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

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Ladbrokes suffers worst Cheltenham Festival in memory

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

All were hit by a string of favourites winning at the celebration, but Ladbrokes likewise 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.
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Despite this, the business said it had seen an encouraging start to the year.
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Revenue was more than 10% higher.

Chief executive Jim Mullen said: "At Cheltenham we were reminded of the intense competitors with deals and rates at levels which, in our view, deserted bookmaking principles.
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"We completed tough but refused to pursue unsustainable techniques."
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He informed the BBC betting was for his customers, not his business: "I have actually always stated we're in the betting service, we don't gamble ... I believed Cheltenham was a race to the bottom."
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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.
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Ladbrokes stated it was "confident" that its results would remain in line with expectations.

'Recreational punter'

Last year Ladbrokes announced strategies to combine with its smaller competitor, Coral.
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UK competitors authorities are presently taking a look at the offer.

Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, stated the most recent 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 off.
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"We expect significant expense conserving will be possible because there will be vast locations of overlap and unnecessary duplication of functions across the combined company."

Ladbrokes is pursuing a various method to that of its rivals by focussing on customer care and the periodic punter, who will not necessarily hunt for the finest odds.

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

"These people do not understand what the yohaig code ideal chances should be, so it is easier to build a fat win margin into the bookmaker's terms."