Ladbrokes Claimed ₤ 102m Furlough Despite Online Boost

Ladbrokes declared ₤ 102m furlough despite online increase


7 January 2022


ByBen King
Business press reporter, BBC News


Bookmaker Ladbrokes claimed ₤ 102m from the furlough scheme, in spite of rapid growth in online wagering making up for all losses from the closure of shops.


Accounts released on Thursday reveal that Ladbrokes declared ₤ 57.5 m in 2020, and the BBC comprehends it claimed an additional ₤ 44m this year.


Since the pandemic began moms and dad company Entain has really increased earnings, driven by strong online development.


Entain said the cash safeguarded 14,000 tasks, and is "under review."


The greatest claimers from the furlough plan were mainly those for whom Covid lockdowns suggested high falls in income - airlines, club business, leisure groups, stores, restaurants and caterers.


One business sticks out in the list - Ladbrokes, the UK's biggest operator of betting shops, with 2,845 premises 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 gaming giant Entain, has a big online betting service, and clients who could not wager in stores during the dark days of lockdown flocked to sites and apps rather.


Last April's Grand National climaxed for the greatest online sports betting event in the UK.


This indicated that despite lockdowns, Entain's 2020 earnings were the same from the year before at ₤ 3.6 bn, and it even handled to tape a profit of ₤ 114m. In the very first 9 months of 2021 profits grew 8%.


Entain is also well placed to take advantage of the explosive growth of online betting in the US through its BetMGM joint endeavor.


₤ 102m furlough claim


Despite a strong monetary performance, Ladbrokes made a large furlough claim.