Cheltenham Festival Opens with Multi-Million Pound Blow to Bookmakers
The Cheltenham Festival commenced on Tuesday with a seismic shock for the betting industry, as the victory of the favourite in the opening race resulted in losses exceeding £1 million for one major bookmaking firm. The Sky Bet Supreme Novices' Hurdle, a traditional curtain-raiser and one of the week's most heavily wagered events, saw Old Park Star triumph as the 15-8 favourite, delivering a severe financial hit to bookies right from the start.
Dramatic Finish and Stewards' Inquiry Confirm Favourite's Victory
Trained by Nicky Henderson and ridden by jockey Nico de Boinville, Old Park Star emerged victorious in a thrilling climax that saw the first three horses bump on the run-in. The favourite edged across, causing Sober Glory to be hampered by Mydaddypaddy, but a stewards' inquiry concluded the interference was accidental. Old Park Star was officially confirmed as the winner by one and a half lengths and a nose, securing Henderson his sixth victory in this prestigious race.
Henderson received a raucous applause from the crowd at the winner's enclosure and expressed his delight, stating, "This is a race that's been kind to us over the years. It's always a good race and the best novice hurdlers are all coming out to play." He added, "On a day we've said goodbye to Constitution Hill, it's nice to come straight in and bring on a new one we hope could be a star." Reflecting on the horse's potential, Henderson noted, "He's still a big baby in our opinion – I think in another year he'll be a much better horse. He's quick and tough and his jumping is sound. He's got a huge future in front of him."
Bookmakers Reel from Early Festival Setback
For bookmakers, particularly William Hill, the result was a devastating blow so early in the four-day festival. Spokesperson Lee Phelps described the outcome as "shocking", revealing that Old Park Star was heavily backed by punters. "Old Park Star was roared home by Cheltenham punters, and we've been hit for six by the result," Phelps said. "He was a very well-backed favourite, and with our Epic Boost paying EVS for any favourite to win on Day One of the Festival, this has been a shocking result. In total, Old Park Star's win has cost us north of £1 million, and we're already well on the back foot this week."
The field included other highly touted contenders such as Talk The Talk, Mighty Park, Sober Glory, and Mydaddypaddy, but Old Park Star's performance stood out, underscoring the unpredictable nature of horse racing and its significant financial implications for the betting industry. As the festival continues, bookmakers will be hoping for a turnaround to mitigate further losses from this costly opening day.
