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Ladbrokes half year reports shows loss in profits

Ladbrokes half-year reports shows loss in profits

Ladbrokes half-year reports show a drop of 50% or £55 million, in their profits when compared to last year's figures. As the temperature keeps rising up this summer,  players prefer being at a pub rather than being at a gambling room. Last year's first half numbers indicated £107 million.

Other factors that have affected the company's figures are the absence of a major football tournament (Euro 2012 for example, generated £28 million) and the 20% tax on games machines. The gambling company is now behind its rival William Hill.

Richard Glynn, Ladbroke's Chief Executive said: "Following a strong performance in 2012, we have continued to make good operational progress against our strategy which, disappointingly, is not reflected in our first half financial performance."

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