Ladbrokes profit up 10 percent

LONDON (Reuters) - Ladbrokes (LAD.L), the country's biggest bookmaker, said on Thursday group profit excluding high- stakes gambling increased by 10 percent in the four months to October 31 despite challenging economic conditions.

The company said its over-the-counter gross win was flat, having been significantly hit by unfavourable football and horseracing results in the last two weeks of the period.

Ladbrokes, which has over 2,100 betting shops in Britain, said its performance remained within the market forecasts range for 2008.

Profit from high rollers during the period was 17 million pounds.

Total gross win increased by 5 percent, incorporating a 14 percent rise in machine gross win.

Ladbrokes said that while its gross win margin was up over the period, the amounts staked fell, with less bets put on greyhound racing which the company said was due to "presentation issues" since the introduction of a new television broadcasting service.

The group also said that it had agreed 185 million pounds of new bank facilities in the period and was trading comfortably within its banking covenants.

(Reporting by Matt Scuffham; Editing by Greg Mahlich)