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

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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".
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All bookies were hit by a string of favourites winning at the celebration, however Ladbrokes also argued that competitors were providing bets at levels that did not make company sense.
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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 company stated it had actually seen a motivating start to the year.

Revenue was more than 10% higher.

Mullen stated: "At Cheltenham we were reminded of the intense competitors with offers and prices at levels which, in our view, abandoned bookmaking principles.
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"We completed difficult however refused to pursue unsustainable methods."
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He informed the BBC gaming was for his clients, not his company: "I have actually always said we remain in the betting service, we don't gamble ... 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, provided a welcome contrast to Cheltenham.
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Ladbrokes stated it was "positive" that its outcomes would be in line with expectations.
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'Recreational punter'

Last year Ladbrokes revealed strategies to merge with its smaller rival, Coral.
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UK competitors authorities are currently taking a look at the offer.
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Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the most recent trading declaration from Ladbrokes was motivating, but the genuine concern was whether the merger with Coral would be allowed: "A merged Ladbrokes and Coral will have a dominant retail position, even if numerous shops need to be offered off.
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"We anticipate significant expense saving will be possible due to the fact that there will be large locations of overlap and unnecessary duplication of functions across the combined organization."

Ladbrokes is pursuing a different technique to that of its competitors by concentrating on customer care and the periodic punter, who will not necessarily hunt for the very best chances.

Mr Clayton stated: "The bookmaker's strategy is to focus on the 'leisure punter', to put it simply the still soft and flexible, unhardened gamblers out there.

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