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Cheltenham Festival Makes Betting History
GLOUCESTERSHIRE --
The 2008 Cheltenham Festival in England may be the largest sports betting event in the history of gambling. The multi-day event, which concludes today, accepted more bets than the Kentucky Derby and Breeder's Cup combined.
In addition, it accepted over 6-times as many bets as Las Vegas received for this year's memorable Superbowl between the Giants and the Patriots. Of course, that doesn't count all of the Superbowl bets taking place with neighborhood bookies and illegal offshore sportsbooks. Even if those bets were counted, it would not come close to Cheltenham.
Never heard of the Cheltenham Festival? Well, if you live inside North America, you're not the only one. The Cheltenham Festival is a series of 25 horse-races, over a four-day period held in England. The event draws more than 200,000 total spectators and millions more tune-in on television. The event does not receive much coverage in North America.
"This year's Cheltenham Festival is the largest event in the history of sports-betting," said a spokesman for Ladbrokes to a group of reporters.
The reason for all the betting action is very simple. There are thousands of legal sports betting shops in England. On just about every main street, you can walk into either Ladbrokes or William Hill and place a bet. The sports betting shops are as prevalent in the UK as Starbucks are in the United States.
Interestingly, the percentage of those addicted to gambling in the UK is much lower than in the United States.
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