What's The Connection Between A famous UK Bookmaker And An Even More Famous US Hotel Brand?
It could be forgiven to think that the name ‘Ladbrokes’ is only synonymous with the gambling industry. However, if one looks deeper into the company portfolio, they will find that in addition to being recognised as the world’s leading bookmaker, they also have the likes of Vernon’s football pools and Hilton Hotels International among their list of companies.Originally formed as a bookmaking operation in 1886, betting on horses that were trained by one of the founding partners of the company, it was soon realised that taking bets rather than making bets would be a far more lucrative market to be involved in. Gambling was the company’s main business which they began first through the ‘gentlemans clubs’ of London and later through a telephone office. This office marked the first Ladbrokes betting office, as betting shops as they are today were illegal until 1961. An aggressive expansion campaign between 1964 and 1967 saw the group buy up properties, extending and refurbishing them to open as licensed betting offices. As a result, group profits soared as betting turnover increased markedly, allowing the company to float on the stock exchange for almost ?1 million. In turn, the Ladbrokes shop estate ballooned from around 400 shops to over 1000 shops up until 1971.Not content with their lot, the company then diversified into several other markets, including the hotel market, with the launch of their Ladbrokes chain of hotels. In 1999 the group bought over the ‘Stakis’ chain of hotels, owned by the late Cypriot owner, Sir Reo Stakis who sadly passed away