*

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 struck by a string of favourites winning at the festival, but Ladbrokes likewise argued that competitors were offering bets at levels that did not make organization sense.

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

Despite this promotion code, the business said it had seen an encouraging start to the year.

Revenue was more than 10% higher.

Chief executive Jim Mullen stated: "At Cheltenham we were reminded of the extreme competition with offers and pricing at levels which, in our view, abandoned bookmaking concepts.

"We contended hard but declined to pursue unsustainable strategies."

He told the BBC gambling was for his consumers, not his service: "I have actually always said we're in the gambling service, we don't bet ... I believed Cheltenham was a race to the bottom."

The business stated the Grand National winner, Rule The World, which was a 33/1 shot, provided a welcome contrast to Cheltenham.

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

'Recreational punter'

In 2015 Ladbrokes announced plans to combine with its smaller rival, Coral.

UK competitors authorities are presently taking a look at the yohaig code deal.

Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, stated the most current trading declaration from Ladbrokes was encouraging, but the real problem was whether the merger with Coral would be enabled: "A merged Ladbrokes and Coral will have a dominant retail position, even if numerous shops have actually to be sold off.

"We anticipate considerable cost saving will be possible since there will be vast areas of overlap and unneeded duplication of functions across the combined service."

Ladbrokes is pursuing a different strategy to that of its competitors by focussing on customer support and the yohaig code occasional punter, who will not necessarily hunt for the yohaig code finest odds.

Mr Clayton stated: "The bookie's method is to concentrate on the yohaig code 'recreational punter', simply put the still soft and flexible, unhardened bettors out there.

"These individuals do not know what the best odds ought to be, so it is simpler to construct a fat win margin into the bookie's terms."