Britain's biggest bookmaker Ladbrokes reported a 20 per cent rise in full year operating profit today, at the upper end of expectations, as new gambling machines and in-play betting proved popular.

Ladbrokes, which owns over 2,700 betting shops, made an operating profit of £202.3 million in 2010, up from £168.5 million the year before.

Market expectations had ranged between £186 and £204 million with the consensus at £195 million.

The company, which takes over 670 million bets each year, said it had seen double-digit profit growth across all parts of its business.

Ladbrokes said the performance of its gambling machines had continued to improve with gross win (total bets minus payouts) per terminal per week up 10.2 per cent in the second half. The company said that reflected the rollout of machines provided by a new supplier, Global Draw.

Turnover from online sports betting grew by 17 per cent with the number of "Bet in Play" events, allowing gamblers to bet while the match is taking place, rising by 27 per cent. Amounts staked while sporting events are taking place now accounts for 42 per cent of total sports betting online, Ladbrokes said.

Rival William Hill said in January that full-year operating profit would be at the top end of expectations after a surge in demand for in-play betting underpinned a strong fourth quarter.

Shares in Ladbrokes closed at 142 pence yesterday, valuing the business at £1.23 billion.

Reuters