Betting shops and casinos operator Ladbrokes (LAD) announced on Friday that all bets were off when it came to a potential merger with online gaming company 888 Holdings (888).

The firms began discussions last December when it was thought that a price of 70p for each 888 share was being discussed, valuing the business at about £240 million.

The news that discussions had ended accompanied a first-quarter trading update from Ladbrokes in which business showed a marked pick up towards the end of the reporting period.

For the first quarter overall, group net revenue, excluding high rollers, was 2.3% higher than a year earlier, with the period from 16 February showing a 4.2% year-on-year increase. The figures looked respectable despite a poor Cheltenham festival where the group's net revenue fell £10.7 million year-on-year.

In the UK, over-the-counter net revenue rose 3.2% and its digital sportsbook saw growth of 6.4% in the amounts staked, with the UK market particularly strong.

Meanwhile, Ladbrokes posted a 1.9% year-on-year rose in operating profit, excluding high rollers. In fact, operating profit from high rollers was considerably lower than the previous year at £4.9 million - an £8 million drop.

The FTSE 250-listed firm added that global draw machines have now been rolled out to three-quarters of its retail estate, with the rest of the chain expected to get the machines by the end of May this year, which chief executive Richard Glynn said was set to "conclude ahead of schedule". UK retail machine gross win in the period was up 14.9%.