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Ladbrokes Expects Disappointing Results Due to Too Many Winners

Ladbrokes Expects Disappointing Results Due to Too Many Winners

Britain’s second largest bookmaker, Ladbrokes, has had to issue a shock profit warning. It says that it expects annual operating profits to fall this year following a disappointing first quarter performance in horse racing and online gaming.

Ladbrokes Expects Disappointing Results Due to Too Many Winners

The bookmaker Ladbrokes has issued a shock profit warning after too many bets went in the punters’ favour

The reason for this is fairly simple, there were too many winners. While odds are usual in the favour of the house, occasionally an online gamer will have a winning streak.

This is exactly what happened with many of Ladbrokes customers, there were so many winners that Ladbrokes was forced to offer an explanation to its shareholders.

In a statement the Chief Executive, Richard Glynn, said, “The trading environment and economic conditions since the start of the year have remained challenging.”

The company was also forced to payout more than expected due to a number of favourites winning at this year’s Cheltenham Festival.

Bookmakers are usually able to make back profits when a favourite fails to win, such as Tiger Woods at this year’s Masters Tournament. This means that in the long run bookmakers design odds to make sure that they still make a profit. However, clearly this doesn’t always work out showing that it really is possible to win at betting.

OCA News Editor

Keeping up with the latest trends in entertainment, Matt Holden brings celeb news to the front page of OCA. Matt loves numbers games and researches the highest paying lottery draws to play.

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