Edward Gillespie, Managing Director of Cheltenham racecourse, has accused bookmakers of 'exploiting loopholes' by moving their online operations oversees so as not to pay a levy to the racing industry. Speaking to the BBC's Today programme ahead of next week's racing festival, Gillespie also said that the gambling industry was recession proof, and that levels of gambling are increasing with more people betting on racing.

He added that currently, owing to the economic climate, Cheltenham avoids going for one major sponsor, instead receiving funds worth £2m from sponsors like Guinness and Christy's.