Punters put dent in Ladbrokes profits

Cheltenham punters have put a dent in the profits of bookmakers Ladbrokes, which yesterday warned investors it expected annual operating profit to fall after a poor performance from horse racing and online gaming in the first quarter.

Ladbrokes shares fell 8% after the unscheduled trading statement, which dashed expectations that the company was turning itself around after problems with its online operations last year.

Ladbrokes has fallen behind UK market leader William Hill, which has built up a head of steam in the growing online gambling sector and expanded overseas. It also faces competition from a number of new entrants in a crowded sector ripe for consolidation.