Every year, sport events across the country continually attract plenty of attention and are good for both the local and national economy.
The Rugby World Cup, FA Cup final and NFL International Series matches are just a few of the United Kingdom’s biggest events and all three have a positive effect on the economy.
Why is that? Well, sport’s popularity helps of course but there are plenty of other influences: television rights, stadium costs, ticket and merchandising, advertising – all of it adds up. Ultimately, major sport events benefit the economy and local area, especially those that attract plenty of tourism and travel too. Here are a few reasons why these events continue to boost the local and national economy.
Attract plenty of external business to the local area
This is perhaps the biggest earner for major sporting events. External businesses are attracted to the local area, even if only on a short-term basis. Whether you’ve got food stalls, programme advertising or other merchandise, there are many different ways for businesses to get involved – including Reading FC’s unique method – and make sure they market their company as much as possible. With major sporting events, there are many ways to ensure your business receives as much airtime as possible and appeals to the public. In terms of advertising, sporting events are perhaps the greatest way of getting publicity.
Major events mean MORE money
This is more evident in horse racing than other sports. Many bookmakers, such as Betway, often work with affiliates and promote certain races and meetings to enhance the amount of media attention. Can you bet on any horse racing meet? Of course, however the major festivals – Cheltenham, Glorious Goodwood and the Grand National – attract the most betting and media attention. Simply placing an advert in the race or matchday programme can be huge for your business – or you can go one better and pay for a spot on the advertising hoardings around the concourse or pitch.
Local vibe and atmosphere improves
As strange as it sounds, this also benefits the economy. If people are happier, they are more likely to spend more – and that’s completely true. If your local team wins, fans will be overjoyed and could decide to spend money. It’s actually crazy how success in sport can determine the mood of an entire area, but that’s just how much sport means to people. After all, sport is a way of life for some just like business is a way of life for others. Although this is only really suitable for certain sports, there is usually a boost to the local economy if nothing else.