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 bookmakers were struck by a string of favourites winning at the festival, however Ladbrokes also argued that rivals were providing bets at levels that did not make company sense.

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

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

Revenue was more than 10% greater.

President Jim Mullen stated: "At Cheltenham we were reminded of the intense competition with offers and prices at levels which, in our view, abandoned bookmaking principles.

"We contended difficult but declined to pursue unsustainable methods."

He told the BBC gaming was for his customers, not his business: "I've constantly said we remain in the gaming company, we don't bet ... I believed 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 said it was "positive" that its results would remain in line with expectations.

'Recreational punter'

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

UK competition authorities are currently looking at the deal.

Steve Clayton, expert at Hargreaves Lansdown stockbrokers, stated the current trading declaration from Ladbrokes was encouraging, however the genuine issue was whether the merger with Coral would be allowed: "A merged Ladbrokes and Coral will have a dominant retail position, even if numerous shops have actually to be sold.

"We expect considerable cost conserving will be possible since there will be large areas of overlap and unnecessary duplication of functions across the combined company."

Ladbrokes is pursuing a various method to that of its rivals by concentrating on customer support and the periodic punter, who will not necessarily hunt for the very best odds.

Mr Clayton stated: "The bookie's technique is to concentrate on the 'recreational punter', simply put the still soft and flexible, unhardened gamblers out there.

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