10 Jan 2012 | Racingpost.com Ladbrokes have opened talks with exchange Betdaq as the world's biggest bookmaking firm continues to explore ways in which to improve its online business.
Chief executive Richard Glynn has been keen to revamp the bookmakers' internet betting arm since he took over at the helm in April 2010 and a spokesman forthe firm confirmed on Monday that talks with Betdaq have taken place.
"We have been open about it for 12 months or so now that Richard has outlined plans about how to improve our technology," said head ofcorporate communications Ciaran O'Brien.
O'Brien said that Ladbrokes were looking at ways in which to develop technology systems that were not so rigid and that Betdaq, owned by Irish billionaire Dermot Desmond, were one of the firms they had had discussions with.
"We want to be able to bring in different technology with different companies and this is just one of the things we are looking at," O'Brien said.
Any tie up with Betdaq, who have been valued at £100 million, could also benefit Ladbrokes trading department who along with others are reported to be increasingly reliant on betting exchange markets when pricing up races.
O'Brien added: "When looking at markets one of the first things you look at are the exchanges."
Desmond was rumoured to be among the well-known figures in the racing and betting world, including Joe Lewis, John Magnier and JP McManus, who were buying shares in Ladbrokes back in 2008 and the Daily Telegraph reported on Monday that Desmond, who set up Betdaq in 2000, now holds 2 per cent of Ladbrokes shares.
