Ladbrokes Suffers Worst Cheltenham Festival In Memory
Ladbrokes suffers worst Cheltenham Festival in memory
21 April 2016
Bookmaker Ladbrokes has actually 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 rivals were providing bets at levels that did not make business sense.
Ladbrokes also verified that it has a ₤ 3m liability if Leicester City win the Premier League.
Despite this, the company said it had 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 competition with offers and rates at levels which, in our view, deserted bookmaking principles.
"We contended difficult however refused to pursue unsustainable strategies."
He informed the BBC betting was for his customers, not his business: "I have actually always said we remain in the gambling organization, we don't gamble ... I believed Cheltenham was a race to the bottom."
The company stated 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 results would remain in line with expectations.
'Recreational punter'
In 2015 Ladbrokes announced plans to combine with its smaller sized competitor, Coral.
UK competition authorities are presently taking a look at the offer.
Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, said the current trading declaration from Ladbrokes was encouraging, but the real problem was whether the merger with Coral would be allowed: "A merged Ladbrokes and Coral will have a dominant retail position, even if many shops need to be sold off.
Ladbrokes suffers worst Cheltenham Festival in memory
21 April 2016
Bookmaker Ladbrokes has actually 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 rivals were providing bets at levels that did not make business sense.
Ladbrokes also verified that it has a ₤ 3m liability if Leicester City win the Premier League.
Despite this, the company said it had 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 competition with offers and rates at levels which, in our view, deserted bookmaking principles.
"We contended difficult however refused to pursue unsustainable strategies."
He informed the BBC betting was for his customers, not his business: "I have actually always said we remain in the gambling organization, we don't gamble ... I believed Cheltenham was a race to the bottom."
The company stated 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 results would remain in line with expectations.
'Recreational punter'
In 2015 Ladbrokes announced plans to combine with its smaller sized competitor, Coral.
UK competition authorities are presently taking a look at the offer.
Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, said the current trading declaration from Ladbrokes was encouraging, but the real problem was whether the merger with Coral would be allowed: "A merged Ladbrokes and Coral will have a dominant retail position, even if many shops need to be sold off.