Ladbrokes suffers worst Cheltenham Festival in memory
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21 April 2016
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Bookmaker Ladbrokes has stated this promotion code year's Cheltenham Festival was its "worst in living memory".
All were hit by a string of favourites winning at the celebration, however Ladbrokes likewise argued that competitors were providing bets at levels that did not make business sense.
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Ladbrokes also verified that it has a ₤ 3m liability if Leicester City win the Premier League.
Despite this, the business stated it had actually seen a motivating start to the year.
Revenue was more than 10% greater.
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Chief executive Jim Mullen said: "At Cheltenham we were advised of the intense competitors with deals and prices at levels which, in our view, deserted bookmaking concepts.
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"We contended difficult however declined to pursue unsustainable strategies."
He told the BBC gaming was for his consumers, not his service: "I've constantly stated we remain in the betting organization, we do not 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 bet9ja's welcome offer contrast to Cheltenham.
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Ladbrokes said it was "positive" that its outcomes would remain in line with expectations.
'Recreational punter'
In 2015 Ladbrokes revealed plans to combine with its smaller sized competitor, Coral.
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UK competition authorities are currently looking at the bet9ja's welcome offer.
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Steve Clayton, expert 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 allowed: "A merged Ladbrokes and Coral will have a dominant retail position, even if numerous shops have actually to be sold.
"We anticipate substantial cost conserving will be possible because there will be huge areas of overlap and unnecessary duplication of functions throughout the combined service."
Ladbrokes is pursuing a different strategy to that of its rivals by focussing on customer service and the occasional punter, who will not necessarily hunt for the very best chances.
Mr Clayton said: "The bookie's strategy is to concentrate on the 'leisure punter', in other words the still soft and flexible, unhardened bettors out there.
"These people do not understand what the ideal odds should be, so it is easier to build a fat win margin into the bookmaker's terms."
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Ladbrokes Suffers Worst Cheltenham Festival In Memory
Harlan Birmingham edited this page 2025-09-22 22:36:48 +08:00