Ladbrokes is playing in the minor leagues

Last month’s trading update from Ladbrokes had an extra column along with the usual financials. It adjusted its trading performance to exclude the impact of the Rugby World Cup, as if the latter should be considered an exceptional item.

This allowed the bookie to claim that overall revenues were growing as it sailed its ship into Coral’s harbour ahead of their tie up, which shareholders have just approved in the teeth of opposition from the Irish billionaire Dermot Desmond.

One half of the industry’s other big merger – Betfair – rather put that into perspective with its results.

They covered six months rather than three, but the comparative trading period still included rugby’s four-yearly shindig. But Betfair had no need for any presentational chicanery, having managed to increase its revenues by 15 per cent.

While Ladbrokes’ numbers were largely negative – with the exception of online which grew a torpid 6.4 per cent – Betfair’s scorecard was covered with plus signs. Its chief executive, Breon Corcoran, who will head up the combined Paddy Power Betfair, seemed to be scrambling around to find a few negatives to help him with the old expectations management.

So there was a bit about tax, and the company had to pull out of Portugal while awaiting a licence. Which was rather painful. Oh, and the cost of sales rose, but there were some reassurances on that front.

Mr Corcoran was naturally cautious about the merger. “There will be a lot of work to do,” he said. No kidding? He also pointed out that the company has a competition process to get through, and that there hadn’t been much communication on that front.

That’s probably not too surprising, given that the competition authorities already have Ladbrokes Coral to deal with, and the small matter of 4,000-plus betting shops, a large number of which will have to be sold.

Compared with that, sorting out Paddy Power Betfair will be a relative breeze. As that, and these latest Betfair results, make clear, what will soon be the gambling industry’s big two are playing in different leagues.

You’ll know if and when Ladbrokes Coral gets promoted when it starts producing results which don’t include columns “excluding the impact of the Rugby World Cup”.