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Ladbrokes suffers worst Cheltenham Festival in memory
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21 April 2016
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Bookmaker Ladbrokes has actually stated this promotion code year's Cheltenham Festival was its "worst in living memory".
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All bookmakers were struck by a string of favourites winning at the celebration, but Ladbrokes likewise argued that competitors were providing bets at levels that did not make organization sense.
Ladbrokes also confirmed 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 said: "At Cheltenham we were advised of the intense competition with offers and rates at levels which, in our view, deserted bookmaking concepts.
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"We competed tough but refused to pursue unsustainable methods."
He told the BBC gaming was for his customers, not his company: "I've always said we remain in the betting organization, we don't bet ... I thought 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.
Ladbrokes said it was "positive" that its results would remain in line with expectations.
'Recreational punter'
In 2015 Ladbrokes revealed strategies to combine with its smaller sized rival, Coral.
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UK competitors authorities are currently taking a look at the deal.
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Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the current trading statement from Ladbrokes was encouraging, but the real problem was whether the merger with Coral would be allowed: "A and Coral will have a dominant retail position, even if numerous shops need to be sold off.
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"We anticipate significant cost saving will be possible due to the fact that there will be huge locations of overlap and unnecessary duplication of functions across the combined company."
Ladbrokes is pursuing a different strategy to that of its rivals by focussing on customer support and the occasional punter, who will not always hunt for the very best odds.
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Mr Clayton said: "The bookmaker's technique is to focus on the 'leisure punter', to put it simply the still soft and malleable, unhardened gamblers out there.
"These individuals do not understand what the right odds ought to be, so it is much easier to construct a fat win margin into the bookmaker's terms."