Ladbrokes to Undergo £50m Major Overhaul
Betting Company Ladbrokes has announced it will invest £50m on a major brand revamp over the next two years.
The overhaul will include investment in new technology, the strengthening of their retail offering, development of "operational excellence" and the recruitment of a Brand Marketing Director to ramp up promotional activity.
Richard Glynn, Ladbroke's Chief Executive said that currently Ladbrokes is "underinvested and behind the curve" and that a major part of their two-year overhaul will include investment in advancing technology to more effectively rival their competitor William Hill.
He commented: "Digital technology has changed the competitive landscape and we realise the imperative to strengthen our capabilities in areas such as Sportsbook, technology, customer management and online marketing."
Ladbrokes has also said its betting shops are a stable source of revenue and will add an extra 30 shops to its portfolio this year.
This latest announcement follows Ladbrokes reporting a decrease in profit of 11.9% compared to the previous year, which they have said was largely due to a halt in betting from a single "high roller" gambler. Excluding this, their Net revenue is actually up 1.3% to £976.6m compared to 2009.