Ladbrokes Suffers Worst Cheltenham Festival In Memory
Ladbrokes suffers worst Cheltenham Festival in memory
21 April 2016
Bookmaker Ladbrokes has actually stated 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 celebration, however Ladbrokes likewise argued that rivals were using 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.
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Despite this, the business said it had actually seen a motivating start to the year.
Revenue was more than 10% greater.
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Chief executive Jim Mullen stated: "At Cheltenham we were reminded of the yohaig code extreme competition with deals and prices at levels which, in our view, deserted bookmaking concepts.
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"We completed difficult however refused to pursue unsustainable strategies."
He told the BBC gambling was for his clients, not his business: "I've always said we remain in the gambling organization, we don't gamble ... I believed Cheltenham was a race to the bottom."
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The business stated the Grand National winner, Rule The World, which was a 33/1 shot, provided a bet9ja's welcome offer contrast to Cheltenham.
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Ladbrokes stated it was "positive" that its outcomes would be in line with expectations.
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'Recreational punter'
In 2015 Ladbrokes revealed strategies to merge with its smaller competitor, Coral.
UK competitors authorities are presently looking at the deal.
Steve Clayton, expert at Hargreaves Lansdown stockbrokers, stated the yohaig code latest trading statement from Ladbrokes was motivating, but the real issue was whether the merger with Coral would be allowed: "A merged Ladbrokes and Coral will have a dominant retail position, even if numerous stores have actually to be sold off.
"We expect significant expense saving will be possible due to the fact that there will be vast areas of overlap and unnecessary duplication of functions across the combined service."
Ladbrokes is pursuing a various strategy to that of its rivals by concentrating on and the occasional punter, who will not necessarily hunt for the very best chances.
Mr Clayton stated: "The bookie's method is to focus on the 'leisure punter', to put it simply the still soft and flexible, unhardened bettors out there.
"These individuals do not understand what the right odds ought to be, so it is much easier to develop a fat win margin into the bookmaker's terms."