Bookies set for the off on euro

BRITISH bookmakers were bracing themselves for their first major dealings in the euro today as 10,000 Irish racegoers descended on Cheltenham for the three-day meeting.

With a fifth of the festival crowd coming from the Republic, bookies were nervously studying the local council's guide to recognising the new currency. The Irish punt ceased to be legal tender on 10 February.

Bookies, however, are anticipating record-breaking turnover from this week's festival - the first to be staged under the Government's tax-free betting regime. One firm estimates betting could be worth £200m as a result.

Hotels, restaurants and bars are geared up for the euro and staff have been having lessons in the new currency. A spokesman for the Hotel Kandinsky said: 'We never accepted Irish pounds, but with so many of the racegoers betting in euros we would be losing out.'

Last year's meeting was cancelled because of foot-andmouth and this year's festival, the highlight of the National Hunt year, is a sellout. More than 50,000 people will pour on to the Cotswold racecourse today to watch top jockeys including Zara Phillips's boyfriend Richard Johnson compete on some of the world's best horses.

Since Chancellor Gordon Brown scrapped betting duty on 6 October last year, punters have been able to bet without deductions on the High Street - rather than only at one of Britain 59 racetracks or through an offshore firm. A £10 bet now costs just that, instead of £10.90.

Bookmakers report turnover has since increased by up to 40% with the punter's pound stretching further. 'Since off-course betting became tax-free last October, turnover in general is up 30% to 40%. You'd expect Cheltenham to perform along those same lines at least,' said William Hill spokesman David Hood. 'I would guess the bookies oncourse will turn over £1m for each of the 20 races.'