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Ladbrokes Coral Reports Profits Owing To Online Betting


Ladbrokes Coral Reports Profits Owing To Online Betting

Ladbrokes Coral Group, a British betting company, has announced on Thursday a 7 percent rise in its profits from the first half of its operation, due to high online trading. The company reported operating profits for the six months till June 30 went up to $205.1 million (158.8 million pounds). The revenue grew by 1 percent reaching 1.19 billion pounds.

The company was formed in a $3.4 billion joint merger of Ladbrokes with Coral.

Online gambling company GVC recently discussed a takeover of the group last week, but that ended without seeing any deal.

There has been a sudden rise in companies signing the bulking up deals to cut down on the costs of strict regulations and higher taxation. Ladbrokes and Coral merger was one such number in the gaming sector, and Paddy Power and Betfair also joining the forces.

The company has been majorly focusing on its online revenue, which rose 17 percent to 374.5 million pounds with massive rises in Britain, Italy and Australia.