Ladbrokes suffers worst Cheltenham Festival in memory

21 April 2016

Bookmaker Ladbrokes has actually said 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 yohaig code festival, however Ladbrokes also argued that rivals were using bets at levels that did not make business sense.

Ladbrokes likewise 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 an encouraging start to the year.

Revenue was more than 10% greater.

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

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

He told the BBC gaming was for his consumers, not his company: "I have actually always stated we're in the betting service, we don't bet ... I thought Cheltenham was a race to the bottom."

The business stated 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 outcomes would remain in line with expectations.

'Recreational punter'

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

UK competitors authorities are currently taking a look at the deal.

Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the most current trading statement from Ladbrokes was motivating, 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 many stores have actually to be offered off.

"We anticipate significant cost saving will be possible due to the fact that there will be huge areas of overlap and unnecessary duplication of functions across the combined organization."

Ladbrokes is pursuing a different technique to that of its rivals by concentrating on client service and the periodic punter, who will not necessarily hunt for the finest odds.

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

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