GVC, parent company to Ladbrokes and Coral, announced it will cease operations of its 106 Ladbrokes and Coral racecourse betting sites.
The company is selling books—85 in the UK and 21 in Ireland—to John Hooper, who trades under the name Sid Hooper.
In a statement, GVC’s trading director Tom Ritzema said the decision had “not been taken lightly”, and that several factors had been taken into consideration.
“This decision has not been taken lightly, and we are very sad to be calling time on Ladbrokes and Coral’s longstanding presence in the racecourse betting ring,” said Tom Ritzema, GVC’s trading director in a press release. “GVC remains totally committed to horse racing, with a significant race sponsorship portfolio under the Ladbrokes and Coral brands, and we are the biggest single provider of betting revenues to the sport.”
Ritzema said the volume of business taken through the racecourse pitches is minuscule, compared to the volumes generated in off-course retail and digital businesses.
“As the racecourse operation is loss-making and no longer has a strategic purpose, we have regrettably reached the decision to sell our pitches and leave the ring,” he said “The current situation with Covid-19, and racing behind closed doors, expedited the decision but was not one of the factors behind it.”
