Bookies firm hit by lucky punters

LADBROKES saw first quarter revenues at its Irish operations drop by 11.6% — on a year-on-year basis — due mainly to punter-friendly results at last month’s Cheltenham Festival.

The British bookmaker, which is the second largest player in the Irish betting market, said that while OTC (over-the-counter) stakes were up by 2.4% in its Irish shops, its gross win margin “was significantly impacted by results at Cheltenham” where the higher than normal amount of winning favourites hit most bookies hard.

According to Joe Lewins, managing director of the Irish operations: “Ladbrokes Ireland lost money on all four days at Cheltenham, due to the record number of 13 Irish winners, starting with the heavily supported Hurricane Fly and Quevega on day one, a trend that was to follow throughout the festival.”