UK&I Field Trip Feedback & Assessing Machines Tax Risk

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UK&I Field Trip Feedback & Assessing Machines Tax Risk

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UK&I is returning to sustained outperformance and is a major driver of group growth.

The business is significantly outperforming the market and taking share across both digital

and retail. All four key brands - Ladbrokes, Coral, Gala and Foxy - are expected to grow

strongly, with slots described as being in very strong health. UK&I Online has returned to

consistent market share gains, supported by a sharper focus on user experience, refreshed

apps, improvements to the gaming and sportsbook propositions, and better use of data

and analytics. Management expects to this quality of growth reflected in continued

gearing in the marketing ratio (<20%) and bonusing (to ~15% of GGR).

Gaming is the clearest growth engine, with Gala and Foxy still underpenetrated. Slots

growth reflects both product strength and broader changes in customer behaviour, with

short-form entertainment opening the category to new customers. Gala has been

repositioned away from being primarily bingo-led toward a more slots-driven brand, which

has changed customer perception and helped drive April first-time depositors to their

highest level in two years. Foxy and Gala are seen as having significant remaining runway,

particularly as they have historically received a smaller share of marketing spend than

Ladbrokes and Coral.

Tax mitigation is being addressed through multiple levers rather than a single cost

action. Management highlighted five mitigation areas: continued marketing efficiency,

cheaper media buying through its Omnicom deal, natural offsets from gaming suppliers