ladbrokes-suffers-worst-cheltenham-festival-in-memory

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Ladbrokes suffers worst Cheltenham Festival in memory

21 April 2016

Bookmaker Ladbrokes has stated this promotion code year's Cheltenham Festival was its "worst in living memory".
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All bookies 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 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% greater.

Chief executive Jim Mullen said: "At Cheltenham we were advised of the intense competition with offers and rates at levels which, in our view, abandoned bookmaking concepts.
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"We competed tough but declined to pursue unsustainable methods."

He told the BBC gaming was for his customers, not his company: "I have actually always stated we're in the betting organization, we don't bet ... I thought was a race to the bottom."

The company stated the Grand National winner, Rule The World, which was a 33/1 shot, provided a welcome contrast to Cheltenham.
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Ladbrokes stated it was "positive" that its results would be in line with expectations.

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

UK competition authorities are currently looking at the offer.

Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, stated the yohaig code most recent trading declaration from Ladbrokes was encouraging, but the genuine problem was whether the merger with Coral would be enabled: "A merged Ladbrokes and Coral will have a dominant retail position, even if many shops need to be sold off.

"We anticipate significant expense saving will be possible since there will be vast locations of overlap and unneeded duplication of functions across the combined business."

Ladbrokes is pursuing a various technique to that of its rivals by concentrating on customer care and the occasional punter, who will not always hunt for the finest chances.
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Mr Clayton stated: "The bookie's method is to focus on the 'recreational punter', simply put the still soft and flexible, unhardened bettors out there.

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