Ladbrokes suffers worst Cheltenham Festival in memory

21 April 2016

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

All were hit by a string of favourites winning at the festival, but Ladbrokes also argued that rivals were providing bets at levels that did not make business sense.

Ladbrokes likewise verified that it has a ₤ 3m liability if Leicester City win the Premier League.
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Despite this promotion code, the business 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 reminded of the yohaig code extreme competitors with offers and prices at levels which, in our view, deserted bookmaking concepts.

"We completed tough but declined to pursue unsustainable strategies."

He informed the BBC gambling was for his customers, not his service: "I've constantly stated we're in the betting service, we don't gamble ... 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, provided a bet9ja's welcome offer contrast to Cheltenham.

Ladbrokes said it was "positive" that its outcomes would be in line with expectations.
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'Recreational punter'
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Last year Ladbrokes revealed plans to merge with its smaller rival, Coral.
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UK competition authorities are presently taking a look at the yohaig code deal.
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Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, stated the current trading statement from Ladbrokes was encouraging, but the real problem was whether the merger with Coral would be permitted: "A merged Ladbrokes and Coral will have a dominant retail position, even if numerous stores need to be sold.
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"We anticipate substantial cost saving will be possible since there will be vast areas of overlap and unneeded duplication of functions across the combined organization."
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Ladbrokes is pursuing a different method to that of its rivals by focussing on client service and the periodic punter, who will not necessarily hunt for the very best chances.

Mr Clayton said: "The bookmaker's method is to focus on the 'leisure punter', in other words the still soft and flexible, unhardened bettors out there.

"These people do not understand what the best chances need to be, so it is simpler to construct a fat win margin into the bookie's terms."