No Profits Warnings Caused by the 2023 Grand National
A Grand National winning favorite is traditionally bad news for bookmakers. When that favorite is a mouthwatering 8/1, and a pair of 10/1 shots also finish in the first four, a profits warning is normally issued by the major betting companies.
Derek Fox celebrates his Grand National victory aboard Corach Rambler. The bookmakers were not hit-hard despite the winner starting as the big-race favorite. ©GettyImages
But the balance sheet of online sportsbook operators seemingly does not have an outrageous red-penned figure entered in its debit column. “Mundane” and “muted” are the descriptions being bounded about by press officers reporting on their companies’ Grand National trading figures.
The race always attracts vast numbers of small bets from recreational gamblers. However, with British households struggling with a cost-of-living crisis, high inflation, and borrowing costs, it seems many chose not to increase their bet sizes on this year’s race.
Small Winning Flutters Add Up to Seven Figures
Flutter Entertainment – the owner of the Sky Bet, Betfair, and Paddy Power brands – reported they took 10.9 million bets on the race via its UK and Ireland-facing online brands. The figure was only slightly up on 2022’s 10.4 million bets.
For the London Stock Exchange listed company, Corach Rambler’s victory reportedly cost Flutter a “seven-figure sum”. But it is believed the damage was not a scratch on the £40 million the company lost on the 2022 World Cup.
Lee Phelps, a spokesman of William Hill, whose non-U.S. assets were purchased by 888 from Caesars Entertainment last year – info found in our William Hill review, reported a turnover of c£200 million for the Grand National last year.
This week he said: “We are looking at numbers in line with last year, so no notable growth to report, which was expected given the wider fiscal and regulatory headwinds in the UK at the moment”.
Ladbrokes Shy on Stats but Facts Speak
Entain, owners of Ladbrokes were similarly coy about its profit, loss, or turnover on the 2023 Grand National. The company did divulge 18 percent of its UK online customers backed Corach Rambler. If more than one bet in six was placed on the 8/1 winner, simple math dictates the firm must have lost money on Saturday.
They will survive as figures released on Tuesday morning show Entain’s net gaming revenue rose 11 percent for the three months ending on March 31st. The company, which owns Coral betting shops – as well as Bwin and PartyPoker online brands – also states their active customer numbers rose 19 percent from a year earlier.
⭐️ Corach Rambler – a magnificent winner of the 2023 @RandoxOfficial #GrandNational
He gives Derek Fox & @lucindavrussell a second win in the world’s most famous chase at @AintreeRaces pic.twitter.com/8pyBYNtJ0s
— Racing TV (@RacingTV) April 15, 2023
Drinks on Coffey at Kindred
Alternatively, Unibet owners, Kindred Group, declared Corach Rambler’s victory – despite being well backed on the day – as “a positive result in the book”. Ali Gill, the company’s Racing Product Manager said: “Corach Rambler was very well backed on the day having been put up in a few spots and going off 8/1, but all told it was a positive result in the book”.
“Our biggest liability overall was Mister Coffey, so a few hearts in mouths as he lobbed along nicely most the way, and some relief as he tired late on and couldn’t quite hold on for a place,” he added.
A Shame, Dog and a Lash Save 365 and Fred
Bet365 PR man, Steve Freeth, declared his company had managed to “dodge the bogeys,” saying: “On the face of it, an 8/1 winning favorite, two 10/1s and a 12/1 in the places, you’d have thought we’d have had a shocker. There was a right old gamble on Back On The Lash, backed from 50/1 (into 22/1), who was top of the liabilities by some way”.
Another firm with its roots in the north of England, as seen in our Betfred review, also seemed to survive the Grand National unscathed. Representative Alan Firkins said: “Despite the favorite obliging nicely, we still had a decent Grand National. Best-backed with us were Ain’t That A Shame, Any Second Now, and The Big Dog, with only the latter in fifth costing us courtesy of enhanced place offers”.
Early betting on the 2024 Grand National sees the new champion, Corach Rambler, trading as the 20/1 favorite. The best online betting sites then list 2023 third, Gaillard Du Mesnil, and Monbeg Genius on 25/1. The 2022 winner – and 2023 fourth – Noble Yeats can be backed at 33/1.
