Ladbrokes hit by absence of high roller

There are high rollers and then there are high rollers but Ladbrokes are blaming a £60 million fall in profits from their high rollers on one individual; not that the individual won but that he did not bet. Reporting 2010 results last week Ladbrokes reported a profit from high rollers of just £5 million compared to nearly £67 million in 2009; the individual is believed to be from one of the Royal families in the Middle East although Ladbrokes of course declined to comment any further. Chief Executive Richard Glynn who only took the post last year declared his thoughts on technology by stating “we are underinvested and behind the curve” and admitted that as far as online gambling is concerned they are lagging behind rivals such as William Hill but at the same time he refused to be drawn on recent Irish Casino News stories involving deals with 888 and Playtech by simply saying “I will talk to everyone. I will examine every opportunity if it drives us down that value chain”. Mr Glynn has however earmarked £50 million for investment in technology over the next two years but here at casinos.ie we do not think there is too much wrong with the Ladbrokes online casino offering as it is but “over the counter” betting is falling and with profits down some 15% compared to the previous year, clearly something needs to be done..