|The house always wins is one of gambling’s most reliable dictums, but not for Stanley Leisure, it seems. The UK gambling company has been hit by poor results from its land-based casino, Crockfords. The London casino represents a quarter of Stanley’s total earnings, and a bad run of luck seems set to hit the group’s bottom line when it releases its interim results on Thursday this week. The company has an online version of Crockfords casino (which got a favourable review on this site recently), and in the online world, even if some punters win big, the odds are such that the houses will always win in the long run. |
In November Stanleys warned that although the win margin at Crockfords has started to improve, it had not been by enough to recoup the losses it had suffered at the hands of some of its high rollers.
There were whispers in The City last week that Crockfords' run of bad luck had continued into the new year, with consequences for its profits. As it stands, analysts are forecasting Stanley Leisure to post a pre-tax profit of between £19m and £22m, down from £24.7m a year earlier.
Bad luck at the tables aside, analysts anticipate a decent performance from the group's portfolio of high street betting shops. Stanley Leisure shares did well toward the end of last year on as speculators – punters by another name, really – bet that the coming deregulation of the UK gaming industry will boost the company’s profits.