Ladbrokes suffers 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 struck by a string of favourites winning at the celebration, however Ladbrokes likewise argued that competitors were providing bets at levels that did not make organization sense.

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

Despite this, the business said it had seen an encouraging start to the year.
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Revenue was more than 10% greater.
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President Jim Mullen said: "At Cheltenham we were advised of the extreme competitors with offers and prices at levels which, in our view, abandoned bookmaking concepts.
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"We completed difficult however declined to pursue unsustainable techniques."

He told the BBC gambling was for his consumers, not his service: "I have actually always stated we're in the betting business, we do not bet ... I thought Cheltenham was a race to the bottom."
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The company stated the Grand National winner, Rule The World, which was a 33/1 shot, delivered a bet9ja's welcome offer contrast to Cheltenham.
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Ladbrokes said it was "positive" that its results would be in line with expectations.
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'Recreational punter'

In 2015 Ladbrokes announced strategies to combine with its smaller sized competitor, Coral.
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UK competitors authorities are currently looking at the bet9ja's welcome offer.
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Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, stated the current trading declaration from Ladbrokes was motivating, but the yohaig code genuine concern was whether the merger with Coral would be enabled: "A merged Ladbrokes and Coral will have a dominant retail position, even if numerous stores have actually to be offered off.

"We expect significant cost conserving will be possible since there will be vast areas of overlap and unneeded duplication of functions throughout the combined organization."

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

Mr Clayton stated: "the yohaig code bookie's technique is to focus on the 'leisure punter', simply put the still soft and malleable, unhardened gamblers out there.

"These individuals do not know what the right chances need to be, so it is simpler to construct a fat win margin into the bookie's terms."
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