Ladbrokes proceeds with Chinese plans

UNITED KINGDOM -- As reported by the UK Telegraph: "Bookmaker Ladbrokes is pushing ahead with plans to enter the Chinese market, as operating profits in the UK have fallen more than 10pc in the last six months.

"The high-street betting group said it is 'exploring opportunities' in China, where it plans to open betting shops. Ladbrokes already has a joint venture in the country's first sports pool betting shops.

"Sports and welfare lotteries are the only officially-sanctioned forms of gambling in China.

"...Ladbroke's group finance director, Brian Wallace, has just returned from Macau. He said: 'It's an extraordinary growth story, but we're not looking to open casinos in Macau - the real thrust for us in that region is sports betting.'

"The group is also currently bidding for sports lotteries in Taiwan and Vietnam..."