This month will see tens of thousands of visitors to our county for the annual Cheltenham racing festival. It does wonders for the local economy, with estimates of it being worth up to £100 million a year to Gloucestershire businesses.

There is over £4 million on offer in prize money to the owners rich or lucky enough to own the horses in action; around £600,000 of that is available in one race alone – the Cheltenham Gold Cup, the blue riband race on the last day.

But these numbers pale into insignificance compared to the amount of money that will change hands with the bookmakers. Apparently, we will gamble over £150 million of our hard-earned cash trying to beat the bookies over the four days of the festival.

Betting is a growth industry

There are no statistics on how much comes back the other way in terms of punter winnings, but we know that betting is a growth industry, particularly online. The internet bookmakers sponsor most of the major races these days, as well as a number of sporting events.

So why do we put so much money the way of the bookies? It’s taxed income that we are spending for heaven’s sake! Even the cleverest members of my profession haven’t found a way of making a flutter tax deductible.

There will be those who think they know more than the bookies – they don’t, but year in, year out they keep trying. Others will think they have inside information – and some do, but they still need luck in running and to hope that the trainer of another horse in the race hasn’t plotted a better course for his horse.

For some it is down to hours of studying the form and the statistics. Years ago I knew a chap who swore that he studied the racing papers solely to have just six bets a year and was highly disappointed if at least five of them didn’t win. Sadly he was often disappointed! The truth is that we all enjoy the excitement and buzz of trying to win ‘something for nothing’ and most of us fail.

But whether you do fancy a flutter or simply want to get away from it all or couldn’t care less, remember the positive impact that this festival, like the several arts ones later in the year, is having on the local economy.