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 bookmakers were hit by a string of favourites winning at the celebration, but Ladbrokes likewise argued that rivals were using bets at levels that did not make company sense.

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

Despite this promotion code, the company stated it had seen a motivating start to the yohaig code year.

Revenue was more than 10% greater.

President Jim Mullen said: "At Cheltenham we were reminded of the intense competition with deals and rates at levels which, in our view, abandoned bookmaking concepts.

"We competed hard however declined to pursue unsustainable techniques."

He informed the BBC gaming was for his clients, not his company: "I've constantly said we're in the gambling company, we don't gamble ... I believed Cheltenham was a race to the bottom."

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

Ladbrokes stated it was "positive" that its results would remain in line with expectations.

'Recreational punter'

In 2015 Ladbrokes revealed plans to combine with its smaller rival, Coral.

UK competition authorities are presently looking at the bet9ja's welcome offer.

Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, said the yohaig code most recent trading statement from Ladbrokes was encouraging, however the genuine problem was whether the merger with Coral would be permitted: "A merged Ladbrokes and Coral will have a dominant retail position, even if lots of stores have actually to be sold.

"We expect substantial expense saving will be possible because there will be huge locations of overlap and unnecessary duplication of functions throughout the combined business."

Ladbrokes is pursuing a various technique to that of its competitors by concentrating on client service and the yohaig code occasional punter, who will not always hunt for the finest odds.

Mr Clayton stated: "The bookie's strategy is to concentrate on the 'recreational punter', in other words the yohaig code still soft and malleable, unhardened gamblers out there.

"These people do not understand what the right odds ought to be, so it is easier to develop a fat win margin into the bookie's terms."