Speaking to Bloomberg News Ladbrokes CEO Jim Mullen has detailed that his firm stands to lose £1 million per England win during Euro 2016 opening half (France June 10 – 10 July).
Gearing up for a crucial period in bookmakers’ calendars, Mullen stated that England winning the Euro 2016 tournament would pose ‘the biggest single risk’ to Ladbrokes financial year results.
“For the first half of the tournament we could be significantly in the red,” Mullen stated
“Then in the second half, when it comes down to the big eight teams, it gets tougher, and that’s when I try to get my money back. But it’s extremely nerve-racking.”
Like its rivals Ladbrokes had been negatively impacted by the fairytale story of Leicester City winning the English Premier League, which saw the bookmaker pay-out £3 million in winnings.
Leicester City’s title triumph saw bookmaker rethink its long odds strategy with Mullen stating that no UK bookmaker would dare to price 5000-1 market odds again.
The longest odds Ladbrokes will offer at the start of Euro 2016 will be for Albania and Northern Ireland winning the tournament at 300-1.