How Punters Crushed Bookies in the 2016 Cheltenham Festival

The most anticipated horse racing event of 2016, the Cheltenham Festival is one that will be fondly remembered by punters for many years to come. On one hand, the competition was among the best horses and their jockeys, on the other, bookmakers were counting on for lucrative days. To say that they were wrong would be the understatement of the week, as the horse racing event was a financial disaster.

The house rarely loses, but when most of the favorites win and punters back them massively, the costs are staggering. It is estimated that around 60 million pounds were lost by UK bookmakers, which will definitely eat in their profit margins for the entire 2016. The Cheltenham Festival is a breath of fresh air for the punters, who are expected to return in greater numbers next year. Meanwhile, UK punters have a plethora of licensed online sports books to bet on horse racing, as these gambling operators become a mainstream in the kingdom.

A Promising Cheltenham Festival Start

Veteran horse racing punters don’t wait for the Cheltenham Festival to cast their bets, but wager on a daily basis. Bookmakers are happy to take their business, but they know that these are not the ones that will fill their coffers at the end of the year. While savvy punters are marginal winners or losers, the house cashes in on the naivety and enthusiasm of casual players.

This year wasn’t supposed to be any different, but three winning favorites set the bookies back on Tuesday. Things went from bad to worse the very next day and didn’t improve much on Thursday, so the online sports books were counting on Friday to save the week. Ivanovich Gorbatov and Superb Story won and Don Cossack crushed competitors in the Gold Cup, winning a small fortune for those who backed him. His performance wrapped up one of the most expensive Cheltenham Festivals for the bookmakers.

A Fighting Chance for Amateur Punters

The Cheltenham Festival 2016 results bolster the morale of wannabe punters, who are expected to return next year in greater numbers. Bookmakers hope that in the long run, the losses suffered on this occasion will be completely offset and their profit margin will be restored.

The silver lining is that the popularity of horse racing is on the rise and profitable bets are just some of the catalysts for this group. People who have never had an interest in horse races before are more open to the idea, due to the accessibility of betting on the go using a mobile device. Licensed regulated bookies project an image of trustworthiness, as they always pay the winners on time and in full.

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