Betting giant Ladbrokes Coral has seen revenues pick up pace thanks to a hefty jump in takings from its digital business.

The FTSE 250 firm said group net revenue had grown by 3% for the four months to October 29, compared a 2% fall in the second quarter.

The lion's share of the growth came from its digital arm, with net revenue climbing 12% as online gaming firm Sportsbook rose 18% and Gaming net revenues picked up by 6%.

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Jim Mullen, chief executive of Ladbrokes Coral, said: "The four-month period to October 29 represents another period of positive trading performance for the group as well as solid delivery on the key operational and financial targets for the year including the swift integration of people, operations and platforms.

"Our digital performance is strong and the Ladbrokes brand in Australia and the Eurobet brand in Italy continue to post very strong revenue growth.

"In the UK, the Coral and Gala brands also posted very pleasing growth, and we continue to transition our approach to customer acquisition and retention in Ladbrokes.com to focus on improved profit conversion.

"In UK Retail, performance improved in line with our expectations primarily driven by the return of all horse-racing content to our shops."

George Salmon, equity analyst at Hargreaves Lansdown, said: "On first glance, these results are pretty true to the form book.

"UK retail continues to trend downwards, while the digital business delivers strong growth.

"Dig a little deeper however, and one sees that growth at Coral, plus strong performances in Italy and Australia, have masked a weaker showing from Ladbrokes.com.

"However, the main issue is still the upcoming regulatory review. The Government recently confirmed what we'd known for some time, that current regulation around fixed odds betting terminals is insufficient.

"These machines, sometimes referred to as the crack cocaine of gambling, are responsible for significant in-shop revenue.

"While we'll need to wait until the New Year to find out what the new limits and regulations look like, proposals to cut the maximum stake from £100 to just £2 are still in the mix.

"With over 3,500 shops across the country, Ladbrokes Coral has more riding on the outcome than any other major bookie."