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 hit by a string of favourites winning at the festival, but Ladbrokes likewise argued that competitors were using bets at levels that did not make service sense.

Ladbrokes likewise verified that it has a ₤ 3m liability if Leicester City win the yohaig code Premier League.

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

Revenue was more than 10% higher.

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

"We competed hard however refused to pursue unsustainable techniques."

He informed the BBC gaming was for his clients, not his service: "I have actually always said we remain in the gaming business, we don't gamble ... I thought 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 results would remain in line with expectations.

'Recreational punter'

Last year Ladbrokes revealed strategies to merge with its smaller sized rival, Coral.

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

Steve Clayton, expert at Hargreaves Lansdown stockbrokers, stated the current trading statement from Ladbrokes was encouraging, however the genuine concern was whether the merger with Coral would be enabled: "A merged Ladbrokes and Coral will have a dominant retail position, even if lots of stores have actually to be sold off.

"We anticipate significant cost saving will be possible since there will be huge areas of overlap and unnecessary duplication of functions throughout the combined business."

Ladbrokes is pursuing a various method to that of its rivals by concentrating on client service and the occasional punter, who will not always hunt for the best odds.

Mr Clayton stated: "The bookmaker's method is to concentrate on the yohaig code 'recreational punter', in other words the still soft and malleable, unhardened gamblers out there.

"These people do not know what the best chances should be, so it is much easier to build a fat win margin into the bookmaker's terms."