Net revenue fell by 16.6% at the Irish division of British betting giant Ladbrokes in the third quarter of the year.

Ladbrokes Ireland generated operating profits of £2.5m (€3.5m) in the first half of this year, unchanged from the same period last year.

British bookmaker, Ladbrokes is expecting annual operating profits to fall around £20m (€28m) short of expectations, this year.

British betting company Ladbrokes has announced more rationalisation plans, aimed at reducing costs further and allowing for a greater digital-based investment drive.

Shares in British bookmaker Ladbrokes jumped 20%, at one point yesterday, on news of its merger talks with Gala Coral, designed to create a $5 billion (€4.5bn) giant with the capacity to advance in the online gambling market.

Ladbrokes saw a further 1% dip in revenues at its struggling Irish operations during the first three months of the year.

Ladbrokes Ireland has been placed into examinership, throwing the future of hundreds of jobs into doubt.