From stagnating profits to a public anti-gambling campaign, things haven’t been rosy for Ladbrokes lately. It just got worse with a recent armed raid of a High Street betting shop.
Ladbrokes has taken a big hit over the past couple years, making gambling news for all the wrong reasons. Often unfavorably compared to its competitor William Hill, the bookie is usually accused of being behind the times, investing too heavily in betting shops and failing the ride the wave of the future into the world of online betting.
Ladbrokes shares fell by 12 percent in April when the British government announced that the new budget would increase the tax on FOBTs from 20 to 25 percent. The company has admitted that it will close 50 High Street shops this year.
Same shop hit twice in less than one year
As if a poor business model and hostile UK gambling laws weren’t enough, armed robbers have added insult to injury. Late Sunday two men reportedly broke into the Ladbrokes on the high street in Penge. Most likely to avoid embarrassment the bookie has not been forthcoming with details on the incident.
A spokesman for the company said just this: “We can confirm that the robbery took place in our shop on Penge High Street on the evening of June 1… We are assisting police with their enquiries.”
The same location was also the target of an armed robbery on Halloween night 2013, after which the perpetrators were never found.