Goodwood no longer so glorious according to bookmakers

Lea Hogg August 7, 2024

‘The turnover just wasn’t really there’ said bookmakers as they gave mixed verdicts on betting trade at Glorious Goodwood.

The iconic horse racing event has recently been the subject of concern among bookmakers. They have expressed worries over the levels of betting interest at the event, as on-course firms offered a mixed review of trade at the meeting last week.

Betting turnover is down, and general sports fans are not seeking horse racing in the numbers they used to. There appears to be something that isn’t resonating with the broader public as powerfully as it once did.

Tattersalls bookmaker Martin Davies reported a noticeable decrease in the number of tickets he took, which was down ten per cent compared with the previous full meeting in 2022. This decline in ticket sales is indicative of the reduced betting interest at the event.

Davies’ take and profit were also reduced by 14 per cent compared to two years ago. The average stake per slip also saw a decrease, going from £13.95 to £13.32. Despite these changes, the percentage profit stayed almost exactly the same at 12.65 per cent gross.

These figures suggest a shift in the betting landscape at Glorious Goodwood. While the profit margins remain steady, the reduced number of tickets and lower stakes per slip point to a decrease in overall betting activity.

On a sunny summer afternoon, the track consistently lives up to its “Glorious” reputation. This historic cultural branding is something most racecourses can only aspire to. The cost-of-living crisis that has gripped Britain for the past three years cannot be overlooked, but Waterworth believes there are other issues that racing as a whole needs to confront.

Bookmakers investigate downturn to revive betting interest

This year’s Goodwood has sparked discussions among bookmakers and stakeholders in the horse racing industry. The focus is on understanding the factors driving these changes and exploring strategies to rekindle betting interest at Glorious Goodwood.

Goodwood, like most of Britain’s major tracks, has experienced a drop in attendance since the pre-Covid era. The five-day Festival meeting would typically attract attendance in the six figures. The 2019 figure of 100,104 fell to 95,359 by 2023. Adam Waterworth, Managing Director of Goodwood, observed from the advance sales figures in early July that this year’s total would likely be not more than last year.

Perched on a hill just outside Chichester, Goodwood offers breathtaking views of the Isle of Wight on clear days. This unique location makes it a valuable and marketable asset in British Flat racing. The third Duke of Richmond, who owned the 11,000-acre Goodwood Estate, established it. Since its first public meeting in 1802, it has continued to draw punters under the stewardship of the 11th Duke, eight generations of landed nobility later.