Cheltenham Festival Delivers Mixed Fortunes for Bookmakers

Betting companies faced significant losses at the Cheltenham Festival, especially on the first day when the top contender, Klassical Dream, trained by the renowned Willie Mullins, secured victory in the initial race. This reportedly resulted in a deficit of approximately £3 million for Sky Bet alone, who were offering a refund promotion on the first race.

William Hill also experienced the pressure on day three, allegedly losing £2.2 million, largely due to the triumph of another popular pick, Paisley Park. The horse received substantial wagers, with a single bet alone setting William Hill back a considerable £500,000.

Although Thursday saw frontrunners winning three of the five races, potentially signaling difficulties for the gambling sector, the Gold Cup offered some respite. Al Boum Photo’s victory at 12/1 odds, alongside Annibale Fly (22/1) and Bristol De Mai (18/1) securing second and third place, probably counterbalanced some of the previous losses for the bookmakers.