A lot of gambling companies have suffered bad news these past few months. In fact, some have had to deal with a hefty dose of bad luck in terms of revenue. Due to the recession, many people were left unemployed. This caused budgets to be stretched way beyond their means and one thing people lacked was discretionary funds. Without the money, people had to cut back on various hobbies such as gambling. Though many people had grown accustomed to gambling as a pastime, thousands had to stop. The unemployment lines in many metropolitan cities were well into the double digits. They caused a serious strain on growth of every market, but gambling was one of the hardest hit. The reason for this is because gambling is not a necessity. Though people cut back on food, for example, they still needed to find ways to afford it. There is no such thing as cutting grocery shopping out of a budget—no matter how strained it is.
Because of the serious cutbacks in gaming, many casinos have suffered and are still looking for ways to rally. One huge gambling company online is Ladbrokes. This is a British-based online casino that also takes bets on sporting events. It is one of the best known and most relied on companies for online wagering and sports betting. Despite their huge reputation, the company has still posted considerable losses over the past few months of 2010. Gamers just aren’t logging in with as much frequency or as much of a bankroll as they did pre-recession. There is some good news though- the company reached a settlement of GBP 240 million from its feud with HM Revenue and Customs. This improvement from the legal battle has helped the company to cut back on its losses. Though it is still at a loss, that loss is not as drastic as it would have been had the company not benefited from this additional settlement money. Overall the company is attributing a low quality e-performance of their gaming website and lack of efficiency as the reasons why customers are not rejoining in on their gaming fun. They are working hard to turn that around in the near future.