LONDON Oct 18 Bookmaker Ladbrokes
reported flat Q3 operating profit after horse racing was hit by
bad weather and the distraction of the Olympics reduced the
amounts wagered in its British betting shops.
Operating profits in the three months to September were 49.2
million pounds ($79.5 million), barely changed from 49 million
pounds a year earlier. Net revenue rose 3.9 percent.
Ladbrokes said its website development was on track and that
the first versions of its new online sports betting website had
been successfully released. It plans to migrate customers on to
the platform by the end of Q1 2013.
"Though the economic outlook remains uncertain, we remain
confident in our delivery and are in line with the Board's
expectations for 2012," said Chief Executive Richard Glynn.
The company's first half performance was hit by problems in
its digital business -- comprising online, tablet and mobile --
where profits halved, in contrast to rivals who have seen strong
It has been investing more than 50 million pounds on
technology over the past two years and expects to start to see a
payback from 2013.
Ladbrokes is Britain's second biggest bookmaker behind
William Hill and has so far missed out on consolidation
in the sector.
Takeover talks with online gaming company Sportingbet Plc
foundered last year over regulatory concerns related to
business in Turkey.
William Hill has joined forces with GVC for a 530
million pound takeover of Sportingbet which won provisional
approval this week from the Sportingbet board.