Ladbrokes Suffers Worst Cheltenham Festival In Memory Ladbrokes suffers worst Cheltenham Festival in memory 21 April 2016 Bookmaker Ladbrokes has actually stated 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 using bets at levels that did not make service sense. Ladbrokes also validated that it has a ₤ 3m liability if Leicester City win the Premier League. Despite this, the company stated it had actually seen a motivating start to the year. Revenue was more than 10% greater. Chief executive Jim Mullen stated: "At Cheltenham we were advised of the extreme competitors with offers and prices at levels which, in our view, deserted bookmaking principles. "We competed tough however declined to pursue unsustainable strategies." He told the BBC gambling was for his customers, not his company: "I have actually always stated we're in the gaming company, we don't bet ... I believed Cheltenham was a race to the bottom." The business said the Grand National winner, Rule The World, which was a 33/1 shot, delivered a welcome contrast to Cheltenham. Ladbrokes said it was "positive" that its outcomes would remain in line with expectations. 'Recreational punter' Last year Ladbrokes revealed plans to merge with its smaller competitor, Coral. UK competitors authorities are presently looking at the offer. Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the most recent trading declaration from Ladbrokes was motivating, but the real 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 shops have to be sold.