Gambling companies are expecting "strong profits" from the Cheltenham Festival, which begins on Tuesday, after the previous two events "left them paying out" more than £100M to punters, according to Murad Ahmed of the FINANCIAL TIMES. The "renewed confidence comes from a more unpredictable Cheltenham field than usual." The "lack of clear frontrunners is the ideal scenario for bookmakers" in the "biggest betting week of the year." Bookies suffered "huge losses" during the '15 and '16 festivals after a string of "heavily backed" favorites "cantered home to victory." Last year’s "washout for the bookmakers contributed to a profit warning" from William Hill. The company described it as "the worst Cheltenham Festival in recent history." William Hill, Ladbrokes Coral and Paddy Power Betfair are "counting on a reversal." William Hill CEO Philip Bowcock said, "The fields are more open and more competitive -- and in theory that should ... favor the bookies." Ladbrokes Coral External Relations Dir Donal McCabe estimated the gambling industry will make revenue of £200M ($243.4M) during the festival (FT, 3/11).
