The world's biggest National Hunt horse racing event "canters into Cheltenham this week, providing a huge financial boost to both the sport and the local economy," according to Bill Wilson of the BBC. The event brings in more than £20M ($24.3M) through ticket sales, hospitality, sponsorship and other income, and there is some £4.3M ($5.2M) in prize money on offer, "the most of any jump festival in the world." Meanwhile, the four-day event is "also estimated to bring in" £100M ($121.5M) to the wider Gloucestershire economy. On average, some 65,000 people will attend the event each day, "spending money on accommodation, food and drink, and betting." In financial terms, the event is the U.K.'s "second largest racing festival after the flat racing at Royal Ascot, which lasts one day longer." The '17 event is also the second since the £45M ($54.7M) revamp of the course, "which included building a new grandstand." That investment in facilities enabled organizers to "nearly double their income from hospitality," from £4.7M four years ago, to £9M ($11M) now (BBC, 3/14).
