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Ladbrokes suffers worst Cheltenham Festival in memory

21 April 2016

Bookmaker Ladbrokes has actually stated this promotion code year's Cheltenham Festival was its "worst in living memory".
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All bookies were struck by a string of favourites winning at the celebration, however Ladbrokes also argued that competitors were using bets at levels that did not make business sense.
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Ladbrokes also validated that it has a ₤ 3m liability if Leicester City win the Premier League.
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Despite this, the company stated it had actually seen an encouraging start to the year.

Revenue was more than 10% higher.
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President Jim Mullen stated: "At Cheltenham we were reminded of the extreme competition with deals and pricing at levels which, in our view, abandoned bookmaking concepts.

"We completed tough but declined to pursue unsustainable techniques."

He told the BBC gaming was for his clients, not his organization: "I've constantly said we remain in the gaming organization, we do not gamble ... I believed Cheltenham was a race to the bottom."

The business said the Grand National winner, Rule The World, which was a 33/1 shot, provided a bet9ja's welcome offer contrast to Cheltenham.
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Ladbrokes stated it was "confident" that its outcomes would remain in line with expectations.

'Recreational punter'

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

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

Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, said the most current trading statement from Ladbrokes was encouraging, however the real concern 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.
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"We anticipate substantial expense conserving will be possible because there will be large locations of overlap and unnecessary duplication of functions across the combined business."
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Ladbrokes is pursuing a different strategy to that of its rivals by focussing on consumer service and the punter, who will not always hunt for the best odds.

Mr Clayton said: "The bookie's strategy is to focus on the 'recreational punter', simply put the still soft and flexible, unhardened bettors out there.

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