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

All bookmakers were struck by a string of favourites winning at the festival, but Ladbrokes also argued that competitors were offering bets at levels that did not make organization sense.

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

Despite this promotion code, the business stated it had seen an encouraging start to the year.

Revenue was more than 10% higher.
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Chief executive Jim Mullen stated: "At Cheltenham we were reminded of the intense competitors with deals and prices at levels which, in our view, abandoned bookmaking principles.

"We contended hard but refused to pursue unsustainable techniques."

He told the BBC betting was for his customers, not his service: "I have actually constantly said we're in the betting organization, we do not gamble ... I believed Cheltenham was a race to the bottom."

The company stated the Grand National winner, Rule The World, which was a 33/1 shot, provided a bet9ja's welcome offer contrast to Cheltenham.

Ladbrokes said it was "positive" that its results would remain in line with expectations.

'Recreational punter'

In 2015 Ladbrokes revealed strategies to merge with its smaller competitor, Coral.

UK competitors authorities are currently looking at the bet9ja's welcome offer.
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Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, stated the most recent trading declaration from Ladbrokes was encouraging, but the yohaig code genuine problem was whether the merger with Coral would be allowed: "A merged Ladbrokes and Coral will have a dominant retail position, even if many stores need to be offered off.

"We anticipate substantial expense saving will be possible since there will be huge locations of overlap and unnecessary duplication of functions throughout the combined business."

Ladbrokes is pursuing a different strategy to that of its competitors by focussing on client service and the occasional punter, who will not necessarily hunt for the best odds.
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Mr Clayton stated: "The bookmaker's technique is to focus 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 should be, so it is much easier to construct a fat win margin into the bookie's terms."
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