Punters to splash out £600m

Punters are expected to stake a record £600million on this week's Cheltenham Festival.

The addition of a fourth day, combined with the growth of internet gambling, have bookmakers eagerly anticipating a betting bonanza over.

Coral, Britain's third largest firm, account for around 10 per cent of the UK betting activity and they are confidently predicting a Festival-inspired turnover of £60m.

Multiplied across the industry this would add up to £600m, easily eclipsing the amount bet on any other single sporting event in the UK.

Coral spokesman Simon Clare said: "It's going to be a puntfest. The extra day may mean some racegoers and stable staff suffer Cheltenham fatigue, but it won't concern the punters in the shops.

"There are people who plan their holidays to coincide with Cheltenham and they will love the fact that it has now been extended to four days.

"Every bookmaker in Britain is firmly behind the increase which will almost certainly be reflected in a straight 25 per cent uplift in turnover."

The growth of internet betting, including exchanges such as betfair, now accounts for around 10 per cent of UK gambling, while another 15 per cent comes from telephone betting.

But cash remains king with high street shops - and the Cheltenham ring - still the most popular ways for punters to back their horses. Industry experts expect as much as £50m to be staked on course during the Festival.

Even before racing gets under starter's orders at Prestbury Park tomorrow, bookmakers are already in the black following the withdrawal of ante-post Gold Cup favourite, Best Mate, due to a burst blood vessel.

Had Henrietta Knight's horse been successful in winning the race for the fourth time, layers were facing liabilities of £10m.

Now Kingscliff in the Gold Cup, Hardy Eustace in the Champion Hurdle and Moscow Flyer in the Queen Mother Champion Chase are the results they fear most.

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