While shares in online gambling firm Sportingbet fell by around 20% after acquisition talks were terminated, Ladbrokes claimed that it was still looking at options to expand its online operations.

Ladbrokes had significant concerns about Sportingbet's business in Turkey, where online gambling is illegal. Sportingbet had reportedly been in separate talks to sell its Turkish assets, however it seems that this was not enough to seal the deal. Glynn has always said a deal was dependent on its smaller rival selling its operation in Turkey where online gambling is illegal.

Ladbrokes said: "The potential benefits and risks associated with a combination with Sportingbet were clear to us from the outset and have been well covered by the market.

"Having completed our analysis we have been unable to agree a structure which delivers increased shareholder value within an acceptable regulatory environment. We have therefore agreed to end our discussions."

Following confirmation that the deal was dead in the water the Ladbrokes chief executive, Richard Glynn, said that he is still on the acquisition trail to expand his company's online presence despite failing for a second time to agree a deal with a major rival.

Glynn added in an interview with the Mail: "We will examine things to see where we can accelerate that strategy but only at the right price. So it could be fourth time lucky, or fifth, or not all,”

Ladbrokes was reportedly planning a bid of up to 70p-a-share, which would value the deal at £450 million.

The Guardian newspaper raises questions as to the actions of Glynn adding:

"This is the way a reputation as a ditherer is made. Richard Glynn, the chief executive brought into Ladbrokes to reinvent the bookie for the digital age, has conducted two sets of lengthy takeover talks and has nothing to show for his labours, apart from advisers' bills.

First, a deal with 888 became a non-runner; now Sportingbet, potentially a more interesting acquisition, has met the same fate.

"Is the reputation fair? Yes, in the sense that Glynn seemed to take an awfully long time to make up his mind in both cases. It is rather harder, though, to quibble with his final verdicts. 888 looked fundamentally over-priced. And, in the case of Sportingbet, if Ladbrokes couldn't get total protection from the unlicensed Turkish operation, there was no point trying to force the issue. Better to be slow and correct."