Operators Ladbrokes have stated that this year’s digital profits will be well below expectations.
The firm’s latest trading update reveals that the board believe this year’s operating profit for their digital division will be within the £10m-£14m bracket, significantly short of the expected £27.5m.
Company CEO Richard Glynn admitted that digital earnings have been “disappointing” as he highlighted a lack of competitiveness in sportsbook, lower than planned margins and a “greater disruptive impact than expected from the transition necessary to grow digital for the long term”.
Ladbrokes chairman Peter Erskine added: “While we are disappointed that the digital results are still not where we anticipated they would be, the board believes that the strategy is the right one and that the actions taken to date, along with those planned for the coming months, will drive the long term success of the business.”
