It has been revealed by the Harrow based gambling group, Ladbrokes, that there is a set of problems at its digital division that were behind the decline in profits of the online business division of the company.
This decline has reached fifty percent for the first half of 2012.
Richard Ames, the director who was responsible for the division’s IT solutions and trading has stepped down or fired as a result of a botched strategy of the digital division of the company.
This botched strategy is believed to be the main reason behind the disastrous decrease in the profits of the division and made it come in the second place trailing its rival company, William Hill.
The United Kingdom bookmaker has suffered from a decrease of 50% in the profits as the profits reached fifteen million British Pounds during the first half of this year (H1 – 2012).
Last year’s first half profits reached 29.7 million British pounds. The first half period covers the first six months until the 30th of June. This loss came as a result of a delay of the release dates of the products due to delays in the IT solutions and technology.
The parent group that owns more than 2,150 betting shop in the United Kingdom scored better results as the shops witnessed an increase of eleven percent as the profits reached 106.9 million British pounds.
As for the revenues, it increased by 8% as it reached 529 million British pounds. These numbers were a result of the strong performances from the Cheltenham horse racing festival and Grand National.