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Ladbrokes sees more pain before gain from online upgrade

25
Feb
2014

Britains second-biggest bookmaker, Ladbrokes, said operating profit would take a hit in the first half of 2014 due to upgrades to its online service, as it ended another troubled year with a sharp fall in annual profit. The company has struggled to keep pace with larger rival William Hill and establish itself in a growing online market, prompting a series of profit downgrades that have piled pressure on Chief Executive Richard Glynn. A familiar sight in Britains town centres with 2,300 retail outlets, Ladbrokes formed an alliance with software developer Playtech last year to gain ground in serving the growing number of gamblers who bet on sports events through their computer, tablet or smartphone.

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