Betting company Ladbrokes has said that a poor performance in its online business will mean that profits for the year will be lower than predicted.

In what chief executive Richard Glynn said were “challenging” conditions, Ladbrokes issued its second profit warning of the year saying that, rather than the £27.5 million which it expected to make from its online arm, profits were likely to be between £10 million to £14 million.

Mr 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."