* Ladbrokes moves into betting exchange market
* Deal a relief after previous failed takeover talks
LONDON Jan 24 British bookmaker Ladbrokes
has bolstered its struggling online unit by buying the
operator of the Betdaq betting exchange for 30 million euros
The swift agreement on a deal for Betdaq will be a relief
for Britain's second largest bookmaker after previous talks on
larger acquisitions in the sector ended without success. Shares
in Ladbroke rose 3.5 percent to 206.3p by 0900 GMT.
Dublin-based Betdaq, founded in 2000 by Irish businessman
Dermot Desmond, is the second largest betting exchange behind
Betting exchanges allow punters to gamble against one
another, rather than using the odds set by a bookmaker.
The deal, expected to complete late next month, will allow
Ladbrokes to offer another service to its online customers.
Profit at Ladbrokes digital business halved in the first six
months of 2012. As a response, it has increased technology
investment and appointed a new director for that part of the
The initial fee of 30 million euros will be paid half in
cash and half in Ladbrokes shares. Ladbrokes will also make
additional payments based upon growth in the exchange operator's
profits over the next four years.