GVC Selling Racecourse and Ladbrokes Pitches to John Hooper
The parent company of the popular brands Ladbrokes and Coral, GVC, has announced it will sell 106 racecourse pitches to John Hooper in the UK and Ireland. The decision was not taken lightly, and is the product of reforms that no longer make racecourses a strategic target for GVC.
Service On The Race Course Is No Longer A Military Priority
GVC, the parent company of the popular Ladbrokes and Coral betting brands, will market its racecourse rings in the UK and Ireland. As announced on Wednesday by the Guardian, the parent company GVC will sell its 106 pitches to Sid Hooper trading known as John Hooper. There are 85 racecourse pitches in the United Kingdom and 21 in Ireland and they will all be sold to John Hooper.
“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.”
Tom Ritzema GVC trading director
Tom Ritzema, director of trading at GVC, said the decision was not made lightly. He clarified that the business is very sorry to be "calling time on Ladbrokes and Coral’s longstanding presence in the racecourse betting ring." Ritzema points out that GVC is entirely dedicated to horse racing, with a large portfolio of race funding under the brands Ladbrokes and Coral. In addition, he noted that GVC is actually the largest single source of sports betting revenues.
The COVID-19 Effect Hastened The Transition
Combinations of considerations contributed, according to Ritzema, to the view that the existence of a betting ring on the racecourse is no longer a logistical necessity for Ladbrokes and Coral. Moreover, he said the company's focus will now be to work with the 17 staff members who have been delivering a great quality support for many years for both the clients and the company. In addition, Ritzema said market volume through the pitches of the racecourse shrank drastically compared to the volumes produced in off-course retail and digital enterprises.
In addition to being no longer a strategic objective due to defeats, according to Ritzema, the COVID-19 condition was not one of the reasons that contributed to the transition but rather speededed up the process. He hasn't forgotten remembering that Ladbrokes and Coral will always be a big part of betting ring tradition and culture and GVC is incredibly proud of that.
However, Ritzema added that in recent years, the betting world has changed dramatically and GVC needed to change with it as well. In the end, with the racecourse pitches heading on, he wished John Hooper the best of fortune.
