Ladbrokes shares dip 7 percent on poor internet gambling results

LADBROKES SHARES DIP 7 PERCENT ON POOR INTERNET GAMBLING RESULTS

Gambling group warns that first half profits will fall drastically

Citywire reported Thursday that shares in the UK’s second-biggest bookmaker, Ladbrokes, tumbled 7 percent after the company warned that first half profits from its internet business will fall to around half the level of a year ago because of delays in upgrading its technology and a poor margin on bets.

The warning is seen as a setback, as Ladbrokes has been trying unsuccessfully to catch up with online gambling rivals like Paddy Power and William Hill.

However, management said the company still expects to meet overall market expectations as the retail business has done well.

The shares have risen 24 percent year to date, managers point out.