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".

All bookies were struck by a string of favourites winning at the celebration, however Ladbrokes also argued that competitors were offering bets at levels that did not make service sense.

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

Despite this promotion code, the yohaig code company said it had actually seen an encouraging start to the year.

Revenue was more than 10% greater.

Chief executive Jim Mullen stated: "At Cheltenham we were reminded of the extreme competitors with offers and pricing at levels which, in our view, deserted bookmaking principles.

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

He informed the BBC gaming was for his clients, not his organization: "I've constantly stated we remain in the betting organization, we don't 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, provided a bet9ja's welcome offer contrast to Cheltenham.

Ladbrokes stated it was "confident" that its outcomes would remain in line with expectations.

'Recreational punter'

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

UK competition authorities are currently looking at the offer.

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

"We expect considerable expense saving will be possible because there will be vast areas of overlap and unneeded duplication of functions throughout the combined company."

Ladbrokes is pursuing a different technique to that of its competitors by concentrating on consumer service and the occasional punter, who will not always hunt for the best odds.

Mr Clayton said: "The bookie's strategy is to concentrate on the 'leisure punter', to put it simply the still soft and flexible, unhardened gamblers out there.

"These individuals do not understand what the best chances should be, so it is simpler to develop a fat win margin into the bookie's terms."