Ladbrokes issued a trading update for the first quarter of 2016 that reported 59 percent growth in sports betting net revenues, year over year.
Net revenues for all online businesses were up 36.5 percent.
The market reacted quickly to the positive news, sending Ladbrokes shares up by 4.8 percent, although the enthusiasm waned slightly later in the day. The share price stood at just over £1.19, well above the 12-month low of £0.93 in mid September.
More numbers from Ladbrokes
Overall, UK retail net revenues rose by 4.1 percent, Ladbrokes Exchange revenues increased by 57.2 percent, and Australia net revenues grew by 38.4 percent.
Mobile betting increased by 57.6 percent and now accounts for 77.1 percent of sportsbook staking. The number of active sports bettors increased by 27 percent.
“Our focus remains on best in class customer service, superior quality of product and maximising the multi-channel potential of our business,” commented Ladbrokes CEO Jim Mullen. “We continue to be pleased by the reaction to our increased marketing, our products and multi-channel proposition.”