Ladbrokes at highest level in five years after expanding online deal

Ladbrokes Plc rose to its highest in five years after the UK gambling operator said it expanded a partnership for online and mobile software with Playtech Ltd, which ended a joint venture with William Hill Plc this month.

Ladbrokes rose 6.5% to close at 239.8p, its highest price in London since Jul 2008. Playtech advanced 3.4%, erasing most of the decline since it said on Mar 1 that William Hill exercised an option to take full control of gambling venture William Hill Online.

“Following the success of William Hill Online and given the problems that Ladbrokes has encountered in its own online business, this will be seen as a transaction which could significantly improve the Ladbrokes online prospects,” Jeffrey Harwood, an analyst at Oriel said.