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Cheltenham Festival Costs Bookies £60 Million

Bookmakers certainly took a hit during the Cheltenham Festival this year, with nine favorites and one joint favorite winning races during the weekend, which meant that the books lost more than £60 million.

The impact of the losses to lucky punters was large, with William Hill being forced to issue a profit warning for its upcoming financial results due to the event. Conversely, other companies that were doing well did well enough to counteract the results. Ladbrokes said that while the event did hit them hard, the company's betting results had been positive, and they were still able to claim a 10.6% jump in the first quarter.

This year's Cheltenham Festival ran from March 15th-18th, and saw jockey Rudy Walsh and trainer Willie Mullins continue their dominance, taking sevens wins during the events. Racehorse owner Rich Ricci won £400,000 during the event in purse prizes.

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sharpe's picture
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3 May 2016 - 7:40pm

This also means that the punters are 60 mill pounds to the good Tongue
Not going to sit down and cry for them because we all know it will past long time before they loose such a huge amount again.