| Ladbrokes in Discussions with Betdaq over Betting “Technology” |
Leading UK bookmaker, Ladbrokes, is in talks with Betdaq owner, Dermot Desmond regarding a deal over betting “technology”.The talks are intended to result in Ladbrokes experiencing a major makeover that will see their online ventures given a revamp in 2012.
This latest attempt by Ladbrokes Chief Executive Richard Glynn to boost the fortunes of the troubled bookmaker will look to buy in pricing and trading skills of a peer-to-peer betting exchange. This form of betting has been considered a long term rival to traditional bookmaker betting.
Irish billionaire Dermot Desmond currently holds a 2% stake in Ladbrokes and has been involved in Betdaq since its inception back in 2000. However, it has been playing second fiddle to the more illustrious Betfair in more recent years.
These talks with Ladbrokes are the most recent in a long line of public online deals that Glynn has been involved in and previous deals have often seen Glynn withdraw his interest late in the day. In the past, Glynn has been in discussions with big name brands including 888, Playtech and Sportingbet but negotiations have always broken down.
A Ladbrokes spokesman was quick to deny that the talks between Ladbrokes and Betdaq involved a takeover of any nature.
The spokesman said "It's only a discussion about technology supply. Exchanges have good up-to-the-minute pricing technology."
It is believed that the talks will rely on £50 million that Ladbrokes have set aside to invest in their online projects and it is unlikely that any deal will involve Desmond increasing his stake in Ladbrokes.
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