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 festival, however Ladbrokes also argued that rivals were using bets at levels that did not make company sense.

Ladbrokes also confirmed that it has a ₤ 3m liability if Leicester City win the Premier League.

Despite this promotion code, the yohaig code business said it had actually seen a motivating start to the year.

Revenue was more than 10% greater.

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

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

He told the BBC gambling was for his customers, not his service: "I have actually always stated we remain in the gaming company, we do not bet ... I thought Cheltenham was a race to the bottom."

The company said the Grand National winner, Rule The World, which was a 33/1 shot, delivered a welcome contrast to Cheltenham.

Ladbrokes said it was "positive" that its outcomes would remain in line with expectations.

'Recreational punter'

In 2015 Ladbrokes revealed strategies to merge with its smaller sized competitor, Coral.

UK competition authorities are currently looking at the deal.

Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, said the newest trading declaration from Ladbrokes was encouraging, however the genuine problem was whether the merger with Coral would be permitted: "A merged Ladbrokes and Coral will have a dominant retail position, even if many stores need to be sold.

"We expect significant expense conserving will be possible because there will be huge areas of overlap and unneeded duplication of functions throughout the yohaig code combined company."

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

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

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