Bookies expect bumper Cheltenham despite recession

By Darren Ennis

BRUSSELS (Reuters) - Punters are likely to ignore the recession for the annual betting frenzy at this year's Cheltenham Festival, chief executive of the European Remote Gambling Association Clive Hawkswood said on Monday.

"I am sure turnover is going to be good for online, betting shops and on-course bookmakers," the CEO of the association, which includes Ladbrokes, William Hill and Paddy Power among it members, told Reuters in an interview.

"Cheltenham is so huge. There is such a high degree of interest in Cheltenham and it has become such an integral part of the racing calendar."

Hawkswood warned that bookies' profits could slump at the four-day festival which starts on Tuesday if hot favourites such as Kauto Star -- 15-8 to become the first horse ever to regain the prestigious Cheltenham Gold Cup -- are first past the post.

"The turnover is so huge at Cheltenham that if some of the high rollers get stuck into the short-priced favourites and they come in, we will suffer," he said.

"There are quite short-priced favourites for an awful lot of races, more than normal. Were they to come in, it will be a bad Cheltenham for bookmakers. No bookmaker will be immune.

"But if the outsiders come in, then the level of profit could go through the roof," Hawkswood added.

(Editing by Padraic Halpin)