Punters to splash out £600m

Punters are expected to stake a record £600million on this week's Cheltenham Festival.

The addition of a fourth day, combined with the growth of internet gambling, have bookmakers eagerly anticipating a betting bonanza over.

Coral, Britain's third largest firm, account for around 10 per cent of the UK betting activity and they are confidently predicting a Festival-inspired turnover of £60m.

Multiplied across the industry this would add up to £600m, easily eclipsing the amount bet on any other single sporting event in the UK.

Coral spokesman Simon Clare said: "It's going to be a puntfest. The extra day may mean some racegoers and stable staff suffer Cheltenham fatigue, but it won't concern the punters in the shops.

"There are people who plan their holidays to coincide with Cheltenham and they will love the fact that it has now been extended to four days.

"Every bookmaker in Britain is firmly behind the increase which will almost certainly be reflected in a straight 25 per cent uplift in turnover."

The growth of internet betting, including exchanges such as betfair, now accounts for around 10 per cent of UK gambling, while another 15 per cent comes from telephone betting.