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09 Jan 12
15:03
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Date Joined:
05 Jan 10
Ladbrokes has started talks with Irish billionaire Dermot Desmond, the owner of the the betting exchange not allowed mention on here, over a "technology" deal to revamp the bookmaker's faltering online business.
By Alistair Osborne
In the latest attempt by Ladbrokes' embattled chief executive Richard Glynn to gee up its internet betting wing, the bookie is seeking to buy in pricing and trading skills of a peer-to-peer betting exchange – long seen as a main rival to traditional bookmakers.
Mr Desmond, who has a stake of about 2pc in Ladbrokes, set up the exchange you are not allowed to mention on here in 2000, though it has been dwarfed by larger rival Betfair.
Mr Glynn has already walked away from four online deals since taking over as chief executive in April 2010. He made highly public takeover approaches to 888 and Sportingbet before backing out, pulled out of the auction for Australia's Centrebet and had a flirtation with Playtech.
A Ladbrokes spokesman denied the bookie might also be interested in buying quack quack, which is valued at more than £100m. "It's only a discussion about technology supply," he said. "Exchanges have good up-to-the-minute pricing technology."
He said any deal would come from £50m already set aside for investment in online gambling.
By Alistair Osborne
In the latest attempt by Ladbrokes' embattled chief executive Richard Glynn to gee up its internet betting wing, the bookie is seeking to buy in pricing and trading skills of a peer-to-peer betting exchange – long seen as a main rival to traditional bookmakers.
Mr Desmond, who has a stake of about 2pc in Ladbrokes, set up the exchange you are not allowed to mention on here in 2000, though it has been dwarfed by larger rival Betfair.
Mr Glynn has already walked away from four online deals since taking over as chief executive in April 2010. He made highly public takeover approaches to 888 and Sportingbet before backing out, pulled out of the auction for Australia's Centrebet and had a flirtation with Playtech.
A Ladbrokes spokesman denied the bookie might also be interested in buying quack quack, which is valued at more than £100m. "It's only a discussion about technology supply," he said. "Exchanges have good up-to-the-minute pricing technology."
He said any deal would come from £50m already set aside for investment in online gambling.
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