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Cheltenham Festival Results Delight UK Bookmakers
- March 25, 2017 By Riley Wilson -
The bookmakers will remember this year’s edition of the famous Cheltenham Festival, since Gloucestershire’s most popular event brought favourable results for them.
Just ask any UK-based bookmaker about their earnings from Cheltenham 2017, and they will happily say they are the best ever.
Favourites Helped the Industry
But, it could have been completely the opposite, if a 7-1 outsider hadn’t managed to win the Timico Gold Cup. Sizing John surprised everyone, but in the end his victory saved the betting industry from paying a hefty sum of £20 million.
No one believed enough in Sizing John, since the punters’ favourites for Gold Cup triumph were Djakadam, Native River and Cue Card. This turn of events saved millions of pounds for British bookmakers, while Nicola McGeady of Ladbrokes later added Sizing John was a bookmakers’ hero.
This wasn’t the only Cheltenham favourites’ fiasco, since Douvan failed to win the Queen Mother Champion Chase, finishing in seventh place. This result must have really angered one unnamed man, who waged £500,000 on Douvan and lost.
Another punter had far more luck, with his bet £400,000 on Altior bringing him a huge payout.
A Promising Year
The Cheltenham results are very important for the betting industry, with this year being one of the highest significance because of the manner in which 2016 ended.
After the industry suffered tremendous losses during the Christmas period, a good week in Cheltenham was more than welcomed. Furthermore, this year’s edition ended a two-year streak of multi-million losses.
The industry lost a staggering £60 million at Cheltenham last year, but the latest results are encouraging, and will surely please the investors.
Cheltenham Festival originated in the second half of the nineteenth century, with the first mention of a Festival dating back to 1907. From 1911 to present day it has been held at Prestbury Park. When it comes to prize money, Cheltenham is one of the more lucrative events, second only to the Grand National.
Since the Festival usually coincides with Saint Patrick’s Day, it is very much popular among the Irish visitors.