UK bookmaker Ladbrokes Coral is ditching its commitment to honoring racing odds published in newspaper adverts, calling it “commercially nonsensical” in this day and age.
On Monday, the Racing Post reported that Ladbrokes Coral was abandoning its practice of honoring betting odds printed in newspaper adverts at 8:30am on the day of a given race, which put the bookmaker in the untenable position of having to honor odds that may have dramatically shifted after the info was sent to the printer.
Ladbrokes Coral PR director Simon Clare said the rigidity of the old system often meant “the bookmaker ends up with precisely the opposite position in the market to the one intended. It is not only commercially nonsensical but also a hindrance to providing a modern and professional betting service on horseracing to our customers.”
To soften the blow on its newspaper-reading Luddite betting clients, Ladbrokes has joined Coral in promising to accept wagers to lose up to £5k on all ITV races from 9am on race days. However, this offer applies only to bets made in shops, as Clare claimed it was “not possible to extend such a guarantee to our digital channels … due to the challenge of trading volumes of bets in a very short time period.”
The end of this antiquated publishing practice wasn’t the only recent alteration of the Ladbrokes Coral landscape. Last week, the company announced that its Playtech-powerered Ace Kingdom online casino brand would be shutting its digital doors for good on October 31.
A message sent to Ace Kingdom customers expressed sorrow at the news, but offered customers an exclusive welcome bonus if they transferred their online affections to the Gala Casino brand. Affiliates have been assured that all obligations will be honored.
Ladbrokes offered no insight as to what prompted the shutdown of the site, which launched operations only two years ago.
