Ladbrokes has warned that profit from its online operations will fall short of expectations.
In a trading update – which was brought forward from October – the bookmaker said operating profit for its online business in 2013 would be £10m-£14m, around half the forecast £27.5m.
In a statement, Ladbrokes chief executive Richard Glynn said: "Our digital earnings have been disappointing, reflecting a lack of competitiveness in sportsbook, lower margins than planned and a greater disruptive impact than expected from the transition necessary to grow digital for the long term.
"We remain focused on the operational changes required to deliver momentum in the retail business and to achieve a fully integrated digital platform,” added Glynn.
“These are on track to be completed between now and the early part of 2014. We remain confident that the strong foundations we are putting in place will drive performance during 2014 and beyond."
