he will sit on the Executive Board reporting directly to Ladbrokes Chief Executive Officer Chris Bell. Speaking on the appointment Chris Bell said: “Chris Palmer brings a breadth of experience of industry and public affairs and we welcome him to the Ladbrokes executive board.”

Ladbrokes appoints new chairman

The UK based sports betting company Ladbrokes has appointed Peter Erskine as the successor to Sir Ian Robinson who has been chairman for Ladbrokes for just over seven years; Erskine had previously been the chief executive of the mobile phone network O2.

He will take over as chairman at the company’s next AGM in May 2009, but he will begin working with the company in January 2009. The CEO of Ladbrokes Christopher Bell said “Peter Erskine’s extensive international marketing background and experience of building brand-led businesses will be a big plus for the company. He was responsible for the transformation of O2 plc - the ex BT wireless business - into a leading provider of mobile services in Europe and helped create considerable shareholder value.”

As part of his tenure at 02 he helped with the integration of the company’s £18 billion takeover by Telefonica in 2005, he has since served on the board of the Spanish telecoms operator.  Erskine will help Ladbrokes expand its non UK based retail operations in Spain and Italy as well as continuing its development of online gambling.

Ladrokes announce quarterly profits

The UK based Casino and Sports Book operator Ladbrokes has announced a 12% increase in gross win in the quarter ended 31st October 2008. Group profit has increased to 10%, the management team expect that profitabily in the full year to be inline with 2007.

The CEO of Ladbrokes Chris Bell said “Despite the generally challenging economic conditions, Group profit grew overall. UK retail gross win increased by 5% whilst eGaming has continued to successfully follow its strategy of investing in new customer acquisition and grew net revenue by 22%” he went onto to add “Although a run of poor football and horserace results at the end of the period has affected performance, the Group remains within the market expectation range for 2008.”

Net revenue for the group has increased 22% during the period with good growth across the Sportsbook, Casino and Games.  Poker performance has been low due to highly competitive market and to aid in this Ladbrokes will be joining the Microgaming network in the New Year.

Ladbrokes goes to court against the Norwegian government

Ladbrokes has today appealed against the rejection of its application for a betting license to allow it to trade in Norway; it was originally turned down in October 2004. The refusal had led Ladbrokes to initiate legal proceeds against Norway citing it was a breach of EC directives and the EFTA agreement.

John O’Reilly Ladbrokes’ Managing Director of Remote Betting and Gaming said “We are appealing the judgment because the court’s assessment of the evidence doesn’t relate directly to our case. Vital aspects in the EFTA-law court judgment of May 2007 have not been taken into consideration, and the judgment is solely built on the national “slot machine case” of March 2007 which is not relevant to our application. The monopoly laws in Norway conflict with the EU Treaty, particularly with regard to the principles of freedom of establishment and the free movement of services. We continue to challenge for our right to be regulated in Norway and to provide free and fair competition to the monopoly.”

The difficulty that Ladbrokes is having with the Norwegian government concerning gambling monopolies in an EC country has also been mirrored by the recent troubles StanleyBet has had with the Greek Government and OPAP.

Neteller becomes Neovia Financial

The popular Isle of Man based online payment processor is due to change its name on 17th November 2008 from Neteller to Neovia Financial and be listed on the Stock Exchange as NEO (meaning new way) as part of a major rebranding exercise. The change is subject to the passing of a special resolution which will be held at an Extraordinary General Meeting (EGM) of the company’s shareholders which is on Tuesday 11th November 2008.

Neteller currently process online payments for companies such as Ladbrokes and was famously one of the major victims of the US law change on Internet gambling in 2006, the Unlawful Internet Gambling Enforcement Act (UIGEA) saw Neteller handed a fine of $136 million dollars.  This US act made a 90% reduction in Neteller’s revenue stream and the firm then targeted Asian and European vendors in attempt to recover the lost revenue.  It is the aim of Neteller that the new identity will distinguish the parent firm from its individual Neteller, NetBanx and Net+ brands.

Ladbrokes Live Horse Racing

Ladbrokes Live Horse Racing agreement has been signed with Turf TV this week in a deal worth £70 Million over 5 years. This equates to a deal worth £6,500 per shop and this was a deal which just had to happen.

Ladbrokes just could not do without Live TV pictures from 31 racecourses including such top venues as Ascot, Cheltenham, Newmarket, Aintree, Epsom and Sandown.

William Hill and Betfred will now have no option to also sign an agreement sooner rather than later as they will be at a competitive disadvantage on the high street and will face losing customers to their opposition.

Ladbrokes Next Man United Manager Betting

Ladbrokes have today begun offering betting odds on Ole Gunnar Solskjaer becoming United manager. The latest prices include 12/1 Solskjaer to become Man Utd manager and 33/1 Solskjaer to become next permanent Man Utd manager. It’s an interesting football bet considering Strachan at Celtic, Keane at Sunderland, Bruce at Birmingham and Hughes at Blackburn as well as lower league bosses like Robson at Sheffield United all have been ex Manchester United players in recent years.

Solskjaer has been coaching at Old Trafford in recent years as his knees have continued to let him down, and anyone with the strength of mind to keep coming back from surgery to sit on the substitutes bench without complaint has much of the mental fortitude to make a manager. But can Solskjaer become a future United’s boss? Ladbrokes spokesman, Nick Weinberg, today said: “Solskjaer’s a United legend. If he decides to turn his hand to management he would make a popular Red Devils boss at some point in the future.”

United employ very few managers and whoever takes over next will probably have timed their successes very well - but United are highly unlikely to name a rookie as manager; so the 33/1 to be the next manager looks pointless. For a sentimental fiver for a bet that you might want to frame there might be something in the 12/1 that he may one day be manager; but nothing more.

Ladbokes to sponsor more Irish Horse Racing

The bookmaker Ladbrokes Ireland have confirmed they are looking to sponsor more Irish Horse Racing and have been revealed as the new sponsor of the Munster National at Limerick Racecourse on Sunday 14 October. The three-year agreement increases the value of this Grade A three-mile Handicap Chase to €120,000 in prize money, contributing in total prize money on the day of almost €300,000.

Adele Thompson Marketing Manager of Ladbrokes Ireland said, ‘We are delighted to announce our sponsorship of this €120,000 Munster National at Limerick. It is fantastic to be associated with such a respected and established race and we are proud to add another national to our Irish Horse Racing portfolio’.

Limerick’s oldest and most valuable race is a key fixture in the early part of the National Hunt season, and was won in 2006 by the locally trained and owned Pearly Jack, who is being aimed at the race again this year.