Ladbrokes on a winner despite high rollers' cuts

Betting giant Ladbrokes is still raking it in, but those famed high rollers with their multi-million-pound gambles are finally facing up to economic reality.

The UK's biggest bookmaker says it made £40 million in profit from its big spenders in the last four months but admits the amount they are betting has tumbled of late.

"They are not betting," said chief executive Chris Bell, who insists that the high rollers have got cautious rather than departed to rivals.

Profits excluding the rich set are up 13% in the period to the end of April with gross win up by 16%.

"We are a third of the way through the year and the numbers speak for themselves," said Bell.

He admits Ladbrokes has had "a bit of luck" on the football field, with all four Champions League semi-finals being draws at the end of 90 minutes, an outcome that punters tend not to bet on.

England's failure to qualify for the summer's Euro 2008 tournament is undoubtedly a blow to the industry, but Bell thinks it will attract more of a following than City analysts expect.

"Lots of Premiership footballers are involved," he said. "People will still know the players and there will still be wall-to-wall media."

Ladbrokes has shops in much of Europe and plans to expand where regulators allow.

The shares added 11¼p to 321¼p.