32Red Takes the Lead in Cheltenham Festival's World Hurdle Sponsorship Stakes

January 21st, 2016

SHARE

32Red Takes the Lead in Cheltenham Festival's World Hurdle Sponsorship Stakes

The race to sponsor the Cheltenham Festival's World Hurdle is on, and 32Red is looking like the frontrunner.

The Cheltenham Festival, which takes place in March this year, is one of British horse racing's marquee events, and over the last few weeks it's also become the source of heated discussion. Last October, details of a major sponsorship shakeup began to emerge. In an effort to increase offshore contributions to the racing industry, the British Horseracing Association (BHA) introduced the Authorised Betting Partner (ABP) scheme.

Betting Partners to Fill £30 Million Void

Designed to compensate for some of the £30 million in revenue the BHA estimates that it's losing each year, the scheme gives all offshore operators the voluntary option to sign up to become ABPs and contribute 10.75% of their gross profits to the racing industry. Those who sign up to become ABPs have been promised preferential treatment at affiliated racecourses, as well as more power to negotiate race times and live streaming rates.

However, by far the most significant change for the industry is that non-ABPs will be barred from negotiating new sponsorship deals with courses owned by Jockey Club Racecourses (JCR) and Arena Racing Company (ARC). This seismic shift in the British horse racing industry has thrown the fate of Cheltenham's World Hurdle into uncertainty. The course, which is owned by JCR, has stated that it won't negotiate new sponsorship terms with any non-ABP bookmakers.

32Red Ready to Take Over World Hurdle

Ladbrokes' decade-long sponsorship of the World Hurdle, the feature race on Day 3 of the Cheltenham Festival, is now in doubt, as the betting operator is yet to become an ABP. The race takes place in just over two months and still has no confirmed sponsor, so it's perhaps unsurprising that there's been a public show of interest from 32Red.

The Asian-owned operator, which also has a base in the UK, is one of three companies currently signed up to the ABP scheme (along with Betfair and Bet365), and so far, it's the only one to express public interest in the race.

Perhaps seeing an opportunity in the current industry upheaval, 32Red Chief Executive Officer (and former Ladbrokes Senior Executive), Ed Ware, has confirmed to the media that his company is ready to talk business:

"The short answer is, yes we would be interested. It would be dependent on the detail, but we are always in the market for opportunities."

Long-Term Goal for 32Red

The 32Red representative went on to explain that his team could move "quickly" to sponsor this year's £300,000 World Hurdle, but his desire would be to secure a long-term partnership with Cheltenham:

"We would want to do it for three or four years. With ITV taking over coverage next year that would be even better."

Although formal talks haven't started, Ladbrokes doesn't appear to be any closer to agreeing to the BHA's ABP terms, so racing fans could well see a slew of World Hurdle betting offers from 32Red in the coming weeks. 32Red is a fully licensed online bookmaker, casino and poker operator.

To check out any of its betting offers, including racing markets for the 2016 Cheltenham Festival, sign up and create your account today.

Betting News Articles


Betway Continues eSports Push, Sponsors eSports Global Tour
Betway Continues eSports Push, Sponsors eSports Global Tour

The bright and profitable future of eSports is evident by the emerging sponsorship deals between leading online betting companies and eSport brands. Such a deal was recently signed between the Electro ... Read More

Mansion Secure Sleeve Sponsorship of the EPL’s Bournemouth
Mansion Secure Sleeve Sponsorship of the EPL’s Bournemouth

Online casino Mansion.com has signed a new deal with English Premiership League side AFC Bournemouth to become the club’s first-ever sleeve sponsor. The new licensing agreement means the Mansion logo ... Read More

Leicester Tigers Launch New App with Help from Leo Vegas
Leicester Tigers Launch New App with Help from Leo Vegas

Sports betting firms continue to invest money into elite rugby, with LeoVegas being the latest brand to support the growth of the sport. As part of its role as official betting and gaming partner to L ... Read More

The Drop Zone Launched at DraftKings as They Eye Ireland
The Drop Zone Launched at DraftKings as They Eye Ireland

American fantasy sports site DraftKings is crossing the pond for its latest venture. Titled ‘The Drop Zone,’ this new fantasy football league game works in a similar fashion to the English Premiership ... Read More

Live League of Legends Betting Odds Thanks to Betradar
Live League of Legends Betting Odds Thanks to Betradar

This month, sports and betting data provider Betradar expanded its online betting software to include the video game League of Legends, offering live odds on matches for the popular eSports title! ... Read More

Rugby Challenge Cup and Ball Street Sign Ladbrokes Deals
Rugby Challenge Cup and Ball Street Sign Ladbrokes Deals

UK betting giant Ladbrokes recently confirmed it will be the title sponsor of the Rugby League Ladbrokes Challenge Cup for one more season at least. Ladbrokes has also gone into partnership with the B ... Read More

Betting Navigation

Newsletter

Sign up for the free Gambling.com Newsletter to stay on top of all the best bonuses!
We will never share or misuse your personal information. Privacy Policy

Latest Betting News

BettingGuides

Country Guide