Ladbrokes profits down but online casino division up.

Ladbrokes revealed the true state of the online casino market last week when releasing the first half year results which showed a reduction in profit from £130 million in 2009 to £105.1 million in 2010. New Chief Executive Richard Glynn also announced some management changes aimed at rejuvenating the company among which was the departure of  John O’Reilly who was seeking new challenges after 18 years with the company. Ladbrokes casino moved its operations to Gibraltar recently and this was mentioned as being at least partially the reason for the increased profit at the e-gaming division to which Ladbrokes online casino belongs. This division increased profits by 40% to £29.1 million but could not compensate for losses in the other divisions. Although Ladbrokes which of course has a large sports betting division as well as the online casino business had good results from the World Cup, many of the losses are blamed upon poor horse racing results notably the Grand National and Royal Ascot. According to Mr Glynn  Royal Ascot in particular caused the bookmaker to lose money on 21 out of the 30 races; hopefully this means that you were able to make money. It seems that Ladbrokes are going to focus more on  the customer and not surprisingly the internet which of course means the online casino operations. Ladbrokes online casino is already one of the better ones available so we look forward with interest to future developments to make it even better.