by Renee Israel
As the two day Cheltenham Festival 2010 winds down, bookmakers have
confirmed that the pinnacle of Britain's horseracing industry is hugely
profitable.
"It's a proper bonanza for us," said Irish gaming group, Paddy Power. "During
Cheltenham we see more business in the four days than we normally get in three
weeks. There's nothing else like it."
Indeed, with statistics such as the attendance of 200,000 in a two day
period, and millions more watching the races on TV, one could not expect
anything less.
According to the director of sponsorship at Cheltenham Racecourse, Peter
NcNeile, gate receipts alone at the festival total £7 million.
"Let me just say that the festival is very profitable," he said. "On top of
the gate receipts we get £2 million in sponsorship, and have the largest
number of hospitality tents for any sporting event in the UK. We do up to 7,000
restaurant covers over the week, with some paying £600."
Despite tough competition from other sports such as football, horseracing
still remains one of the favourite betting destinations for punters.
The British Horseracing Authority said that in 2009, 5.7 million people
attended the races at around 60 racecourses in England, Scotland and Wales.
Efforts have been made by groups such as Racing for Change to reach an even
larger number of people to make racing even more popular.
A spokesman for Paddy Power commented on the current horseracing betting
scene.
He said that 15 year's ago, horseracing accounted for 90% of the group's
business. "But since the advent of online gambling, betting on sports like
football has really taken off," he said.
"As a result, horse racing's share has fallen back to about 60%, but that is
not racing's fault. As we are continuing to grow our business, while racing's
share of overall betting has fallen, the actual amount of money placed on it has
risen."
