Ladbrokes Suffers Worst Cheltenham Festival In Memory Ladbrokes suffers worst Cheltenham Festival in memory 21 April 2016 Bookmaker Ladbrokes has stated this year's Cheltenham Festival was its "worst in living memory". All bookies were hit by a string of favourites winning at the festival, however Ladbrokes likewise argued that competitors were offering bets at levels that did not make business sense. Ladbrokes likewise confirmed that it has a ₤ 3m liability if Leicester City win the Premier League. Despite this, the company stated it had actually seen an encouraging start to the year. Revenue was more than 10% greater. President Jim Mullen said: "At Cheltenham we were advised of the extreme competitors with offers and prices at levels which, in our view, abandoned bookmaking concepts. "We completed hard but declined to pursue unsustainable methods." He told the BBC gaming was for his clients, not his business: "I've constantly stated we're in the gambling business, we do not bet ... I thought Cheltenham was a race to the bottom." The business stated the Grand National winner, Rule The World, which was a 33/1 shot, provided a welcome contrast to Cheltenham. Ladbrokes stated it was "positive" that its results would be in line with expectations. 'Recreational punter' In 2015 Ladbrokes revealed strategies to merge with its smaller competitor, Coral. UK competition authorities are currently looking at the offer. Steve Clayton, expert at Hargreaves Lansdown stockbrokers, said the current trading declaration from Ladbrokes was motivating, but the real problem was whether the merger with Coral would be allowed: "A merged Ladbrokes and Coral will have a dominant retail position, even if lots of stores need to be offered off.