Faltering starts to the new football season by ManU and Barcelona helped U.K. bookmaker Ladbrokes achieve a "double-digit boost to revenues -- its fourth consecutive quarter of growth," according to Paul McClean of the FINANCIAL TIMES. Surprise football scores "helped to offset customer-friendly horseracing results," which hit Ladbrokes with "two very painful, lossmaking meetings" at Goodwood and York. Overall revenues at Ladbrokes rose 12.1% in the three months to Sept. 30, with the "strongest growth coming from its online division." Digital revenues jumped by 48.2%, while revenues at Ladbrokes' high street betting shops "edged up" by 1.9% despite a 4.3% decline in the amount of money punters were staking over the counter. Ladbrokes CEO Jim Mullen: "Man Utd. have stuttered again and that helped us, and Barcelona -- which always attracts a lot of money -- is the same. But we had the worst quarter of racing I’ve seen" (FT, 10/18).
MERGER TALKS SCRAPPED: In London, Cristina Criddle reported bookmaker William Hill "has scrapped plans for a multibillion-pound merger" with Canadian online poker firm Amaya just days after its largest shareholder "openly opposed the deal." The London-based betting firm said that it would "consider alternative plans that have the potential to grow sales," fleshing out its four priorities: "online, technology, efficiencies and international." Last week, Parvus Asset Management -- "an activist investor with a history of blocking large takeovers -- waded into the discussions," accusing William Hill of pursuing a tie-up that had "limited strategic logic" and would "destroy shareholder value." Parvus has a 14.3pc stake in the company. William Hill said, "After canvassing views from a number of William Hill’s major shareholders, the board has decided that it will not pursue discussions with Amaya" (TELEGRAPH, 10/18).
