It’s become a well-known fact that Ladbrokes is a company that has lost its way. Player numbers are down, profits are down, and in general the company seems be at a loss. Current Ladbrokes CEO Jim Mullen has recently spoken about how he wishes to “restore pride and passion to the Ladbrokes brand, taking it back to the heart of the world of betting in the process”. The bookmaker and online casino provider has suffered its fair share of knocks as of late, but through a business review is looking to get back on track once again.
Since taking the CEO position earlier this year, Mullen has sought change in order improve the brands public profile. Following his arrival he has decided that the brand needs adopts a more aggressive approach to growing its customer base. With new and improved direct marketing projects being commissioned to kick start growth and put Ladbrokes online casino and sportsbook offerings back on the map. He also wants to push through increased multi-channel revenue growth for the company’s digital outlets, something that has been severely lacking because of what many consider to be poor offers and promotions. Speaking further on these brand new plans, he said that, “Somewhere along the line Ladbrokes lost what once made it the quintessential betting brand in the United Kingdom. I plan to figure out what that is and bring it back”.
Through the new plans Ladbrokes will place increase focus on its digital outlay, focusing on reinvigorating the customer base and reestablishing the brand name. In many ways Ladbrokes has fallen by the wayside, so the goal is to make the company the go-to sportsbetting expert once again. A crucial element within the new plans is to tap into brand new market opportunities. In the past Ladbrokes had been a very one-dimensional brand, but they are now looking to become a multichannel operator. This is because only 11% or retail customers take their betting online via Ladbrokes, which showcases a disconnect between the two business outlets. What Ladbrokes can look towards is the company’s Australian business. Encompassing much of what Mullen has already detailed, it is the jewel in the Ladbrokes crown as it is growing rapidly through a new and open market. Mullen has said, “The UK can learn from the Australian model and that’s exactly what we plan on doing”. He also said, “They have shown tremendous aptitude towards innovation and growth and have become a star player within the Ladbrokes portfolio”.
The strategy has come about through intensive research and has received strong backing from strong company officials. The new program will be initiated to care for the needs of not just the players, but also the staff as well. Players are set to receive new and increased promotional offers and game selection, while staff will be given incentives to increase growth, player interaction, and retail to digital business transfer. It should work to make Ladbrokes a better-rounded online betting brand, but it isn’t without challenges. Company dividends will be dented while the plan is implemented, with operating profits set to worsen too, but all in the cause of the greater good.
Ladbrokes has been struggling in the face of competition, but going forward, through new initiatives it is set to receive a shot of adrenaline. Ladbrokes is ripping up the formbook and changing the way it does business and that is only set to be of benefit to players across the United Kingdom.