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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 said this year's Cheltenham Festival was its "worst in living memory".

All bookmakers were hit by a string of favourites winning at the festival, but also argued that competitors were using 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 stated it had seen a motivating start to the year.

Revenue was more than 10% greater.
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President Jim Mullen said: "At Cheltenham we were advised of the extreme competitors with offers and prices at levels which, in our view, abandoned bookmaking principles.

"We completed hard but refused to pursue unsustainable methods."

He told the BBC gaming was for his consumers, not his organization: "I have actually constantly said we remain in the betting company, we don't gamble ... I thought 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'
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In 2015 Ladbrokes revealed strategies to combine with its smaller rival, Coral.

UK competitors authorities are currently looking at the deal.

Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, said the most recent trading statement from Ladbrokes was motivating, but 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 lots of stores need to be offered off.

"We expect considerable expense conserving will be possible because there will be large areas of overlap and unneeded duplication of functions across the combined service."

Ladbrokes is pursuing a different technique to that of its rivals by focussing on customer care and the occasional punter, who will not necessarily hunt for the very best odds.
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Mr Clayton stated: "The bookie's strategy is to concentrate on the 'leisure punter', to put it simply the yohaig code still soft and malleable, unhardened bettors out there.

"These individuals do not understand what the right odds ought to be, so it is simpler to build a fat win margin into the bookmaker's terms."
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