Series of wins by favourites takes gloss off Labrokes results as CEO warns intense competition is forcing industry into gambling themselves
Bookmaker 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 Rich Ricci, now a racehorse owner, scooped almost £400,000 atthe festival when three of his horses romped home. The racing results forced rival William Hill to issue a profit warning last month.
Related: Ladbrokes faces £3m bill if Leicester win Premier League, but results please
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