Ladbrokes will likely retain ownership of its Irish business after its rescue plan for the division is said to be favored over a bid from rival operator Boylesports.
Ladbrokes in March began review of its Irish business due to heavy losses within the division. The bookmaker has been working with the UK’s High Court-appointed examiner Ken Fennel on a rescue plan.
Boylesports then declared its interest in acquiring Ladbrokes Ireland and sought permission from the court to seek additional information about the subsidiary.
Though that request was turned down, Boylesports last month went ahead with a €25 million ($27.7 million) bid for the Irish division.
However, reports say Fennel has informed Ladbrokes Ireland creditors and other stakeholders that the after the review, he now favors the rescue plan put forward by Ladbrokes. He has until July 29 to finalize the rescue plan and submit it to the High Court for approval.
Meanwhile, Ladbrokes has left the Danish online gambling market saying in a customer communication it is closed for registrations and will not accept further bets.
Although Ladbrokes did not confirm in the statement the reasons behind its exit from Denmark, reports suggest the bookmaker had not been reaching its profit targets in the country.