With The Cheltenham Festival 2025 underway, we had the privilege of speaking with iGaming tycoon and horse racing enthusiast Kenny Alexander in an exclusive Q+A.
During the interview below, we explore the current state of the UK horse racing industry, discover what makes Cheltenham the ‘Champions League’ of racing, and learn how Kenny’s passion for the sport began at a young age, along with much more.
Can you share your iGaming journey and how you first got started in the industry?
I joined Sportingbet in 2000, where I spent about six years before moving on to GVC Holdings as CEO in 2006, and I remained there until 2024. At Sportingbet, I initially served as Head of Finance for one of the regions, and then I ran the European business for over four years.
I started my iGaming journey in 2000, and it came to a close in 2024. It was an exciting experience, especially in the early days when the industry was new, with internet bookmakers just emerging at the time. It was a fast-moving, dynamic sector to be a part of, and I thoroughly enjoyed every moment of it.
How did you first get involved in betting and horse racing?
I first got into horse racing at a very young age from going to the races with my dad. He must’ve taken me for the first time when I was around 7 or 8 years old. We went to a few meetings, and by the time I was 12 or 13, I started enjoying it more. I’d place small bets with him, and as I got older, around 17 or 18, I started going to the local bookmakers. Back then, you could only listen to the races on the tannoy, but by that point, I was already hooked.
I then started going to the races, particularly jump racing. I’m not really into flat racing – jumps is more my thing. I’d mostly go to Ayr and Hamilton racecourses since they were the closest to me. Eventually, I started working, and after making a few quid, I decided to buy a horse. The goal was simple: get a decent horse, and eventually get one that could run at Cheltenham. Once you get that, you start dreaming of a Cheltenham winner, and before you know it, you end up with squads of them like I have now. It’s a total waste of money, really, but it’s fun, and I’ve been fortunate enough to have had quite a bit of success – five Cheltenham winners, plus several other runners and a few that placed.
It’s an expensive hobby, even if you only have one horse, and you can’t expect to make money from it (because you won’t!). But if you’re into National Hunt racing, the Cheltenham Festival is essentially the ‘Champions League’ of jumps – it’s the pinnacle. Having a runner there is incredible, and if you’re lucky enough to have a winner, that’s the ultimate dream for anyone who owns National Hunt horses.
Half the battle in this game is really about dreaming. 90% of the time, the horses don’t win or don’t perform well, but if you’re lucky enough to find a good one, you might just get there. I’ve been fortunate to have had some success, but it’s becoming increasingly difficult to find these horses, and they are getting much more expensive – they are now priced through the roof. But despite that, it’s still great fun.
I’ve mostly bought mares, and the advantage of that is if they’re good, I can take them to the farm and breed from them. Of course, not all of them can be bred from. But if you’re lucky enough to have a quality mare, like some I still have, you can race their offspring. Some of the best horses I’ve had, including the famous Honeysuckle and Minella Melody, are still at the farm, and I can visit them whenever I like. Some of their offspring will hopefully be on the track in the next year or so, if they’re any good. It’s all about dreaming, but the reality is that it often leads to disappointment. However, the good days, when they do come, definitely outweigh the bad ones.
You can start racing jump horses at 3 years old, but typically, they don’t begin racing until they’re 4 or 5. If anyone is thinking of breeding National Hunt horses, it’s a long journey. First, you have to wait 9 months to a year for the mare to be put in foal. Once the foal is born, you’ll have to wait another 4 years before they can race, so it’s about a 5-year commitment before they can even step onto the track. During that time, they’re animals, and things can go wrong, so you need a lot of patience if you’re involved in National Hunt racing. Flat racing, on the other hand, is much quicker – they’re racing as 2-year-olds. But with National Hunt, you really need to be patient, and I wouldn’t recommend it for everyone.
A recent report by the BHA indicates a decline in revenue for UK horse racing. Could you share any further insight on the current state of the industry?
I’m no longer in the industry, but it seems like there’s been a bit of a decline. I don’t follow the numbers closely, but I suspect they’re down, and in percentage terms, I’d imagine they’ve dropped significantly compared to 20 years ago. Certainly, when I was still in the industry, the numbers were falling, as fewer people were betting on horse racing. The increase in betting opportunities on other sports, where you can bet on just about anything, and the rise of sports on TV has probably contributed to this shift. So, it’s not a huge surprise that horse racing has seen a decline in percentage terms.
Additionally, the increasing focus on affordability and stricter restrictions around how much you can bet and passing affordability checks has likely had an impact on the industry. These changes, often spoken about in the press, have definitely affected betting, and that’s not likely to benefit racing in the long run.
I’m not an expert, but I think racing has a challenge ahead to attract a younger audience. There’s just so much else for people to do for leisure now. While horse racing is, in my opinion, a fantastic sport and a great day out, it does face some challenges in engaging and getting young people interested – both in watching and betting. Because, let’s be honest, even though people say you don’t need to bet to enjoy the races, I think there’s an intrinsic link between the two. To truly enjoy the experience, I do think placing a bet adds a bit of fun – of course, as long as it’s kept under control.
The stigma surrounding gambling is an issue, and I think that contributes to racing’s challenges. However, I believe horse racing remains the second-largest spectator sport in the UK, after football, so it’s definitely still very popular. It’s just that it faces some of the challenges I mentioned, and I think it needs to take those seriously if it wants to move forward.
Expanding on the point above, do you think there are any untapped opportunities in the iGaming industry to engage with punters?
I think innovation in the product is key. The product has evolved significantly since I first got into it, but technology has advanced so much that there are still opportunities to make the experience even more engaging, exciting, and innovative for customers. If you look at how TV and other forms of entertainment have developed, it’s clear there’s room to enhance the product further.
While the variety of bet types has likely reached its peak – you can bet on virtually anything, across any sport and with almost any type of bet – there’s still potential to innovate the overall product. Making it more engaging and user-friendly, especially for newcomers to betting, seems like the next big opportunity. I’m sure companies are already working on this, and I’d be shocked if they weren’t.
What do you think sets The Cheltenham Festival apart from other major meetings?
It’s all about the atmosphere. When you walk into the Cheltenham Festival, especially on the first day, it’s buzzing with a great atmosphere. The energy is incredible, and it’s exciting even if you’re just there as a spectator. But if you’re lucky enough to own a horse, the experience is on a whole different level – it’s like watching an Old Firm game compared to a Partick Thistle vs Morton match. The difference between the Cheltenham Festival and 99% of other races throughout the year is like night and day. It’s a great amphitheatre, with the best horses running against each other. Although I am biased, I think Cheltenham creates an experience that’s unmatched by any other race, even the flat races.
If people can take the time off and make it there, I highly recommend it. Personally, I think the first day is the best, mainly because by Friday, you’re usually completely hungover and in desperate need of a detox. But overall, it’s an unforgettable experience.
Do you have any tips for first-time attendees at Cheltenham to help them make the most of the event? Are there any jockeys or horses that are catching your eye this year, or any rising stars that people should be watching out for?
It’s not rocket science, but if you look at the stats from recent years, especially in the graded races, it’s clear that British trainers have a real challenge when it comes to competing with the Irish. It’s less of an issue in the handicaps, where the competition tends to be more level. I’ve got a few horses heading that way myself – I’ll likely have five runners in total, and I also co-own a third of Whistle Stop Tour, which is actually trained in Scotland.
It’s clear you have a special bond with your horse Honeysuckle. Could you share the story behind her, and what would you consider to be the most memorable or significant race of her career?
I bought Honeysuckle at Punchestown. I was there to watch the racing, not to buy a horse! Eric Broadhead mentioned there was a sale of a horse going through at the end of the day. As trainers and bloodstock agents tend to say, you really should be interested in it. To be honest, I wasn’t really interested, but after a few drinks and the excitement of the races, I got caught up in the moment. The sale came around, and we placed a bid. It ended up costing a fair bit by the crazy standards of National Hunt racing, though not nearly as much as some horses fetch for. Still, it turned out to be the best horse I’ve ever owned, and probably the best I ever will. I still have her today, and she’s already had her first foal.
She’s won 13 Grade 1 races, including a couple of Champion Hurdles, a few Mares’ Hurdles, and more. But I think the most memorable one was probably her final race. She remained undefeated until her last year, but as happens with age, she wasn’t quite as fast as she once was – though still incredibly good. She was beaten in her first two runs of the Hatton’s Grace Irish Champion Hurdle. Deciding to retire her wasn’t easy, but after talking with Henry, we agreed she had one last hurrah in the Mares’ Hurdle, where she managed to win, retiring at the very top.
The reception she and her trainer received after that victory was incredible – probably one of the best, if not the best, receptions any winner at Cheltenham has ever had. It was an emotional day, for reasons tied to the trainer as well. After that, Honeysuckle retired to become a broodmare, and is living a well-earned, peaceful retirement. Of all the great days we had with her, that one stands out as the most memorable. As I’ve said, I still have her, I’ll always have her, and she’s now enjoying her retirement.
How does the UK horse racing industry compare to other international markets such as India and the UAE?
I think the racing itself in the UK is excellent. However, one major issue is the prize money, which isn’t as competitive compared to other markets, and that’s something they really need to address. That said, the racing is still top-notch, and I enjoy the bookmakers at the track – they definitely add some colour to the proceedings.
I recently attended racing in France, which was enjoyable, but is it really on par with the UK? While France does some things better, like prize money and, unsurprisingly, the food, the atmosphere doesn’t always compare to what you get in the UK. That said, I think it’s still quite competitive in terms of racing quality and general atmosphere. Where I think the UK falls short is in prize money and, possibly, how spectators are treated. Some of the facilities at tracks I’ve been to abroad do a better job at taking care of the spectators in comparison with some of the UK tracks.
Cost is another big factor. Having been to the races in France, I noticed tickets were only about €10, which is a stark contrast to the UK, where entry can be really quite expensive. And once you’re inside, food and drink prices can add up quickly. While this is well-known and spoken about, I think it’s something that really does need to be reviewed. Take Cheltenham, for example – it costs around £100 just to get into the Club Enclosure. If you want drinks and food on top of that, it’s a pretty steep bill, even though it’s a fantastic experience with all the opportunity to dress up and enjoy yourself, it’s not cheap.
What are your plans for the future, and do you see a return to the iGaming industry in your path?
I’ve absolutely no plans to return to the iGaming industry. I’ve been there, done that – spent a lot of time traveling, being in London, and all the rest. So, I decided to retire early. I’ve had my time, and now I’m up in Scotland, enjoying the racing, playing golf, and just relaxing. I’m leaving it to others to carry it on. That said, it’s a fantastic industry. I’d recommend it to anyone. I had an incredible time and don’t regret a thing, but it’s behind me now, and I’m happy to let others take the reins.
We’d like to extend our thanks to Kenny Alexander for joining us in this special edition of BettingJobs News, where he shares his insights on Cheltenham, UK horse racing, and the untapped opportunities within the horse racing industry, from the perspective of an iGaming legend.
