Irish bookies Ladbrokes have bought Northern Irish bookies chain Eastwoods for £135 million.

Ladbrokes have taken the gamble to become the largest chain of betting shops in the island, buying all of Eastwoods’ 54 shops including its telephone betting business, headquartered in Belfast, and taking its total in Northern Ireland to 70 shops.

Joe Lewins, Managing Director of Ladbrokes Ireland said there were no plans to reduce the 300 staff employed by Eastwoods.

He added: "We are investing and growing in Northern Ireland and this will mean new opportunities for the workforce.

"Leading edge technology will be installed and the full Ladbrokes service will follow. All UK racing will be part of the service.”

Eastwood's was established in the 1950s by BJ and Frances Eastwood and is Northern Ireland's best-known family bookmaker with shops in a multitude of Northern Ireland’s towns.

BJ Eastwood said: "Ladbrokes is a world-leading name in betting and all our staff can be reassured that they will be investing in the business and offering more opportunities.

"The betting business is a fast-changing one and, having talked to several companies, we believe Ladbrokes were the best company to take the business forward in Northern Ireland."

The £135 million is thought to contain goodwill payments and other property arrangements.