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Daily Mirror
Daily Mirror
Business
Emma Munbodh

Ladbrokes and Coral to close 300 shops later this year, owner warns

Hundreds of Ladbrokes and Coral betting shops could close their doors for good this year, bosses have warned.

Bookmakers, which are "non essential" businesses, say trading has surged online since the start of the pandemic, with customers who would typically go in branch, now playing digitally.

Entain, which owns the two firms, said that online earnings from customers betting through its smartphone apps and websites have been up 50%, in its annual results this week.

Rob Wood, chief financial officer of Entain, said he expected most customers would return to stores once lockdown restrictions but said there will be some closures.

He told analysts: "We look at around 100 closures per year in the UK off a starting point of 3,000 or so.

"It wouldn't surprise me if we see two or three years of closures come into one this year."

Wood said customers still like the social side of going to the bookies and watching sport on the TV with their mates.

He added: "In the UK we got within single digits of where we were pre-Covid last summer.

"We are hopeful that most of our customers will come back

"There may be more closures but no fundamental restructuring."

Entain still managed to post profits of £174.7million in 2020 despite lockdown restrictions on store openings.

It reversed a 2019 loss of £164.4million.

A spokesperson for Entain said: "We are committed to maintaining a strong presence on the high street through both the Ladbrokes and Coral brands, and our retail business remains an important part of our future plans.

"We currently have a programme of investment in our sites to create the 'betting shop of the future,' and are looking forward very much to welcoming our customers back through our doors as soon as we are allowed to do so."

Betting shops will be able to reopen from April 12 under Boris Johnson's lockdown road map.

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