Labović grew up with KK Zdravlje from Leskovac. In 2002 he moved to juniors of FMP. He made his debut for the first team during the 2003–04 season, and in next two years he played a couple games for first team. For the 2005–06 season he was loaned to KK Borac Čačak where he had minutes to play and chance to improve himself. In 2006 he was invited to play at Nike Hoop Summit in Memphis, Tennessee. After one season at loan he goes back to FMP. With FMP he won the 2007 Serbian Cup. He was the top scorer of the 2008–09 season of the Adriatic League, averaging 18 points per game. On January 3, 2010, he signed with the Greek club Aris. He played only three league games and four Eurocup games, and in March 2010, he moved to Skyliners Frankfurt for the rest of the season. The 2010–11 season he played with BC Enisey. For the next season he moved to Krasnye Krylia. In June 2012, he signed a two–year contract with Nizhny Novgorod. He left Nizhny after one season. In November 2013, he signed with the Polish clubAZS Koszalin. He left the club in January 2014, because of family reasons. On January 31, 2014, he signed with Aliağa Petkim of the Turkish Basketball League. He left them in April 2014. Later that month he entered the Lebanese League signing with Al Riyadi Club. He left Al Riyadi in May 2014 after playing only two games. In July 2014, he signed a one-year contract with the Romanian team CSU Asesoft Ploiești. In February 2015, he left Asesoft. In 12 league games he averaged 10.7 points per game. He also played 15 games in Eurocup where he had 8.3 points per game. In October 2015, he signed with the Turkish club İstanbul BB. He left Istanbul after appearing in four games. In December 2015, he signed with the Finnish club BC Nokia for the rest of the season. On July 7, 2016, Labović signed with Macedonian club Karpoš Sokoli for the 2016–17 season. On June 19, 2017, he re-signed with Karpoš Sokoli for one more season. On December 1, 2017, he left Karpoš Sokoli and signed with his former club BC Nokia.
Labović made the Serbian national basketball team under head coachMoka Slavnić for the EuroBasket 2007. ;Controversial 2012 press release about Dušan Ivković During summer 2012, head coach Dušan Ivković included Labović on the preliminary list of players for the EuroBasket 2013 qualifying, but the 25-year-old power forward who spent the previous season with BC Krasnye Krylia from Samara didn't make the final cut. Commenting his decision to exclude Labović, Ivković reportedly said that "Labović has issues with his weight as he recently became a father and probably celebrated a little too much". Stung by Ivković's comment, Labović responded months later in September 2012 by putting out a bitter, somewhat cryptic, and highly unusual press release, which was published by Serbian sports media outlets. Though Ivković's comments were made months earlier, Labović's press release came after the end of qualifying cycle in which Serbia barely qualified for the EuroBasket. In the release Labović criticized 68-year-old Ivković's professional integrity and coaching skills, accusing the famous coach of letting his agent Miško Ražnatović of the BeoBasket agency exert an undue influence when it comes to squad selection for the national team. Among other things, addressing Ivković directly, Labović said: A few weeks after his press release, Labović's club BC Nizhny Novgorod led by a Serbian head coach Zoran Lukić, reprimanded the player although his punishment was not specified.
