Flatwork, polework & gymnastics at Askham Bryan College
Friday 14 March 2025
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Nestled in the heart of Gloucestershire, the historic spa town of Cheltenham is known for its elegant Regency architecture, lush parks, and vibrant cultural scene. However, it is perhaps best recognised for hosting the Cheltenham Festival at Prestbury Park - one of the most prestigious events in the British horse racing calendar.
Each March, this four-day spectacle attracts racing enthusiasts from all over the world, but its significance extends far beyond the track. The festival’s economic impact on Cheltenham and the wider Gloucestershire region is profound, generating vast revenues for local businesses, the tourism industry, and the gambling sector.
Cheltenham Festival has a storied past, dating back to 1860 when the National Hunt Chase was first held at Market Harborough. However, it took 51 years for the event to find its permanent home at Prestbury Park in Cheltenham from 1911. Over the years, it has evolved into a four-day extravaganza featuring 28 races, including the legendary Cheltenham Gold Cup, the Champion Hurdle, and the Queen Mother Champion Chase.
The festival’s popularity has been further bolstered by its alignment with St Patrick’s Day, attracting a significant number of Irish visitors each year. It is also a staple event for many dedicated racegoers in general, as a 2022 study found that more than half (53%) of attendees ‘always or usually’ make the trip to Cheltenham, while two-thirds (67%) considered it a ‘bucket list’ experience.
Cheltenham Festival is one of if not the biggest economic contributor to the local area. A special report by the University of Gloucestershire found that the total economic impact (both direct and indirect) of the 2022 festival was an estimated £274 million - an increase from around £100 million in 2016. This rise highlights the festival’s growing significance, not only for Cheltenham itself but for businesses across Gloucestershire.
Hotels, bed and breakfasts, and short-term rentals via platforms like Airbnb experience a major surge in demand during the festival, leading to a reported estimation of 650% inflation in prices compared to differing times in the year. While more than half of attendees travel to Cheltenham and return home on the same day of their visit, a significant portion of racegoers extend their stays. About a third of visitors arrive at least a day before the festival and remain in the area for some time after the event, boosting local hospitality businesses even further.
The average expenditure per attendee has also increased notably. In 2016, racegoers spent an average of £584 during their visit, but by 2022, this had risen to £697. These figures highlight the festival’s ability to drive high levels of consumer spending in the town’s restaurants, bars, and retail outlets.
The festival also plays a pivotal role in the UK gambling industry. Punters eagerly anticipate the event, with many often keeping an eye on the fluctuating Cheltenham betting odds. The sheer scale of wagering at the festival is staggering - an estimated £500 million was staked on the action in 2022 alone. The Gold Cup, the festival’s flagship race to conclude the whole event, accounted for £350 million of that total, illustrating its prominence among bettors.
This high level of betting activity has made Cheltenham one of the most significant annual events for bookmakers and betting platforms, both in the UK and internationally.
With around 250,000 attendees in 2024, the four-day festival continues to attract hundreds of thousands of visitors, prompting organisers to introduce improvements to enhance the racegoer experience. To ease congestion and improve accessibility, a park-and-ride system has been introduced, offering transport from 20 different locations. Parking facilities have also been upgraded, with additional hard-standing surfaces equivalent to the size of 17 football pitches, ensuring better conditions for visitors.
In response to past feedback, racecourse facilities have seen enhancements, including additional indoor seating and new dining options. Organisers have also revised ticketing policies, freezing prices for the 2025 edition of the festival, which is just around the corner and offering improved group discounts. A 20% discount has been introduced for racegoers attending multiple days of the festival (excluding the popular finale, Gold Cup Day), making it more accessible to a broader audience.
Beyond its economic benefits, Cheltenham Festival plays an important role in the cultural and social fabric of the town. The event fosters a sense of pride among residents and supports local businesses in ways that extend beyond the four-day spectacle. The festival’s influence can be seen in various community engagement initiatives, including collaborations with local charities, schools, and arts organisations.
Additionally, the influx of visitors brings a unique vibrancy to Cheltenham, with high-street retailers, independent shops, and entertainment venues enjoying a seasonal boost. The festival’s role in maintaining Cheltenham’s reputation as a cultural hub cannot be overstated.
As Cheltenham Festival continues to grow in stature, its role as an economic powerhouse for the region is expected to expand. Future developments may include further investments in infrastructure, sustainability initiatives to reduce the environmental impact of the event, and enhanced digital engagement to attract a wider global audience.
Despite challenges such as rising travel and accommodation costs, organisers remain committed to maintaining the festival’s accessibility and appeal. By striking a balance between tradition and modern innovation, the festival can continue to thrive, ensuring long-term benefits for Cheltenham and its residents.
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