Sports Betting News: Cheltenham Festival Receives Sponsorship Boost

Cheltenham Racecourse has secured two new sponsorship deals ahead of the upcoming 2024 edition of the prestigious Cheltenham Festival.

The Jockey Club-owned venue agreed a new deal for the opening Grade 1 novices’ hurdle on day two and an extension to the existing sponsorship for the Cheltenham Gold Cup.

Read on as we look at this latest development for the Festival, before assessing some of the other top stories from the sports betting industry this week.

Boodles, a top-class British jeweller, will continue to sponsor the Cheltenham Gold Cup until the 2027 edition after agreeing a new three-year deal with racecourse bosses.

The firm has become an official partner of the Jockey Club in a move which will see the Boodles name feature on horse racing betting sites when other big meetings are staged.

The opening contest on the second day of Cheltenham Festival also has a new sponsor from the insurance sector, with the Baring Bingham set to be run as the Gallagher Novices' Hurdle.

The Sir Peter O'Sullevan Charitable Trust has agreed to provide financial backing to a project offering mental health support to trainers in horse racing.

The three-year funding will help the Racehorse Trainers Benevolent Fund's Trainer Support Network provide emotional and psychological support to members of the profession.

The legendary commentator was a big advocate of the importance of health and wellbeing in racing and would undoubtedly have endorsed this important initiative.

Updated figures recently published by the Levy Board revealed the latest forecast for the money raised by the levy will be around £102.5 million for 2023/24.

The financial period for the levy ends on March 31, and the final figure could be impacted by activity on betting sites during the 2024 Cheltenham Festival.

A figure of £102.5m would be the highest levy yield since the £115.3m raised in 2007/08 and would be welcome news for the racing industry.