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Ladbrokes suffers worst Cheltenham Festival in memory

21 April 2016

Bookmaker Ladbrokes has actually said this promotion code 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 rivals were providing bets at levels that did not make company sense.

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

Despite this promotion code, the company stated 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 extreme competitors with deals and prices at levels which, in our view, abandoned bookmaking concepts.

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

He told the BBC gambling was for his customers, not his company: "I have actually always stated we remain in the betting business, we do not bet ... 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, delivered a bet9ja's welcome offer contrast to Cheltenham.

Ladbrokes stated it was "confident" that its results would be in line with expectations.

'Recreational punter'

Last year Ladbrokes revealed plans to merge with its smaller sized rival, Coral.

UK competitors authorities are currently taking a look at the bet9ja's welcome offer.

Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, stated the current trading declaration from Ladbrokes was motivating, but the real issue was whether the merger with Coral would be permitted: "A and Coral will have a dominant retail position, even if many shops need to be sold.

"We expect substantial cost saving will be possible because there will be huge locations of overlap and unneeded duplication of functions across the combined service."

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

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

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