High rollers have fueled a sharp rise in telephone betting at Britain's biggest bookmaker, Ladbrokes.

The company has reported a 60% increase in full-year earnings as increased profits in its telephone betting and eGaming divisions offset a decline at its European retail business.

The group's telephone betting business increased its profits from £17.3 million to £183.6 million, benefiting from increased activity from 'high rollers' for much of the year which contributed significantly to cash flow and profits.

Pre-tax profit increased to £344.2 million from £238.1 million over the year.

Ladbrokes has done well considering tough comparative figures. In 2006, the World Cup football increased betting activity. In addition to this sales drive being absent in 2007, the company also had to contend with the start of the 2007 domestic football season having seen the worst run of results in six years.

Additionally, 2007 experienced the wettest July since 1766, with abnormally high horse and greyhound racing cancellations.

The company is eager to conquer the Spanish market and is hopeful of being awarded an operating licence for Madrid soon. It is also exploring opportunities in China and Vietnam.

Shares in the group rose 4% to 338.75p in early trading on Thursday.