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Ladbrokes-Gala Coral deal clearance might depend upon store sales

Bookmakers Ladbrokes and Gala Coral might need to shed hundreds of stores if their proposed merger is to go on, the competition watchdog has said.

The Competition and Markets Authority said a merger of the UK's second and 3rd largest bookmakers might limit competitors on the High Street.

About 350 to 400 stores may need to be sold "for the merger to be conditionally cleared", the CMA said.

The CMA has provided till 13 June for responses to its provisionary findings.

Ladbrokes operates 2,154 wagering shops in Great Britain and 77 in Northern Ireland, while Gala Coral runs about 1,850 wagering shops in Great Britain.

The combined group would make it larger than existing market leader William Hill.

Martin Cave, who is chairing the CMA's questions, said: "We have actually provisionally discovered that the merger in between two of the largest bookies in the nation might be expected to decrease competition and option for customers in a a great deal of cities.

"Although online wagering has grown considerably in current years, the proof we have actually seen validates that a big number of clients still select to wager in stores - and many would continue to do so after the merger.

"For these clients, competitors comes from the yohaig code choice of shops in their city and it's they who might lose out from any reduction of competitors and choice."

The CMA stated it was intending to release its final report by the end of July.

Ladbrokes said: "this promotion code is a significant action and our focus now will be on agreeing the store disposals to please the CMA." Ladbrokes shares had actually jumped 6.5% by the yohaig code close of trade on Friday.

Gala Coral stated it kept in mind that the CMA was "provisionally minded to clear the proposed merger" which it would continue to work with the regulator on methods to accomplish last clearance.

Analysis: Frank Keogh, BBC Sport racing reporter:

The face of Britain's wagering stores has changed in the last 20 years - from smoky boltholes with horse racing dominating proceedings to glossy multi-screen sport outlets where fixed-odds betting terminals are a big earner.

While critics say the casino-style devices have actually encouraged issue bettors, the bookmakers firmly insist staff are trained to look out for problems.

The bottom line is the rise of the makers has actually assisted keep a number of these stores open in a modern-day wagering world where online gambling has actually mushroomed.

And while some stores look predestined to be casualties, this promotion code proposed ₤ 2.3 bn merger shows there is a lot of money still to be made in the British wagering industry.

Analysts say the merged company will still have a dominant position even if lots of stores need to be offered.

"We anticipate substantial expense saving will be possible because there will be vast areas of overlap and unnecessary duplication of functions across the combined company," Clayton, head of equity research study at Hargreaves Lansdown.

Ladbrokes concurred the regards to a ₤ 2.3 bn all-share merger with Coral in July, and the business's shareholders backed the handle November.

Ladbrokes profits struck by writedowns

11 August 2015