Ladbrokes profits down 66%

Betting firm Ladbrokes has reported annual pre-tax profits were down 66% and that it will close 40 to 50 shops. It also confirmed "an element" of executive pay will be "linked" to its ability to implement a responsible gambling agenda.

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Ladbrokes to introduce responsibility-related pay

Top executives at bookmakers Ladbrokes are to link their pay with the company's success in ensuring the gaming machines are used responsibly, it has emerged.

Gambling shops have become "mini-casinos" thanks to gaming machines, Labour have said. Credit: PA

In a letter to the gambling minister Helen Grant, Ladbrokes chief executive Richard Glynn said he was tying his and other gambling chief's pay to their success with gaming machines.

The letter, which was confirmed by the betting company, also promised to stick to the industry's new Code of Responsibility.

The letter said: "We have trained nearly 40,000 staff to look out for signs of problem gambling behaviour and how best to approach customers who might need help.

Unlike traditional fruit machines, punters can gamble up to £100 every 20 seconds on the FOBTs, attracted by payouts of up to £500.

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