Ladbrokes suffers worst Cheltenham Festival in memory

21 April 2016

Bookmaker Ladbrokes has actually stated this year's Cheltenham Festival was its "worst in living memory".

All bookies were hit by a string of favourites winning at the festival, however Ladbrokes likewise argued that rivals were offering bets at levels that did not make service sense.

Ladbrokes likewise verified that it has a ₤ 3m liability if Leicester City win the Premier League.

Despite this promotion code, the business said it had actually seen an encouraging start to the year.

Revenue was more than 10% higher.

President Jim Mullen said: "At Cheltenham we were reminded of the extreme competition with deals and pricing at levels which, in our view, deserted bookmaking principles.

"We competed difficult but refused to pursue unsustainable techniques."

He informed the BBC gambling was for his customers, not his company: "I have actually constantly stated we're in the betting service, we do not bet ... I believed Cheltenham was a race to the bottom."

The company said the Grand National winner, Rule The World, which was a 33/1 shot, provided a bet9ja's welcome offer contrast to Cheltenham.

Ladbrokes said it was "confident" that its outcomes would be in line with expectations.

'Recreational punter'

In 2015 Ladbrokes announced strategies to combine with its smaller sized competitor, Coral.

UK competition authorities are currently taking a look at the deal.

Steve Clayton, expert at Hargreaves Lansdown stockbrokers, stated the current trading declaration from Ladbrokes was encouraging, however the yohaig code real problem was whether the merger with Coral would be enabled: "A merged Ladbrokes and Coral will have a dominant retail position, even if numerous shops need to be sold off.

"We expect significant expense conserving will be possible because there will be vast areas of overlap and unneeded duplication of functions across the combined business."

Ladbrokes is pursuing a different method to that of its rivals by concentrating on client service and the occasional punter, who will not always hunt for the finest odds.

Mr Clayton said: "the yohaig code bookie's method is to focus on the 'recreational punter', in other words the still soft and malleable, unhardened bettors out there.

"These people do not know what the ideal chances should be, so it is much easier to construct a fat win margin into the bookie's terms."