Some 230,000 people are expected to visit Cheltenham racecourse next week for its annual racing festival.

Managing director of Cheltenham racecourse Edward Gillespie told the Today programme's Simon Jack that levels of gambling are increasing with more people betting on racing.

The Today programme's Friday boss said that in these times of austerity the racecourse avoids going for one major sponsor, instead receiving funds worth £2m from sponsors like Guinness and Christy's.

When asked about the festival's relationship with bookmakers, Mr Gillespie said that bookies were "exploiting loopholes" by moving their online operations overseas so they don't have to pay a levy to the horse racing industry

The industry are looking to introduce a licensing scheme, he said, which they hope will be up and running within a year.

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