A strong performance from its traditional betting shops helped U.K.-based Ladbrokes to an 8 percent jump in operating profit to £206 million in 2012.
However, profit from its highly touted digital division fell 39 percent to £32 million, despite some £50 million spent on marketing and technology last year to upgrade infrastructure and make the offerings more technologically competitive.
Britain’s second-largest bookmaker said it expects online revenues to pick up when new sports betting and mobile platforms are launched in the first half.
“We are starting to see some moderately encouraging signs of payback,” Chief Executive Richard Glynn told Reuters.
Ladbrokes operates more than 2,000 betting shops in Britain and plans to open another 100 this year, adopting a dual retail and online strategy that rival William Hill has also been pursuing. Ladbrokes announced conclusion of a deal last month to buy online betting exchange Betdaq for €30 million as part of the strategy.