SOURCE: Reuters

(London, England) — Ladbrokes (LAD.L: Quote, Profile, Research) bought Northern Ireland's biggest bookmaker on Thursday, acquiring 54 shops from ex-World WBA Featherweight Champion Barry McGuigan's former manager, Barney Eastwood and his wife, [Eastwood Bookmakers].

Although Northern Irish laws make it difficult to open new betting shops, analysts said the 117.5 million pounds ($229 million) price tag was high.

"This is a strategically sensible acquisition in a growth market, but this is reflected in a rather punchy price," said Investec analyst Matthew Gerard.

Shares in the firm had fallen almost 3 percent by 1300 GMT, broadly in line with main rival William Hill (WMH.L: Quote, Profile, Research).

Ladbrokes' head of Ireland Joe Lewins told Reuters the firm would boost profits by improving the shops while it also expects Northern Irish lawmakers to allow bookmakers to open on Sunday.

"We believe it (Sunday opening) will be legislated for in the near future."

"We believe we will increase the EBITDA quite substantially."

"In Ireland profit was up 80 percent last year and we believe we can transfer that to Northern Ireland, not to those levels, but we know we can grow this business," he added.