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Ladbrokes Suffers Worst Cheltenham Festival In Memory

Ladbrokes suffers worst Cheltenham Festival in memory

21 April 2016

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 celebration, but Ladbrokes also argued that rivals were using bets at levels that did not make organization sense.

Ladbrokes likewise confirmed 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.

President Jim Mullen said: “At Cheltenham we were advised of the yohaig code extreme competition with deals and rates at levels which, in our view, abandoned bookmaking principles.

“We contended hard but to pursue unsustainable strategies.”

He informed the BBC gambling was for his consumers, not his organization: “I have actually always said we’re in the gaming business, we don’t gamble … 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 stated it was “positive” that its results would be in line with expectations.

‘Recreational punter’

Last year Ladbrokes revealed plans to combine with its smaller sized competitor, Coral.

UK competitors authorities are presently taking a look at the bet9ja’s welcome offer.

Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the most recent trading declaration from Ladbrokes was encouraging, but the 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 shops have actually to be sold.

“We anticipate considerable cost conserving will be possible due to the fact that there will be large areas of overlap and unneeded duplication of functions across the combined business.”

Ladbrokes is pursuing a different technique to that of its rivals by focussing on client service and the occasional punter, who will not necessarily hunt for the very best chances.

Mr Clayton stated: “The bookie’s technique is to concentrate on the ‘leisure punter’, to put it simply the still soft and malleable, unhardened bettors out there.

“These individuals do not know what the ideal odds need to be, so it is easier to develop a fat win margin into the bookie’s terms.”