The Cheltenham Festival, once a three-day gathering for country types, has evolved into a key indicator of the health of British horse racing. This year, the sport arrives in Gloucestershire amid leadership chaos, with Charles Allen stepping down as chair of the British Horseracing Authority after just six months. There is talk of a schism in the racing family, as showpiece tracks like Cheltenham demand greater influence over outcomes.
Despite off-course concerns, the festival's betting turnover has soared. In 2013, 15 festival races ranked in the annual top 40 by turnover; by 2022, all 28 races were in the top 35. Even the Festival Hunter Chase now makes the list, as punters recycle winnings from the Gold Cup. The Martin Pipe Novice Handicap Hurdle, the last race on Gold Cup day, ranked fifth last year, surpassing the Derby, which failed to make the top ten.
However, on-course attendance has declined. A record 280,627 attended the first post-Covid festival in 2022, but last year's total of 218,839 was down 4.9% on 2024 and 22% below the peak. The first three days have lost a quarter of their live audience in three years. Yet attendances at Cheltenham's other meetings have been at record levels, including 44,151 on New Year's Day, exceeding last year's festival Wednesday figure of 41,949.
Chief executive Guy Lavender has introduced measures to improve the customer experience, including ending the ban on taking alcohol to the lawns, introducing a covered food court, and slightly cheaper beer. Car parks have been upgraded, and a scheme to reduce local accommodation costs is under way. Lavender, who arrived from Marylebone Cricket Club, has had a full 12-month run-up to the 2026 festival, and daily attendance figures will be closely watched for signs of a revival.
On the track, Irish-trained runners have dominated the Prestbury Cup, winning 175-101 over the last decade. A 14-14 draw in 2019 is the closest the home team has come to victory since 2015. While no one expects a return to the 1980s, the festival remains a crucial barometer for the sport's future.
