Series of wins by favourites takes gloss off Labrokes results as CEO warns intense competition is forcing industry into gambling themselvesBookmaker Ladbrokes has been hit by the worst Cheltenham horse racing festival in living memory,which left the betting industry nursing collective losses of more than £60m.
Cheltenham proved disastrous for bookmakers, as nine favourites and one joint favourite won in the 28 races over four days. Former Barclays banker wealthy Ricci, and now a racehorse owner,scooped nearly £400000 atthe festival when three of his horses romped home. The racing results forced rival William Hill to issue a profit warning last month. Continue reading...
Source: theguardian.com