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Ladbrokes declared ₤ 102m furlough regardless of online increase

7 January 2022

ByBen King
Business reporter, BBC News

Bookmaker Ladbrokes declared ₤ 102m from the furlough plan, despite rapid growth in online betting making up for all losses from the closure of shops.

Accounts published on Thursday reveal that Ladbrokes declared ₤ 57.5 m in 2020, and the BBC understands it declared a further ₤ 44m this promotion code year.

Since the pandemic started moms and dad business Entain has actually increased profits, driven by strong online development.

Entain stated the cash secured 14,000 tasks, and is "under evaluation."

The biggest claimers from the furlough plan were mainly those for whom Covid lockdowns indicated high falls in income - airlines, pub companies, leisure groups, shops, dining establishments and catering services.

One business stands apart in the list - Ladbrokes, the UK's largest operator of wagering shops, with 2,845 premises branded Ladbrokes or Coral.

For though it needed to close them for large parts of 2020 and 2021, it had a lifeline - online.

Its parent company, FTSE 100-listed gaming giant Entain, has a big online gambling business, and clients who couldn't wager in stores throughout the dark days of lockdown gathered to sites and apps rather.

Last April's Grand National climaxed for the greatest online sports wagering occasion in the UK.

this promotion code implied that in spite of lockdowns, Entain's 2020 earnings were the same from the year before at ₤ 3.6 bn, and it even managed to record a profit of ₤ 114m. In the first 9 months of 2021 incomes grew 8%.

Entain is also well positioned to gain from the explosive growth of online wagering in the US through its BetMGM joint venture.

₤ 102m furlough claim

Despite a strong financial efficiency, Ladbrokes made a large furlough claim.

Accounts for Ladbrokes Gaming and Betting Ltd, a subsidiary business of Entain, submitted with Companies House and released on Thursday reveal that it ₤ 57.5 m of furlough in 2020.

The BBC understands the company declared around ₤ 44m in 2021, taking the overall to ₤ 102m.

According to BBC analysis of data released by HMRC, that would be one of the 20 biggest furlough claims for 2021.

A representative for Entain said: "The furlough scheme was a reasonable and extremely bet9ja's welcome offer policy intervention that assisted us, as one of the nation's biggest retailers, to preserve the livelihoods of more than 14,000 retail colleagues on complete pay.

"Whilst the infection is still with us and the outlook, although enhancing, is still far from certain, the Board will continue to keep the situation under evaluation."

Entain is legally entitled to claim the cash, and there is no tip that it did anything incorrect in making the claim or maintaining the cash.

However rival bookmaker William Hill opted to return ₤ 24.5 m of furlough money in August 2020, mentioning the "strength of the post-lockdown healing."

Iain Duncan Smith MP, the vice chair of the Gambling Related Harm All Party Parliamentary Group, said: "The greed of these business, that derive large profits from addicted gamblers, never ever stops to surprise.

"Any company with a clear sense of morality would instantly hand this promotion code money back to the UK taxpayer."

A variety of business in other markets opted to return furlough funds when the impact of the pandemic proved less extreme than at first feared - including housebuilders Redrow, Barratt and Taylor Wimpey, Games Workshop, and circulation giant Bunzl.

Flutter, owner of the Paddy Power betting shops, did not tap the yohaig code furlough scheme at all.

Betfred claimed a minimum of ₤ 46.6 m in furlough

Betfred, which operates 1500 wagering stores, likewise made significant furlough claims despite rising earnings.

It claimed ₤ 28.1 m in furlough the year ending 27 Sep 2020, according to company accounts.

In addition, a Betfred subsidiary business, Done Brothers (Cash Betting) Ltd, declared someplace in between ₤ 18.5 m and ₤ 37.5 m from Dec 2020 to May 2021, according to HMRC data (which only gives a range, not a specific figure).

The overall for the group amounts to between ₤ 46.6 m and ₤ 65.6 m, though these figures don't include any claims it might have made in October and November 2020.

Betfred Group saw turnover fall from ₤ 621m to ₤ 525m in the year ending 27 September 2020, the most recent figures offered, as lockdowns required its stores to close.

However the group still made considerable revenues, up from ₤ 171m to ₤ 205m, lifted by some one-off gains including ₤ 98m resulting from a successful court case versus HMRC for VAT paid on fixed-odds wagering terminals from 2005 to 2013.

A Betfred spokesperson stated: "Thanks to the Government's Job Retention [furlough] Scheme we have actually not had to make a single redundancy due to the pandemic and we will continue to invest in our stores on the high street."

Coronavirus lockdown measures

Job Retention Scheme

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