Ladbrokes dumps Mangers after Big Losses
Ladbrokes is one of the oldest bookmakers in the world seeing as how the company has been around for over a century. Unfortunately, the reputation and name behind Ladbrokes hasn’t been enough to propel it through a rough period for all bookmakers. Right now, lots of European bookmakers are in trouble including London-based Ladbrokes, which has lost 7% in profits just this year.
Even with the fact that many bookmakers are struggling, Ladbrokes decided to get rid of many of its senior managers. The top brass at Ladbrokes feels as if something needs to be done quickly in order to reclaim Ladbrokes spot at the top. This was reiterated by Ladbrokes CEO Richard Glynn when he said, “In recent times, the strength of our brand has diminished. We feel the need to regain our primacy.”
The Wall Street Journal recently documented Ladbrokes problems in an article that examined several other large bookmakers too. One of the sportsbooks was William Hill, which experienced a resurgence to position themselves as a global leader. This only caused further problems for Ladbrokes since their rival took a sizable share of the market with this spurt.
With the firing of senior managers, Ladbrokes hopes that they can compete with William Hill not only for bragging rights as the top UK bookmaker, but also among the world’s elite. Of course both sportsbooks will be heavily aided if Mass. Representative Barney Frank can get his legislation to pass sometime this year; Frank’s bill seeks to rid the United States of the UIGEA and make America a friendly place for gambling companies once again.
Online casinos and sportsbooks see the US as a goldmine when it comes to gambling so if Barney Frank’s bill does pass, it would definitely boost the gambling economy.