A study on the economic impact of the Cheltenham Festival in the Irish economy was conducted last season by the University of Gloucestershire on behalf of the racing event. The result, €22.3 million were spent during the 4 days of the event in tickets, food, drinks, entertainment and horserace betting.
The Irish fans represent the base of attendants with 30% of all tickets sold. That St. Patrick’s Day is held during the same time period is also a significant factor in the economic impact. On average each Irish fan attendant purchased 4.5 tickets each.
Add to the ticket selling stravaganza the weight of the bookie industry that has grown by 22% since 2010 in the Irish population alone.
Ian Renton, the Regional Director of the Jockey Club from the South West region, said: “The Festival is one the biggest and most successful sporting occasions of the year involving Britain and Ireland. Over the years, it has become synonymous with Ireland through the participation of its great horses, trainers, jockeys, owners and staff.”
Brian Kavanagh, the Chief Executive of Horse Racing Ireland claims the impact of the horse racing industry in the country is estimated at €1.1 billion per annum, impacting several levels of society from the racers and their connections, to the small businesses surrounding the event.
When interviewed about this matter Kavanagh had this to say: “Cheltenham has often been described as the Olympic Games of jump racing, and we are all counting the days to 14th March.”
This is how the €22.3 Were Spent
- Entertainment (including betting) €5.23 million
- Food and Drink €4.5 million
- Accommodation €4. Million
- Entry fees €2.6 Million
Per person the average spent was of:
- Entertainment €556
- Tour Package €508
- Accommodation €419
Food and drink €374
2017 is set to break that €22.3 mark with Record Attendance
Tickets for Gold Cup Day have sold out by Wednesday 15th of February, significantly sooner than in 2016. By that date tickets for the first three days were still available but selling fast.
Chief executive of the Cheltenham Festival Ian Renton said to the press this week: “All three enclosures on Gold Cup day are sold out and this has happened significantly earlier than in 2016. We have seen strong demand for badges and tickets across all four days of the festival, not just Gold Cup Day, and look forward to welcoming racegoers in March.”
The final day of last year’s festival attracted an attendance of 70,242, this year that number will be either equaled or maxed out to the full maximum of capacity.
Already numerous bettors have flocked to online bookies to set their future bets, Trainer Willie Mullins leading the mark with several top contenders. For more information visit Gold Cup day odds with William Hill, the favorite horseracing online bookie in the entire UK.
