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Ladbrokes suffers worst Cheltenham Festival in memory

21 April 2016

Bookmaker Ladbrokes has stated this promotion code year's Cheltenham Festival was its "worst in living memory".
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All bookies were hit by a string of at the festival, however Ladbrokes also argued that competitors were using bets at levels that did not make business sense.

Ladbrokes likewise verified that it has a ₤ 3m liability if Leicester City win the Premier League.

Despite this promotion code, the business stated it had actually seen an encouraging start to the year.

Revenue was more than 10% higher.

Chief executive Jim Mullen said: "At Cheltenham we were advised of the extreme competitors with offers and pricing at levels which, in our view, abandoned bookmaking principles.
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"We competed difficult however declined to pursue unsustainable methods."

He informed the BBC gambling was for his clients, not his company: "I've constantly said we remain in the betting service, we do not 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 bet9ja's welcome offer contrast to Cheltenham.
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Ladbrokes stated it was "positive" that its results would remain in line with expectations.

'Recreational punter'
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In 2015 Ladbrokes revealed plans to combine with its smaller competitor, Coral.
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UK competition authorities are currently taking a look at the bet9ja's welcome offer.

Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, said the most recent trading declaration from Ladbrokes was encouraging, however the genuine problem was whether the merger with Coral would be enabled: "A merged Ladbrokes and Coral will have a dominant retail position, even if many shops need to be sold.
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"We expect significant expense conserving will be possible due to the fact that there will be large areas of overlap and unnecessary duplication of functions throughout the combined company."

Ladbrokes is pursuing a various technique to that of its rivals by concentrating on customer care and the yohaig code periodic punter, who will not necessarily hunt for the very best chances.
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Mr Clayton said: "The bookie's method is to focus on the 'recreational punter', to put it simply the still soft and flexible, unhardened gamblers out there.

"These individuals do not know what the right chances must be, so it is simpler to build a fat win margin into the bookie's terms."
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