Business

Mayweather victory boosts Ladbrokes Coral as 'crucial sporting action' kicks off

Floyd Mayweather's defeat of Conor McGregor saved Ladbrokes from a bloody nose, the bookmaker said

GAMBLING giant Ladbrokes Coral has said Floyd Mayweather's victory over Conor McGregor saved the group from a "bloody nose" as the boxing veteran secured his 50th undefeated fight.

The group said the bout generated a "huge amount of interest", with Mayweather coming out of retirement to take on Irish ultimate fighting champion McGregor in his boxing debut.

Mayweather's win in Las Vegas at the weekend gave a boost to Ladbrokes Coral at the beginning of its second half, but it said the start of the football season will be the "crucial sporting action" for the next six months.

The group, formed from the £2.3 billion merger of Ladbrokes and Coral last November, posted a 7 per cent rise in proforma earnings to £158.3 million for the six months to the end of June.

But UK retail net revenues were 6 per cent behind a year earlier, with over-the-counter sales in its betting shops dropping 11 per cent and like-for-like stakes 7 per cent lower.

It said horse racing had proved "very much the bookies' friend" so far this year, thanks to results going the way of bookmakers at Cheltenham and Ascot.

But it took a hit after Newcastle United clinched the Championship title in the last minute of the season, revealing that Jack Grealish's goal cost the group around £1.5 million.

Meanwhile online bookmaker 888 has been fined a record £7.8 million for "serious failings" in its handling of vulnerable customers.

The action from the Gambling Commission follows the discovery of "significant flaws" in 888's social responsibility processes, which aim to protect consumers from gambling-related harm.

An investigation by the commission found that, due to a technical failure in 888's systems, more than 7,000 customers who had chosen to self-exclude were still able to access their accounts.

It meant customers were able to deposit a total of £3.5 million into their accounts and continue to gamble for more than 13 months.

The commission said 888's procedures were "not robust enough" and failed to protect potentially vulnerable customers.

The firm also failed to "recognise visible signs of problem gambling behaviour" displayed by an individual customer, which was so significant that it resulted in criminal activity, the commission said.

The customer staked more than £1.3 million, including £55,000 stolen from their employer.

The commission said that during a 13-month gambling binge, the customer placed a large number of bets, gambling on average three to four hours a day.

"The lack of interaction with the customer, given the frequency, duration and sums of money involved in the gambling, raised serious concerns about 888's safeguarding of customers at risk of gambling harm," it added.

Sarah Harrison, chief executive at the Gambling Commission, said: "Safeguarding consumers is not optional. This penalty package of just under £8 million reflects the seriousness of 888's failings to protect vulnerable customers.

"The 888 sanction package will ensure those affected don't lose out, that the operator pays the price for its failings via a sum that will go to tackling gambling-related harm, and that independent assurance will be given to see that lessons are learnt."

The £7.8 million includes repayment of the £3.5 million deposits made by self-excluded customers and compensation of £62,000 to the employer from whom money was stolen.

A further £4.25 million will be paid to a socially responsible cause to invest in measures to tackle gambling-related harm.

The commission has also ordered an independent audit of 888's processes relating to customer protection.

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