UK bookies are said to have banked more than £10 million following the favorite’s shock exit at Cheltenham Festival on Tuesday.
Constitution Hill, trained by Nicky Henderson, was set to be the star of the four-day festival and was already the subject of vast numbers of bets on Day 1. Unbeaten in 10 prior races, the horse looked like a clear winner. And punters agreed, taking a gamble on its chances to the tune of tens of millions.
It wasn’t just single bets that Constitution Hill dominated on the day, either. The horse was also the pick of many accumulators on Day 1. These alone would have made a top-four place for the horse enormously expensive for the bookies.
But it wasn’t to be. Constitution Hill’s race ended on the fifth flight, followed soon after by another strong contender, State Man. The two unexpected exits left the course clear for Golden Ace to take the win, at odds of 25-1.
Golden Ace’s victory saved bookies from paying out an eye-watering amount of money, with Sky Bet’s Michael Shinners calling it “one of the most incredible races that I've ever seen."
Thankfully, both fallers were reported to be safe and well in the hours after the race.
“Nobody is hurt, they're two jockeys and two horses who've had proper old falls but they're all OK. That's the main thing," Henderson said.
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Lee Phelps of William Hill provided perspective on Golden Ace’s unlikely win.
“Heading into Day 1 of the Cheltenham Festival, it’s no secret that we were fearing the worst with the incredibly popular four-fold racking up serious liabilities,” Phelps said, according to The Mirror.
“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 £50 million.”
Speaking on behalf of Sky Bet, Shinners echoed the sentiment.
“I can’t lie, it’s gone very, very well. I would suspect as an industry that race alone must have been in excess of £10 million,” he said.
“Not necessarily in singles but in multiples. Constitution Hill would have been in every single multiple today and across the Festival and that’s been beaten, and then Brighterdaysahead has been beaten, and then State Man has been beaten.”
BoyleSports spokesperson Lawrence Lyons agreed.
“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 1, although we won’t be counting any chickens just yet with so much left to play for.”
