To revamp bookmaker's faltering online business
Ladbrokes in talks with Betdaq owner over 'technology' deal
2012-01-12
Reading time 40 seg
(UK).- Ladbrokes has started talks with Irish billionaire Dermot Desmond, the owner of the Betdaq betting exchange, over a "technology" deal. The company is seeking to buy in pricing and trading skills of a peer-to-peer betting exchange long seen as a main rival to traditional bookmakers.
Desmond, who has a stake of about 2pc in Ladbrokes, set up Betdaq in 2000, though it has been dwarfed by larger rival Betfair.
Glynn has already walked away from four online deals since taking over as CEO in April 2010. He made highly public takeover approaches to 888 and Sportingbet before backing out, pulled out of the auction for Australia's Centrebet and had a flirtation with Playtech.
A Ladbrokes spokesman denied the bookie might also be interested in buying Betdaq, which is valued at more than us$ 155m. "It's only a discussion about technology supply," he said. "Exchanges have good up-to-the-minute pricing technology."
He said any deal would come from us$ 78m already set aside for investment in online gambling.
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