Ladbrokes Suffers Worst Cheltenham Festival In Memory
Ladbrokes suffers worst Cheltenham Festival in memory
21 April 2016
Bookmaker Ladbrokes has said this year's Cheltenham Festival was its "worst in living memory".
All bookies were hit by a string of favourites winning at the celebration, but Ladbrokes also argued that rivals were offering bets at levels that did not make business sense.
Ladbrokes also confirmed that it has a ₤ 3m liability if Leicester City win the Premier League.
Despite this, the company stated it had actually seen a motivating start to the year.
Revenue was more than 10% higher.
President Jim Mullen said: "At Cheltenham we were advised of the extreme competition with deals and pricing at levels which, in our view, deserted bookmaking principles.
"We competed tough but declined to pursue unsustainable methods."
He informed the BBC betting was for his clients, not his organization: "I have actually always said we're in the gaming business, we don't gamble ... 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, delivered a welcome contrast to Cheltenham.
Ladbrokes said it was "positive" that its results would be in line with expectations.
'Recreational punter'
Last year Ladbrokes revealed plans to merge with its smaller sized rival, Coral.
UK competition authorities are presently looking at the offer.
Steve Clayton, expert at Hargreaves Lansdown stockbrokers, stated the most recent trading statement from Ladbrokes was encouraging, but the real concern was whether the merger with Coral would be enabled: "A merged Ladbrokes and Coral will have a dominant retail position, even if numerous stores need to be offered off.
Ladbrokes suffers worst Cheltenham Festival in memory
21 April 2016
Bookmaker Ladbrokes has said this year's Cheltenham Festival was its "worst in living memory".
All bookies were hit by a string of favourites winning at the celebration, but Ladbrokes also argued that rivals were offering bets at levels that did not make business sense.
Ladbrokes also confirmed that it has a ₤ 3m liability if Leicester City win the Premier League.
Despite this, the company stated it had actually seen a motivating start to the year.
Revenue was more than 10% higher.
President Jim Mullen said: "At Cheltenham we were advised of the extreme competition with deals and pricing at levels which, in our view, deserted bookmaking principles.
"We competed tough but declined to pursue unsustainable methods."
He informed the BBC betting was for his clients, not his organization: "I have actually always said we're in the gaming business, we don't gamble ... 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, delivered a welcome contrast to Cheltenham.
Ladbrokes said it was "positive" that its results would be in line with expectations.
'Recreational punter'
Last year Ladbrokes revealed plans to merge with its smaller sized rival, Coral.
UK competition authorities are presently looking at the offer.
Steve Clayton, expert at Hargreaves Lansdown stockbrokers, stated the most recent trading statement from Ladbrokes was encouraging, but the real concern was whether the merger with Coral would be enabled: "A merged Ladbrokes and Coral will have a dominant retail position, even if numerous stores need to be offered off.