ladbrokes-suffers-worst-cheltenham-festival-in-memory

Ladbrokes suffers worst Cheltenham Festival in memory

21 April 2016

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

All bookmakers were hit by a string of favourites winning at the celebration, but Ladbrokes also argued that competitors were providing bets at levels that did not make organization sense.
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Ladbrokes likewise validated that it has a ₤ 3m liability if Leicester City win the .

Despite this, the business stated it had seen an encouraging start to the year.
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Revenue was more than 10% higher.
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President Jim Mullen said: "At Cheltenham we were reminded of the extreme competitors with deals and pricing at levels which, in our view, deserted bookmaking principles.

"We contended difficult however declined to pursue unsustainable methods."
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He told the BBC gambling was for his clients, not his service: "I've constantly said we remain in the gambling company, we do not bet ... I thought Cheltenham was a race to the bottom."
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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 "confident" that its outcomes would remain in line with expectations.

'Recreational punter'

Last year Ladbrokes revealed plans to combine with its smaller rival, Coral.

UK competitors authorities are presently looking at the deal.
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Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the most recent trading statement from Ladbrokes was motivating, but the genuine issue 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 off.

"We anticipate substantial cost saving will be possible due to the fact that there will be vast locations of overlap and unneeded duplication of functions throughout the yohaig code combined service."

Ladbrokes is pursuing a different strategy to that of its competitors by concentrating on client service and the occasional punter, who will not necessarily hunt for the very best odds.

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

"These individuals do not know what the ideal odds must be, so it is easier to build a fat win margin into the bookmaker's terms."
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