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Ladbrokes suffers worst Cheltenham Festival in memory Ladbrokes suffers worst Cheltenham Festival in memory
(about 1 hour later)
Bookmaker Ladbrokes has said this year's Cheltenham Festival was its "worst in living memory".Bookmaker Ladbrokes has 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 Ladbrokes also argued that rivals' were offering bets at levels that "abandoned" bookmaking principles. All bookmakers were hit by a string of favourites winning at the festival, but Ladbrokes also argued that rivals were offering bets at levels that did not make business sense.
It also confirmed that it has a £3m liability if Leicester City win the Premier League. Ladbrokes also confirmed 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.Despite this, the company said it had seen an encouraging start to the year.
It added that it was "confident" that its results would be in line with expectations. Chief executive Jim Mullen said: "At Cheltenham we were reminded of the intense competition with offers and pricing at levels which, in our view, abandoned bookmaking principles.
Chief executive Jim Mullen said: "While results have generally been favourable, Cheltenham proved to be the worst in living memory which took some of the shine off the period."
He said Ladbrokes had refused to follow its competitors' prices: "At Cheltenham we were reminded of the intense competition with offers and pricing at levels which, in our view, abandoned bookmaking principles.
"We competed hard but refused to pursue unsustainable strategies.""We competed hard but refused to pursue unsustainable strategies."
He told the BBC gambling was for his customers, not his business: "I've always said we're in the gambling business, 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.The company said 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.
Last year Ladbrokes announced plans to merge with its small rival, Coral.
UK competition authorities are currently looking at the deal.