UK bookies in £100m online venture

UK bookmaker Ladbrokes has moved into the online betting arena with the launch of two Gibraltar-based tax-free gambling sites.

bet.co.uk went live on Monday and is aimed at the UK market, while ladbrokes.com, due to be launched next week, is a multilingual, multicurrency site.

John O'Reilly, managing director at Ladbrokes International, said: "UK bookmakers account for around 15 per cent of the worldwide gambling market and as the world's number one, we expect to gain around a third of that figure."

The move is an ongoing £100m venture with several partners including Sky's interactive service Open, Two Way TV, Telewest and Cable & Wireless Communications.

O'Reilly added: "Whether a building has cable or satellite we'll be offering them the ability to bet online, on any sport, at anytime during that particular contest."

Customers have been concerned about spending money online, but O'Reilly pointed out that on Ladbrokes' sites, once a bet is placed the customer will get an onscreen betting receipt to show the bet has been accepted.

According to economic research group MMD, the worldwide betting industry will soon be worth over £520bn each year. Ladbroke's competitors - such as Coral, Victor Chandler and William Hill - already have an online presence, but O'Reilly expects by offering punters a choice of English, Chinese, Italian or Spanish - with other languages to follow shortly - its site will have a bigger worldwide appeal.

Armchair gamblers will also have the ability to have a punt during an actual contest while watching digital TV. The company is also in development with Ericsson to develop a system using WAP technology so bets can be made on the move.