Ladbrokes and Coral Agree to Sell Betting Shops
.The suggested $3.4 billion merger between British bookmakers Ladbrokes and Gala Cora looks set to finally receive the green light, following the two companies decided to the requirements from Competition and Marketplaces Authority (CMA) to sell between 350 and 400 betting shops in the UK.
presently has 2,154 betting shops within the UK and Coral
operates roughly 1,850 shops. The merger would combine these figures, giving the brand new company greater than 4,000 betting shops, dwarfing the 2,370 shops of rival company William Hill
In April 2015, a report surfaced within the British press from the CMA demanding Ladbroke
s and Coral
dispose of up to 1,000 high-street betting shops in the UK to be able to conserve a healthy competition between the gambling companies.
The CMA later put together a study highlighting the 642 local market places the suggested merger may affect, leading to substantially less competition, it's from all of these areas that the licensed betting shops should be sold.
An announcement around the CMA website reads:
“On 26 July 2016, the Competition and Markets Authority (CMA) announced that Ladbrokes and Coral must sell around 350 to 400 licensed betting offices (LBOs) in order to obtain clearance of their merger and preserve competition in 642 local markets where the companies’ betting products overlap.
“Ladbrokes and Coral have offered undertakings to sell the required number of LBOs to a suitable buyer to be approved by the CMA. The CMA now invites written comments from interested parties.”
Reports within the press suggest Boyle Sports could want to consider a few of the betting shops, although the likes of William Hill, Stan James, Betfred and Paddy Power may also turn to improve their portfolios.
The Ladbrokes and Coral merger would be the latest consolidation from the gambling industry within the United kingdom. We've already seen overturn takeover of bwin.party by GVC Holdings and also the massive merger of Betfair and Paddy Power plus, there's ongoing speculation about the way forward for William Hill who had been lately the target of the joint takeover bid by 888 Holdings and Rank Group Plc.
definitely this may bring a big competition in the UK betting industry. lets see how it goes.
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