October 18, 2016 / 6:51 AM / 9 months ago

Ladbrokes Q3 revenue helped by busy summer of sport

2 Min Read

Oct 18 (Reuters) - British bookmaker Ladbrokes reported a 12.1 percent rise in third-quarter net revenue on Tuesday, helped by a bookmaker-friendly and busy summer of sport.

* The company, which agreed an all-share merger with Gala Coral to create a 2.3 billion pound ($3.4 billion) betting group, said net revenue for UK Retail rose 1.9 percent in the quarter ended Sept. 30, while European Retail net revenue rose 11.3 percent.

* Ladbrokes' digital business revenue jumped 48.2 percent in the quarter.

* Ladbrokes and Gala on Monday agreed to sell 359 shops for 55.5 million pounds to rivals, subject to approval from Britain's competition watchdog, in a deal that will reduce their footprint and pave the way for competition authorities to allow their merger to proceed.

* Ladbrokes said on Tuesday that after getting the Competition and Market Authority's nod for the sale, it would look for the regulator's consent to complete the merger, subject to the sale of one remaining shop. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)

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