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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".

All bookies were struck by a string of favourites winning at the celebration, but also argued that rivals were using bets at levels that did not make organization sense.

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

Despite this promotion code, the company said it had 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 competition with deals and prices at levels which, in our view, deserted bookmaking principles.

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

He informed the BBC gaming was for his customers, not his business: "I've constantly stated we remain in the yohaig code betting business, we don't gamble ... I believed Cheltenham was a race to the bottom."

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.

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

'Recreational punter'

Last year Ladbrokes announced strategies to combine with its smaller sized competitor, Coral.

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

Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, said the current trading declaration 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 to be sold.

"We expect considerable cost saving will be possible since there will be large areas of overlap and unneeded duplication of functions throughout the combined business."

Ladbrokes is pursuing a various strategy to that of its rivals by focussing on client service and the occasional punter, who will not necessarily hunt for the best chances.

Mr Clayton said: "The bookmaker's strategy is to focus on the 'recreational punter', in other words the still soft and malleable, unhardened bettors out there.

"These individuals do not know what the best odds must be, so it is simpler to develop a fat win margin into the bookmaker's terms."