Festival bookies get ready for 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 Irish 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, ruling out a betting boom caused by people using up the old currency. But with record crowds at Cheltenham, bookies were expecting brisk business.

Hotels, restaurants and bars are also geared up for the new currency and staff have been having lessons in euros. 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 due to foot-and-mouth and this year's festival - the highlight of the National Hunt year - is a sell-out. More than 50,000 people will pour onto the Cotswold racecourse today to watch top jockeys including Zara Phillips's boyfriend Richard Johnson compete on some of the world's best horses.

A great British winner