Entain Reportedly Looking to Sell Ladbrokes
Entain is reportedly engaged in discussions to sell its Ladbrokes operations to Bar One Racing, a major independent bookmaker based in Ireland. According to sources cited in a recent article by The Times, the negotiations between the two parties have reached an advanced stage.
LISTEN TO THIS ARTICLE:Bar One Racing is led by Barney O'Hare, who founded the company in 1995 after moving from the amusement arcade sector into betting. Over the past two decades, O'Hare has steadily expanded the company's presence, primarily in Ireland.
Related: Entain Confirms Stella David as Permanent CEOA pivotal moment in Bar One's growth came with the acquisition of Bruce Betting, previously owned by Sharon Byrne. The merger increased Bar One Racing's footprint from 20 to 30 shops, helping to solidify its position in the regional market.
As of 2024, Bar One Racing operates a network of 60 retail betting shops throughout the Republic of Ireland and Northern Ireland. The company has shown consistent growth in recent years, with its 2022 financial performance indicating strong momentum.
In that year, Bar One Racing reported revenues of €181 million, a substantial rise from €132 million in 2021. Gross profit also improved notably, climbing from €11 million to €17 million year-over-year.
Despite the mounting speculation, neither Entain nor Bar One Racing has issued a public statement regarding the potential transaction.
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Rumored Purchase to Give O'Hare's a Substantial Boost
Should the sale proceed, the acquisition of Ladbrokes would represent a major expansion for O'Hare's enterprise. Ladbrokes holds a substantial retail footprint in both Ireland and the UK, operating 108 shops in the Republic of Ireland and an additional 66 in Northern Ireland.
More broadly, the Ladbrokes brand maintains over 2,700 licensed premises across its total retail network. Integrating such a significant volume of outlets would dramatically increase Bar One Racing's market share and operational scale.
The potential deal comes at a time when Entain's UK and Irish retail operations are under pressure. According to financial results for the fiscal year 2024, the company recorded a 7% decline in EBITDA for the region, which fell to £437 million compared to £470 million the previous year.
The decline has been attributed to a combination of inflationary pressures and higher operational costs, including increased marketing expenditures. These financial challenges may have contributed to Entain's interest in exploring strategic divestments within its retail portfolio.
While the reported discussions indicate serious consideration of a sale, the lack of official comment from either Entain or Bar One Racing leaves room for uncertainty about the final outcome. Nonetheless, the scale of the potential acquisition, paired with the existing presence of both parties in the market, suggests that the deal could have a meaningful impact on the retail betting landscape in both Ireland and the UK.
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