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

Ladbrokes likewise confirmed that it has a ₤ 3m liability if Leicester City win the 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 said: "At Cheltenham we were advised of the intense competition with offers and pricing at levels which, in our view, deserted bookmaking principles.

"We contended hard but declined to pursue unsustainable strategies."

He informed the BBC gambling was for his clients, not his organization: "I have actually constantly said we're in the betting service, we do not bet ... I thought Cheltenham was a race to the bottom."

The company 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 be in line with expectations.

'Recreational punter'

In 2015 Ladbrokes revealed plans to combine with its smaller sized rival, Coral.

UK competition authorities are presently looking at the deal.

Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the most recent trading declaration from Ladbrokes was encouraging, however the real concern was whether the merger with Coral would be allowed: "A merged Ladbrokes and Coral will have a dominant retail position, even if lots of stores need to be offered off.

"We anticipate considerable cost conserving will be possible because there will be huge locations of overlap and unneeded duplication of functions throughout the combined company."

Ladbrokes is pursuing a various technique to that of its rivals by focussing on client service and the occasional punter, who will not always hunt for the finest odds.

Mr Clayton stated: "The bookmaker's strategy is to concentrate on the 'recreational punter', to put it simply the still soft and flexible, unhardened bettors out there.

"These people do not understand what the right odds must be, so it is much easier to build a fat win margin into the bookie's terms."