Originating in 1860, The Cheltenham Festival has become a historically and relevant sporting event for the world over.
From horses with their trainers and jockeys, the private planes, fancy suits and hats, all of which are culturally aligned with ethos of the festival. And the cherry on top is the gambling.
With hundreds of millions of pounds being bet during a four-day race week, many industry professionals estimate around £1 billion is staked on the festivals races, making it one of the most lucrative weeks for gambling in the United Kingdom.
During the 2022 festival, the data collected showed around £500 million worth of bets were processed, highlighting the sheer scale and attention the races pull.
With the Cheltenham Gold Cup being the flagship race on Friday, this is also the single most bet on event of the week.
The average stake is usually low, but the sheer volume rocks the stage in terms of money flooding in.
In a conversation with University of Gloucestershire lecturer, June Bradbury whose speciality is in Serious Games, she broke down the human wants and needs that can coincide within gaming.
Bradbury gave a good perspective on the reasoning for why people get so involved in the gambling side of the festival.
She begun: “We can talk about how alcohol can impact people’s decisions, we can talk about the sunken cost, and we can also talk about people who like the fantasy of going to the races and potentially winning.
“The cultural aspect is very important, it is a fantastic way to escape the mundanity of life and to capture joy for a lot of people.”
For the average gambler, the festival can present an attractive opportunity to engross themselves in the built in ethos of the gamble and the opportunity.
𝐂𝐡𝐞𝐥𝐭𝐞𝐧𝐡𝐚𝐦 𝐅𝐞𝐬𝐭𝐢𝐯𝐚𝐥 𝐃𝐚𝐲 𝟐…
— Coral (@Coral) March 11, 2026
So much to look forward to! 🏇 pic.twitter.com/95FHf1bdWs
With the chance of alcohol fuelling the body and the comradery of your peers, the want, or arguable need to take a risk are increased.
“There are also elements of factionalism. As some people will present themselves as almost betting guru’s,” she continued.
“By placing themselves in a collective and moving together, they may gamble in a similar fashion.
“They may also encourage those who are not gambling to join in”.
Tipsters at the races can provide a form of self-hope, finding a so-called expert of the races, someone that has been around for a while.
Cheltenham Festival Day 2 Preview | Tips from Charlie Poste, Graeme Rodway & David Jennings https://t.co/KEZeFMhIiM
— Paddy Power (@paddypower) March 11, 2026
A trusting figure for whom you are willing to place your hard-earned money on a horse, based on their word – the word of a total stranger.
With money already being spent on travel, clothing, tickets, food and snacks. A lot of people may feel that they have go further and be involved in the perceived main component of the sport, which is the gamble.
There are major components that are tied to gambling that can be seen as undervalued and often missed.
Bradbury added: “The betting hangover is criminally underrated, it has many elements tied to it. It’s knowing that you’ve lost money.
“It’s knowing that people around you know you have lost money. People can feel ostracised by gambling and for a first time gambler, it can feel like a thrill.
“But it truly offers a doorway for something that can become a habit. And that is where the true issues can lie.”
