Ladbrokes Suffers Worst Cheltenham Festival In Memory
Ladbrokes suffers worst Cheltenham Festival in memory
21 April 2016
Bookmaker Ladbrokes has actually stated this year's Cheltenham Festival was its "worst in living memory".
All bookmakers were hit by a string of favourites winning at the celebration, however Ladbrokes likewise argued that rivals were offering bets at levels that did not make organization sense.
Ladbrokes also validated that it has a ₤ 3m liability if Leicester City win the Premier League.
Despite this, the business said it had seen an encouraging start to the year.
Revenue was more than 10% greater.
President Jim Mullen stated: "At Cheltenham we were reminded of the extreme competition with deals and pricing at levels which, in our view, abandoned bookmaking concepts.
"We competed tough but declined to pursue unsustainable strategies."
He told the BBC betting was for his clients, not his business: "I've always stated we're in the betting company, we don't gamble ... 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 stated it was "positive" that its results would remain in line with expectations.
'Recreational punter'
Last year Ladbrokes revealed plans to combine with its smaller competitor, Coral.
UK competition authorities are presently taking a look at the offer.
Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the latest trading declaration 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 to be offered off.
Ladbrokes suffers worst Cheltenham Festival in memory
21 April 2016
Bookmaker Ladbrokes has actually stated this year's Cheltenham Festival was its "worst in living memory".
All bookmakers were hit by a string of favourites winning at the celebration, however Ladbrokes likewise argued that rivals were offering bets at levels that did not make organization sense.
Ladbrokes also validated that it has a ₤ 3m liability if Leicester City win the Premier League.
Despite this, the business said it had seen an encouraging start to the year.
Revenue was more than 10% greater.
President Jim Mullen stated: "At Cheltenham we were reminded of the extreme competition with deals and pricing at levels which, in our view, abandoned bookmaking concepts.
"We competed tough but declined to pursue unsustainable strategies."
He told the BBC betting was for his clients, not his business: "I've always stated we're in the betting company, we don't gamble ... 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 stated it was "positive" that its results would remain in line with expectations.
'Recreational punter'
Last year Ladbrokes revealed plans to combine with its smaller competitor, Coral.
UK competition authorities are presently taking a look at the offer.
Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the latest trading declaration 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 to be offered off.