Ladbrokes to move online betting overseas

08.08.2009, Bookmaker Ladbrokes have announced it will move its online betting operations to Gibraltar by the end of the year. The bookmaker follows the lead of its rival William Hill in moving its web betting to the Mediterranean, which it estimates will save it us$ 11.8 million per year.

But it will retain its call centre operations for telephone betting in Britain

Ladbrokes will retain its call centre operations for telephone betting in Britain. The cost-cutting move comes after the bookmaker announced that its pre-tax profits were down by 3.9% to us$ 222.8 million over the last six months.

The company said it was cutting its dividend by 31% to 3.5p, given the results to date and the uncertain outlook. Chief Executive Chris Bell said trading conditions had worsened since May but the company was still aiming to meet full-year expectations.

He added that the bookmaker is looking to sell its Italian retail business and had received some expressions of interest. Analysts at UBS say the book value of the business is about us$ 84.8 million. Analysts' consensus for the company is that full- year pretax profit currently stands at £180m.

On the positive side, Ladbrokes said it had 12,500 new eGaming customer sign-ups - bringing its total to 249,000. It also announced that it will launch a new betting website by December. Shares in Ladbrokes, which have lost nearly a third of their value over the past year, were up 2.5% to 171.6p.

Yogonet.com / Sky News

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