In order to cut its debt, betting firm Ladbrokes has reportedly said it plans to raise £275m by issuing new shares.

The company’s revenue fell by 15 per cent between July and September. This was reportedly caused by poor margins on horse racing and football bets, due to the low number of Premier League draws.

Ladbrokes said it would not pay a final dividend this year, with its current net debts standing at £962m, but it intends to re-instate dividend payments next year.