Ladbrokes suffers worst Cheltenham Festival in memory

21 April 2016

Bookmaker Ladbrokes has stated this year's Cheltenham Festival was its "worst in living memory".

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

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

Despite this promotion code, the company said it had actually seen a motivating start to the year.

Revenue was more than 10% higher.

Chief executive Jim Mullen said: "At Cheltenham we were advised of the extreme competitors with offers and pricing at levels which, in our view, abandoned bookmaking concepts.

"We completed tough however refused to pursue unsustainable techniques."

He told the BBC gaming was for his consumers, not his organization: "I've constantly stated we remain in the betting business, 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, delivered a bet9ja's welcome offer contrast to Cheltenham.

Ladbrokes stated it was "positive" that its outcomes would be in line with expectations.

'Recreational punter'

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

UK competition authorities are currently taking a look at the bet9ja's welcome offer.

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 enabled: "A merged Ladbrokes and Coral will have a dominant retail position, even if numerous shops need to be offered off.

"We expect substantial cost conserving will be possible because there will be huge locations of overlap and unneeded duplication of functions across the combined business."

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

Mr Clayton stated: "The bookmaker's method is to concentrate on the 'leisure punter', simply put the still soft and malleable, unhardened gamblers out there.

"These people do not understand what the best odds ought to be, so it is easier to build a fat win margin into the bookmaker's terms."