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 struck by a string of favourites winning at the festival, however Ladbrokes likewise argued that competitors were providing bets at levels that did not make company sense.
Ladbrokes also confirmed that it has a ₤ 3m liability if Leicester City win the Premier League.
Despite this, the business said it had actually seen an encouraging start to the year.
Revenue was more than 10% greater.
Chief executive Jim Mullen stated: "At Cheltenham we were reminded of the extreme competitors with deals and prices at levels which, in our view, deserted bookmaking principles.
"We competed difficult but declined to pursue unsustainable methods."
He told the BBC betting was for his consumers, not his organization: "I've constantly said we're in the gaming service, we do not gamble ... I believed 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 "confident" that its outcomes would be in line with expectations.
'Recreational punter'
Last year Ladbrokes announced strategies to combine with its smaller competitor, Coral.
UK competitors authorities are presently looking at the offer.
Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the latest trading statement from Ladbrokes was motivating, however the genuine issue 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 sold.
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 struck by a string of favourites winning at the festival, however Ladbrokes likewise argued that competitors were providing bets at levels that did not make company sense.
Ladbrokes also confirmed that it has a ₤ 3m liability if Leicester City win the Premier League.
Despite this, the business said it had actually seen an encouraging start to the year.
Revenue was more than 10% greater.
Chief executive Jim Mullen stated: "At Cheltenham we were reminded of the extreme competitors with deals and prices at levels which, in our view, deserted bookmaking principles.
"We competed difficult but declined to pursue unsustainable methods."
He told the BBC betting was for his consumers, not his organization: "I've constantly said we're in the gaming service, we do not gamble ... I believed 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 "confident" that its outcomes would be in line with expectations.
'Recreational punter'
Last year Ladbrokes announced strategies to combine with its smaller competitor, Coral.
UK competitors authorities are presently looking at the offer.
Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the latest trading statement from Ladbrokes was motivating, however the genuine issue 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 sold.