Cheltenham keeps Ladbrokes on track

A good run of results at the Cheltenham racing festival and the popularity of gambling machines helped Ladbrokes toast a rise in profits today.

The UK’s second biggest bookmaker said revenues at its 2,000-strong shop estate were up 9% in first three months of 2012, boosted by a 22% rise in machine revenues and a resilient demand for over-the-counter bets.