Ladbrokes Suffers Worst Cheltenham Festival In Memory
Ladbrokes suffers worst Cheltenham Festival in memory
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21 April 2016
Bookmaker Ladbrokes has said this year's Cheltenham Festival was its "worst in living memory".
All bookies were struck by a string of favourites winning at the celebration, however Ladbrokes likewise argued that competitors were providing bets at levels that did not make organization sense.
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Ladbrokes likewise validated that it has a ₤ 3m liability if Leicester City win the Premier League.
Despite this promotion code, the business stated it had seen an encouraging start to the year.
Revenue was more than 10% greater.
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President Jim Mullen stated: "At Cheltenham we were advised of the intense competitors with deals and rates at levels which, in our view, abandoned bookmaking principles.
"We competed difficult but declined to pursue unsustainable strategies."
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He told the BBC gaming was for his customers, not his organization: "I have actually always stated we remain in the service, we don't bet ... I believed Cheltenham was a race to the bottom."
the yohaig code company said the Grand National winner, Rule the yohaig code World, which was a 33/1 shot, delivered a bet9ja's welcome offer contrast to Cheltenham.
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Ladbrokes said it was "confident" that its results would remain in line with expectations.
'Recreational punter'
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In 2015 Ladbrokes revealed plans to merge with its smaller sized competitor, Coral.
UK competition authorities are presently looking at the bet9ja's welcome offer.
Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the most recent trading declaration from Ladbrokes was encouraging, but the real issue was whether the yohaig code merger with Coral would be permitted: "A merged Ladbrokes and Coral will have a dominant retail position, even if lots of shops have to be sold off.
"We expect significant cost saving will be possible because there will be large locations of overlap and unneeded duplication of functions across the combined organization."
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Ladbrokes is pursuing a various technique to that of its competitors by focussing on customer support and the periodic punter, who will not always hunt for the very best chances.
Mr Clayton said: "The bookie's strategy is to focus on the 'leisure punter', simply put the still soft and flexible, unhardened bettors out there.
"These individuals do not know what the ideal odds ought to be, so it is simpler to develop a fat win margin into the bookmaker's terms."