One of the largest and most renowned gambling companies in the UK is Ladbrokes plc, which is based in London. It was formerly known as Hilton plc from May of 1999 until February of 2006 when it owned the Hilton Hotel brand name outside the US. Ladbrokes is a London Stock Exchange listed company and is an FTSE 250 Index member as well.
The company was originally founded in 1886 by Messrs Pendleton and Schwind when they established themselves as commission-paid agents of Ladbroke Hall (horse trainers) in Worcestershire. The name Ladbrokes was established in 1902 and then Max Parker and Cyril Stein acquired the company in 1956. Under the Betting and Gaming Act of 1961, gambling shops were legalised by the UK Government.
The company’s growth resulted from Cyril Stein investing the profits of the traditional business and creating a chain of Ladbrokes betting shops. Additionally, Stein was the first person to introduce fixed-odds gambling on football (soccer) games. However, the football season of 1963 ended with Ladbrokes paying out over £1 million. In 1967, the company was listed on the London Stock Exchange and at that time Cyril Stein became Ladbrokes’ Chairman.
Ladbrokes offers a number of gambling opportunities including backgammon, bingo, several casino games, financial betting, and of course sports betting. The company’s revenues exceeded £1 billion as of the end of 2009 with an operating income of just over £235 million and a net income of nearly £74.5 million. The company currently employs some 15,000 individuals (end of 2009).