Big fight packed a punch for bookmaker

THE BOSS of bookmaker Ladbrokes Coral has said the blockbuster Floyd Mayweather vs Conor McGregor boxing match became its biggest betting event outside of the Grand National.

Chief executive Jim Mullen told the Press Association the support behind McGregor “took us by surprise” as bets on the Irishman outstripped amounts wagered on veteran Mayweather.

But he said Mayweather’s victory in the 10th round – which saw him come out of retirement to secure his 50th undefeated fight – saved the group from a “bloody nose”.

He said: “What we saw was a remarkable amount of money coming in on McGregor.

“We had an athlete who hadn’t boxed since he was 14 boxing against a living legend.

“We found him becoming a significant liability – if he’d won in the fourth round, I would’ve been crying into my cornflakes,” he admitted.

Mayweather’s win in Las Vegas at the weekend gave a boost to Ladbrokes Coral at the beginning of its second half, but the group said the start of the football season will be the “crucial sporting action” for the next six months.

The group, formed from the £2.3bn merger of Ladbrokes and Coral last November, posted a 7% rise in proforma earnings to £158.3m for the six months to the end of June.

Mr Mullen hailed an “encouraging start” to its financial year as online bets offset a tougher first half for its high street stores.

UK retail net revenues were 6% behind a year earlier, with over-the-counter sales in its betting shops dropping 11% and like-for-like stakes 7% lower.

But net revenues from its digital division increased 14% on a constant currency basis to £374.5m.