UK-listed bookmaker Ladbrokes plans to accelerate its company-wide review after turning in a disappointing Q1 trading update.

Ladbrokes posted earnings before interest and tax of £14.3m in the three months ending March 31, down 23% from the same period last year. Overall revenue rose 3.3% but a combination of a “weak” Cheltenham festival, punter-friendly football results and some hot-handed high-rollers conspired to erase those revenue gains.

Lads also blamed its poor showing on “externally imposed headwinds,’ i.e. the new online point-of-consumption tax and Lads’ withdrawal from certain ‘grey’ markets to comply with the UK’s new online licensing regime. Lads shares fell over 3% on Wednesday to close at 102.7p.

Lads’ digital division reported revenue up 9.5%, but this was due to a 132% rise in its Australian operations. Stripping aside the Aussie numbers – which got a boost from the April 2014 acquisition of Betstar – Lads’ online revenue was down 6.8% year-on-year.