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 bookmakers were struck by a string of favourites winning at the festival, but Ladbrokes likewise argued that competitors were offering bets at levels that did not make business sense.
Ladbrokes likewise confirmed that it has a ₤ 3m liability if Leicester City win the Premier League.
Despite this, the company said it had actually seen a motivating start to the year.
Revenue was more than 10% higher.
President Jim Mullen said: "At Cheltenham we were advised of the extreme competition with deals and prices at levels which, in our view, deserted bookmaking concepts.
"We completed tough but declined to pursue unsustainable strategies."
He informed the BBC gambling was for his clients, not his business: "I've constantly stated we're in the gaming service, we do not gamble ... I believed Cheltenham was a race to the bottom."
The business stated the Grand National winner, Rule The World, which was a 33/1 shot, delivered a welcome contrast to Cheltenham.
Ladbrokes said it was "confident" that its results would be in line with expectations.
'Recreational punter'
Last year Ladbrokes announced strategies to merge with its smaller rival, Coral.
UK competition authorities are presently looking at the deal.
Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the most recent trading statement from Ladbrokes was encouraging, however the real problem was whether the merger with Coral would be permitted: "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 said this year's Cheltenham Festival was its "worst in living memory".
All bookmakers were struck by a string of favourites winning at the festival, but Ladbrokes likewise argued that competitors were offering bets at levels that did not make business sense.
Ladbrokes likewise confirmed that it has a ₤ 3m liability if Leicester City win the Premier League.
Despite this, the company said it had actually seen a motivating start to the year.
Revenue was more than 10% higher.
President Jim Mullen said: "At Cheltenham we were advised of the extreme competition with deals and prices at levels which, in our view, deserted bookmaking concepts.
"We completed tough but declined to pursue unsustainable strategies."
He informed the BBC gambling was for his clients, not his business: "I've constantly stated we're in the gaming service, we do not gamble ... I believed Cheltenham was a race to the bottom."
The business stated the Grand National winner, Rule The World, which was a 33/1 shot, delivered a welcome contrast to Cheltenham.
Ladbrokes said it was "confident" that its results would be in line with expectations.
'Recreational punter'
Last year Ladbrokes announced strategies to merge with its smaller rival, Coral.
UK competition authorities are presently looking at the deal.
Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the most recent trading statement from Ladbrokes was encouraging, however the real problem was whether the merger with Coral would be permitted: "A merged Ladbrokes and Coral will have a dominant retail position, even if many shops need to be sold off.