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Ladbrokes profit hit by slide in big gambler activity Ladbrokes looks to digital future
(40 minutes later)
Ladbrokes' profits fell 12% to £207m in 2010 as activity by big gamblers fell. Bookmaker Ladbrokes saw a 36% rise in profits at its digital business in 2010, including a large increase in betting using mobile phones.
Earnings from "high rollers" who bet more than £10,000 fell 93% to £5m. The UK firm sees the future of gambling as increasingly digital, and plans to spend £50m developing its technology.
However, stripping out this item, profits at the UK gambling firm were up 20% on a year earlier, boosted by a 27% increase in bet-in-play activity. Its bet-in-play business - which takes punts on matches already in progress - also rose strongly, up 27%.
Ladbrokes said its digital business was up by 36%, including a large rise in people betting on their mobile phones. It added that it intended to spend £50m developing its technology platforms. But pre-tax profits fell 12% to £207m, as earnings from "high rollers" - who bet more than £10,000 - fell sharply.
However, stripping out this typically volatile item, profits at the UK gambling firm were up 20% on a year earlier.
The results disappointed markets, with Ladbrokes' share price dropping more than 3% in mid-morning trading on the London Stock Exchange.
"Digital technology has changed the competitive landscape and we realise the imperative to strengthen our capabilities in areas such as Sportsbook, technology, customer management and online marketing," the company said in 2010 full-year results."Digital technology has changed the competitive landscape and we realise the imperative to strengthen our capabilities in areas such as Sportsbook, technology, customer management and online marketing," the company said in 2010 full-year results.
Ladbrokes also said it expected to complete the roll-out of its new Global Draw machines - which will replace 95% of its gambling machines - in the next six months.Ladbrokes also said it expected to complete the roll-out of its new Global Draw machines - which will replace 95% of its gambling machines - in the next six months.
The roll-out began last year, and has coincided with a 10% increase in average gross earnings at its terminals in the second half of 2010.The roll-out began last year, and has coincided with a 10% increase in average gross earnings at its terminals in the second half of 2010.