Bookmakers saved from ’50million’ hammering at Cheltenham

Bookmakers were spared an estimated payout of £50million on an opening day of the Cheltenham Festival that saw the previously-unbeaten Constitution Hill crash out of the Champion Hurdle and Majborough beaten in the Arkle.

Kopek Des Bordes had got favourite-backers off to a good start when triumphing at odds of 4-6 in the opening Michael O’Sullivan Supreme Novices’ Hurdle – but plenty of accumulators were scuppered in the very next race as 1-2 shot Majborough’s jumping let him down, leaving Jango Baie (5-1) to come over the top and win the Arkle.

Myretown (13-2) winning the Ultima Handicap Chase and Lossiemouth prevailing as 4-6 favourite in the Close Brothers Mares’ Hurdle had matters finely balanced, but when 1-2 favourite Constitution Hill fell in the Champion Hurdle, the pendulum began to swing.

With second-favourite Brighterdaysahead failing to fire and State Man unbelievably departing at the last with the race at his mercy, the bookies were certainly cheering home 25-1 winner Golden Ace.

BetVictor’s Sam Boswell said: “It is very much a case of one-nil to the bookmakers after day one of the Festival. The day started with significant concern for us around the multi-million-pound gamble on the four-fold, of which only two obliged.

“We have to remember this is a marathon not a sprint and we still need to get through the next three days.”

Lawrence Lyons, spokesperson of BoyleSports was similarly upbeat, adding: “It was a day that could have spelled disaster for the bookies and we were on the ropes from the opening race. But with a few results swinging our way, it’s safe to say we swerved some major nightmare scenarios.

“We can certainly claim victory on day one, although we won’t be counting any chickens just yet with so much left to play for.”

William Hill’s Lee Phelps said: “Heading into day one of the Cheltenham Festival, it’s no secret we were fearing the worst with the incredibly popular four-fold racking up serious liabilities.

“However, with both Majborough and Constitution Hill fluffing their lines, the bookmaking industry has somehow avoided a huge loss, quite possibly in the region of £50m.”