Ladbrokes profits down 66%

Ladbrokes has announced its pre-tax profits fell 66% in 2013 to £67.6 million, as it continues to overhaul its digital businesses.

As well as the slump, the company warned it will close between 40 and 50 shops this year.

The UK's second largest bookmaker blamed the hit on upgrades to its online gambling systems.

Developing gaming products used by smartphone or tablet users has taken longer than expected, the bookies said.

Watch: Ladbrokes: 'Exec pay linked to responsible gambling'

Ladbrokes confirmed "an element" of executive pay would be "linked" to the company's ability to implement a responsible gambling agenda.

Speaking to Daybreak, Corporate Affairs Director for the bookmakers, Ciaran O'Brien, said the company wanted to "make sure responsibility runs through our organisation like a stick of rock".

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.

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.

Read: Tonight: Britain loves a bet