College student loses £600 on horse betting at Cheltenham Festival

By Archie Payne

Photo: Mike Kotsch - Unsplash

Jack, 20, lost nearly £600 whilst betting on the horseracing at the recent Cheltenham festival that panned over four days.

The annual festival featured a number of surprise winners that majorly profited the bookmakers however those betting like Chapman, saw a huge loss.

He said: “I first thought it would be a bit of fun, and I will not bet that much.”

Jack first started betting on the horses as he enjoyed the horse racing yet, didn’t realise how addictive it could be.

Much of the £600 was because he was chasing his losses which in betting terms means trying to win back money that was lost on a previous bet.

“I was optimistic that I would win my money back throughout the festival,” he said.

Gambling can be dangerous for younger people as they hold less responsibilities and perhaps aren’t as aware of its risks.

Many betting sites offer incentives such as a free £5 bet if you bet £10.

Jack said: “I don’t have to pay any bills or have kids to feed so the only person I am really affecting is myself.”

Young students like might have money only to spend on themselves, but they don’t have much.

Jack attends college in Southampton which costs him over £20 to get to and from each day so losing £600 majorly affects him.

He said: “I think I will be more careful from now on because I can’t afford to lose my money all the time especially when I have to get the train to college.”

Some of the appeal for young people to bet is not for winning money, but to take part in a social activity.

According to a 2024 report from the Gambling Commission, 80% of young people who spent money on gambling did it for fun.

“I think the appeal for young people is that it can be quite a sociable thing if all your friends are doing it. If you already like sports it makes it even more fun,” he said.

Many gamblers attempt to control their gambling with a site called Gamstop.

Gamstop is a website that prevents users from using all gambling sites on their phone for a period of their choosing.

Its FAQ page emphasises to users that they “cannot remove the exclusion until the minimum period chosen has been reached”.

This has helped many people control their gambling and limit how much they spend in a year.

Young people like Jack must be more aware of the risks that gambling poses such as mental health issues and even suicide.

Gambling can be a fun activity to take part in at events like Cheltenham but only with moderations.

He said: “What I would do differently next time is definitely not chase my losses.”