The Cheltenham horse racing event has been challenging for oddsmakers thus far, with substantial payouts on numerous contests.
The initial race on Tuesday, the Supreme Novices’ Hurdle, alone set Sky Bet back an estimated £3 million ($3.9 million) after the Constitution Hill, trained by Willie Mullins, triumphed at odds of 6/1. This was particularly difficult because Sky Bet had been promoting an offer giving patrons up to £20 in no-risk wagers on the first race daily.
William Hill also experienced a setback on the third day of the festival, reportedly losing approximately £2.2 million, primarily due to the win of heavily favored “Paisley Park” in the Stayers’ Hurdle. A single wager on Paisley Park cost William Hill £500,000.
Thursday continued the trend of difficulty for the industry as front-runners won three of the five races. While the unforeseen victory of “Corach Ghaslain” in the Gold Cup at odds of 12/1, coupled with “Anibal Fly” securing second at 22/1 and “Bristol De Mai” finishing third at 18/1, likely permitted bookmakers to recover some losses, the general feeling appears to be one of bookies experiencing pressure.
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