Simeon Rusanov
Long/short equity

Ladbrokes: Bet Against The Weakest Horse

(Editor's Note: Investors should be mindful of the risks of transacting in illiquid securities such as LDBKF. Ladbrokes' listing in London, LAD.L, offers stronger liquidity.)

The company in a nutshell

Ladbrokes (OTC:LDBKF) is a major player on the British retail bookmaking stage with approximately 24% of the market share. Company's prime revenue streams are OTC horse and sports wagers coupled with FOBT (slot machines) and online casino products. The vast proportion, or about 85%, of Ladbrokes' cash flow is generated across the United Kingdom, but it also operates in Ireland, Belgium and Spain. The management is aiming to maintain company's robust position on the UK's retail market while through series of acquisitions and investments boost Ladbrokes' digital presence...

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