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Ladbrokes suffers worst Cheltenham Festival in memory

21 April 2016
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Bookmaker Ladbrokes has stated this promotion code year's Cheltenham Festival was its "worst in living memory".

All bookmakers were hit by a string of favourites winning at the festival, however Ladbrokes also argued that rivals were using bets at levels that did not make business sense.
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Ladbrokes likewise validated that it has a ₤ 3m liability if Leicester City win the Premier League.
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Despite this promotion code, the business stated it had actually seen an encouraging start to the year.

Revenue was more than 10% higher.

President Jim Mullen stated: "At Cheltenham we were reminded of the extreme competitors with offers and pricing at levels which, in our view, deserted bookmaking principles.
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"We competed hard however refused to pursue unsustainable techniques."

He told the BBC gambling was for his customers, not his business: "I have actually always said we remain in the gambling business, we don't bet ... I thought Cheltenham was a race to the bottom."

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

Ladbrokes said it was "positive" that its outcomes would remain in line with expectations.

'Recreational punter'
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Last year Ladbrokes announced plans to merge with its smaller sized competitor, Coral.
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UK competition authorities are presently looking at the deal.
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Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, stated the most current trading statement from Ladbrokes was encouraging, but the real issue was whether the merger with Coral would be enabled: "A merged Ladbrokes and Coral will have a dominant retail position, even if many shops have to be sold.
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"We expect substantial cost conserving will be possible since there will be huge areas of overlap and unnecessary duplication of functions across the combined service."
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Ladbrokes is pursuing a various strategy to that of its competitors by on customer support and the periodic punter, who will not always hunt for the very best odds.

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

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