Irish sports betting firm Paddy Power estimated that British punters would wager well over £1 billion during this year’s Cheltenham Festival. The brand also estimated that around 300,000 cash bets would be placed every hour during the course of the racing event, and it turns out they may well have been right.
Bettors were expected to wager around £12 each during the 2018 Cheltenham Festival. Industry insiders had also noted that Royal Family fans could wager millions of Pounds on horses with royal names to celebrate the recent birth of Prince William’s third child, as well as Prince Harry’s wedding to US national Meghan Markle.
The 2016 Cheltenham Festival became a nightmare for bookmakers; with punter-friendly results creating massive losses that impacted their revenues for months after the fact. Named the worst Cheltenham Festival in the race’s history, the event left bookies with combined total losses of over £60 million, while punters themselves enjoyed fatter bankrolls for it.
William Hill was one of the hardest-hit bookies from the unexpected results in 2016, being forced to send out a profit warning and lower its annual racing profit estimations by £30 million. The 2017 edition of the race, however, was one of the best for bookmakers; with Robbie Power’s Gold Cup win saving bookies a total payout of around £20 million.
2017 was a better year, and this year’s festival was the final edition of the legendary event, and it seemed it went out in style.
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