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Ladbrokes/Coral Final Report

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Ladbrokes/Coral Final Report Ladbrokes and Coral A report on the anticipated merger between Ladbrokes plc and certain businesses of Gala Coral Group Limited 26 July 2016 © Crown copyright 2016 You may reuse this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit www.nationalarchives.gov.uk/doc/open-government- licence/ or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Website: www.gov.uk/cma Members of the Competition and Markets Authority who conducted this inquiry Martin Cave (Chair of the Group) John Harley Andrew Popham Gavin Robert Acting Chief Executive of the Competition and Markets Authority Andrea Coscelli The Competition and Markets Authority has excluded from this published version of the report information which the inquiry group considers should be excluded having regard to the three considerations set out in section 244 of the Enterprise Act 2002 (specified information: considerations relevant to disclosure). The omissions are indicated by []. Some numbers have been replaced by a range. These are shown in square brackets. Non-sensitive wording is also indicated in square brackets. Contents Page Summary .................................................................................................................... 4 Relevant markets .................................................................................................. 5 Supply of gambling products in LBOs – constraint from the online channel .... 5 Operation of greyhound tracks ........................................................................ 6 Loss of competition at the local level in the supply of gambling products in LBOs 6 Main features of the market forming the basis of our assessment ........................ 7 Approach to the competitive assessment of the Transaction ................................ 7 Setting and adjusting an intervention threshold .................................................... 8 Impact of the Transaction at the national level as a result of the aggregated loss of competition at the local level .......................................................................... 10 National theories of harm .............................................................................. 10 Top price competition .................................................................................... 11 Loss of potential competition ......................................................................... 11 Loss of innovation .......................................................................................... 12 Operation of greyhound tracks ...................................................................... 12 Other theories of harm ................................................................................... 14 Countervailing factors – entry and expansion ..................................................... 14 Overall conclusions ............................................................................................. 14 Remedies ............................................................................................................ 15 Review of the 1999 Undertakings ....................................................................... 15 Findings .................................................................................................................... 17 1. The reference ..................................................................................................... 17 2. The Parties ......................................................................................................... 18 Ladbrokes ........................................................................................................... 18 Gala Coral ........................................................................................................... 19 3. The gambling industry in the UK ......................................................................... 20 Betting and gaming products .............................................................................. 20 Sector description ............................................................................................... 22 Market shares: retail LBOs ................................................................................. 25 Sector regulation ................................................................................................. 27 4. The Transaction and relevant merger situation ................................................... 27 Structure of the Transaction ................................................................................ 27 Rationale for the Transaction .............................................................................. 28 Jurisdiction .......................................................................................................... 29 Enterprises ceasing to be distinct ....................................................................... 29 Turnover test ....................................................................................................... 30 Conclusion on jurisdiction ................................................................................... 30 5. Counterfactual..................................................................................................... 30 Views of the Parties ............................................................................................ 31 CMA assessment ................................................................................................ 31 6. Market definition.................................................................................................. 32 Product markets – Supply of gambling products ................................................. 32 Geographic market – Gambling operations ........................................................ 59 Product market – Operation of greyhound tracks ............................................... 62 Geographic market – Operation of greyhound tracks ......................................... 63 Product market – Greyhound media rights ......................................................... 64 Geographic market – Greyhound media rights ................................................... 65 1 7. Loss of competition at the local level in the supply of gambling products in the retail channel ..................................................................................................... 65 Assessment framework ....................................................................................... 66 Entry/exit analysis ............................................................................................... 67 Refurbishment requests ...................................................................................... 70 Concessions ....................................................................................................... 73 CMA survey ........................................................................................................ 76 Other factors mentioned in the CMA survey, other surveys and further evidence ........................................................................................................................... 79 Third parties ........................................................................................................ 83 Parties’ internal documents on relevance of location .......................................... 84 Conclusion on the factors driving competitive interaction between LBOs in local areas .................................................................................................................. 85 CMA methodology for identifying potential local competition concerns............... 85 Conclusion ........................................................................................................ 115 8. Impact of the Transaction at the national level as a result of the aggregated loss of competition at the local level ........................................................................ 115 9. National theories of harm .................................................................................. 125 Loss of potential competition ............................................................................ 131 Loss of innovation ............................................................................................. 133 10. Operation of greyhound tracks .......................................................................... 137 Impact on racegoers ......................................................................................... 137 Conclusions ...................................................................................................... 140 Impact of the Transaction on greyhound media rights ...................................... 140 11. Other theories of harm ...................................................................................... 148 The Parties’ relationship with Playtech ............................................................. 148 Online betting and gaming ................................................................................ 154 Buyer power in the acquisition of media rights .................................................. 154 12. Countervailing factors – New entry and expansion ........................................... 156 Parties’ submissions ........................................................................................
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