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Ladbrokes Suffers Worst Cheltenham Festival In Memory

worst Cheltenham Festival in memory

21 April 2016

Bookmaker Ladbrokes has said this year’s Cheltenham Festival was its “worst in living memory”.

All bookies were hit by a string of favourites winning at the celebration, however Ladbrokes also argued that competitors were offering bets at levels that did not make organization sense.

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

Despite this promotion code, the business said it had seen a motivating start to the year.

Revenue was more than 10% greater.

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

“We completed tough however declined to pursue unsustainable strategies.”

He told the BBC gaming was for his customers, not his company: “I have actually constantly stated we’re in the betting business, we don’t 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 results would remain in line with expectations.

‘Recreational punter’

Last year 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, stated the latest trading declaration from Ladbrokes was encouraging, but the real issue was whether the merger with Coral would be permitted: “A merged Ladbrokes and Coral will have a dominant retail position, even if numerous stores have to be sold.

“We anticipate substantial cost conserving will be possible since there will be vast areas of overlap and unnecessary duplication of functions throughout the combined company.”

Ladbrokes is pursuing a different strategy to that of its rivals by focussing on client service and the occasional punter, who will not always hunt for the very best odds.

Mr Clayton stated: “The bookmaker’s technique is to focus on the ‘leisure punter’, simply put the still soft and malleable, unhardened gamblers out there.

“These people do not know what the best chances must be, so it is much easier to build a fat win margin into the bookmaker’s terms.”