The Cheltenham Festival is not only one of the biggest sporting events of the year in the United Kingdom but is also a hugely lucrative earner for the local economy. A special report by the University of Gloucestershire found that the 2022 meeting was worth an estimated £274 million to the historic spa town. However, its impact undoubtedly spreads further afield, with many other places across Gloucestershire benefiting from tourism and hospitality revenue. It is a similar story for the gambling industry, with punters clamoring to find Cheltenham betting odds months before the action gets underway.
The History and Significance of the Cheltenham Festival
The Cheltenham Festival, held annually in March at Cheltenham Racecourse in Gloucestershire, England, is a prestigious event in the British horse racing calendar. It typically coincides with Saint Patrick’s Day, and is particularly popular with Irish visitors.
Origins and Evolution: The festival’s origins trace back to 1860 when the National Hunt Chase was first held at Market Harborough. It wasn’t until 1911 that the event found its permanent home at Prestbury Park, Cheltenham, under the official title, “Cheltenham Festival.” Since then, it has grown in stature and popularity, becoming a key date for racing enthusiasts.
Racing Highlights: The festival spans four days, each offering unique races steeped in history. The pinnacle is the Gold Cup, first run in 1924, which has produced many legends of the sport. Other highlights include the Champion Hurdle, Queen Mother Champion Chase, and the Stayers’ Hurdle, each representing the highest class of races for different types of racehorses and distances.
Cultural Impact: Beyond the races, the festival is a cultural phenomenon, showcasing the best of British and Irish horse racing traditions. It’s known for its vibrant atmosphere, with spectators donning stylish and often extravagant hats and outfits. The event also features a variety of food and drink stalls, betting booths, and live entertainment, making it a social highlight of the year.
Economic and Social Significance: Economically, the Cheltenham Festival is a powerhouse. It attracts over 250,000 racegoers each year, including celebrities and royalty, significantly boosting the local economy through hospitality, tourism, and gambling. Socially, it’s a meeting place for enthusiasts to celebrate the heritage and future of National Hunt racing, an important aspect of rural British culture.
Global Appeal: While rooted in British tradition, the festival’s appeal is international. It draws visitors and viewers from across the globe, thanks to its reputation as a festival of horse racing excellence. This global interest is reflected in the coverage it receives, with broadcasts reaching millions of homes worldwide.
In sum, the Cheltenham Festival is not just a series of horse races; it’s an institution with a rich history that celebrates the spirit of competition, the elegance of the equine sport, and the communal joy of spectators.
Economic Impact on Gloucestershire
A special report by the University of Gloucestershire highlighted the immense contribution of the 2022 Cheltenham Festival to the local economy, estimating its value at a staggering £274 million. This festival not only boosts the historic spa town of Cheltenham itself but also benefits the wider region. The influx of visitors during the festival season significantly enhances tourism and hospitality sectors across Gloucestershire, bringing a much-needed economic surge to various businesses.
Boost to the Gambling Industry
The Cheltenham Festival also plays a pivotal role in the gambling landscape of the UK, with enthusiasts eagerly searching for Cheltenham betting odds well in advance of the event. Betting experts suggest that approximately £500 million is staked annually during the festival, though actual figures could be even higher. This immense betting turnover underscores the festival’s widespread allure and its impact on the gambling industry.
Anticipated Changes for 2025
“All the changes are geared towards making the races more competitive,” Walsh said. “The aim is to attract as many of the best horses as possible to run at the Cheltenham Festival and for them to run in the right races.
“Cheltenham is the pinnacle of jump racing and these changes help to maintain that. There will be some people who think these changes go too far and some who think they don’t go far enough.
“The important thing to remember is that those making these changes have done so in the best interests of jump racing and the Festival.”
Improving Visitor Experience
In response to past critiques, several improvements have been made at the Cheltenham racecourse. Notably, the partial lifting of course-side drinking restrictions in the Tattersalls and Best Mate enclosures aims to reduce queues and crowding at bars, enhancing the overall visitor experience. Additional indoor seating has been added, and new meal deals and offers have been introduced to further cater to the needs of racegoers.
Furthermore, the parking facilities have seen significant upgrades, including the addition of more hard-standing surfaces to cover an area equivalent to 17 football pitches. A new park-and-ride system ensures easy access to the festival, with coaches available from 20 different locations.
Despite a dip in total attendance in 2024, with many citing rising costs as a deterrent, the festival organizers have frozen ticket prices and introduced improved group discounts to encourage more people to experience the prestigious event. Additionally, a 20 percent discount on tickets for multiple days of the festival (excluding Gold Cup Day) is now available, making the event more accessible to a broader audience.
Events Following the Cheltenham Festival
Following the Cheltenham Festival, there are several other notable horse racing events in the UK and Ireland that attract significant attention and participation. Here are a few key events that occur shortly after the Cheltenham Festival:
The Grand National:
- Location: Aintree Racecourse, Liverpool, England.
- Timing: Usually held in early April, about three weeks after the Cheltenham Festival.
- Description: The Grand National is one of the most famous and demanding steeplechases in the world. It features a longer course with more challenging fences compared to those at Cheltenham. This event draws a huge audience both on the racecourse and through television viewership globally.
The Punchestown Festival:
- Location: Punchestown Racecourse, County Kildare, Ireland.
- Timing: Typically occurs in late April.
- Description: This is Ireland’s major National Hunt Festival, similar to Cheltenham, and often features many of the same horses, jockeys, and trainers who competed at Cheltenham. The festival includes a mix of hurdle, chase, and flat races.
The Scottish Grand National:
- Location: Ayr Racecourse, Ayr, Scotland.
- Timing: Held in April, usually a week after the Grand National.
- Description: This is a significant National Hunt race in Scotland and serves as the Scottish equivalent to the English Grand National. It’s another tough steeplechase that tests endurance and jumping ability.
Racegoers purchasing a ticket for any day of the meeting will be offered a 20 percent discount on other days, excluding day tickets for Gold Cup Day on March 14. The Jockey Club’s managing director of Cheltenham racecourse, Ian Renton, said: “As with any event of this size, it is never possible to make changes which are welcomed by everyone. “However, we have prioritized listening to our racegoers to put them and their experiences at the heart of the Festival, with the ultimate goal of delivering something that not only meets but exceeds expectations.”
