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Ladbrokes suffers worst Cheltenham Festival in memory
bet9ja.com
21 April 2016
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Bookmaker Ladbrokes has actually said this year's Cheltenham Festival was its "worst in living memory".

All were hit by a string of favourites winning at the yohaig code celebration, however Ladbrokes also argued that competitors were using bets at levels that did not make company sense.

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

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

Revenue was more than 10% higher.
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Chief executive Jim Mullen said: "At Cheltenham we were reminded of the extreme competitors with offers and prices at levels which, in our view, deserted bookmaking principles.

"We contended difficult however declined to pursue unsustainable strategies."
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He informed the BBC betting was for his consumers, not his organization: "I have actually always stated we remain in the gambling company, we don't gamble ... I believed Cheltenham was a race to the yohaig code bottom."
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The company said the yohaig code Grand National winner, Rule The World, which was a 33/1 shot, provided a bet9ja's welcome offer contrast to Cheltenham.

Ladbrokes stated it was "confident" that its results would remain in line with expectations.
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'Recreational punter'
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In 2015 Ladbrokes revealed plans to combine with its smaller sized competitor, Coral.

UK competition authorities are currently looking at the deal.

Steve Clayton, analyst at Hargreaves Lansdown stockbrokers, stated the newest trading declaration from Ladbrokes was encouraging, but the real issue was whether the merger with Coral would be allowed: "A merged Ladbrokes and Coral will have a dominant retail position, even if many stores have to be sold.

"We anticipate substantial cost conserving will be possible since there will be large locations of overlap and unnecessary duplication of functions across the combined company."
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Ladbrokes is pursuing a different strategy to that of its rivals by concentrating on customer support and the yohaig code occasional punter, who will not necessarily hunt for the finest odds.
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Mr Clayton said: "The bookmaker's technique is to concentrate on the 'leisure punter', simply put the still soft and malleable, unhardened gamblers out there.

"These people do not know what the right odds need to be, so it is simpler to develop a fat win margin into the bookmaker's terms."