With the Cheltenham Festival almost upon us, the nation's bookmakers are staring at multi-million pound losses if the favourites win the five feature races.
The five favourites, Binocular in the Champion Hurdle, Master Minded in the Champion Chase, Voy Por Ustedes in the Ryanair Chase, Kasbah Bliss in the World Hurdle and Kauto Star in the Gold Cup, have been at the head of the betting for months, and thousands of customers have already staked millions of pounds on single and multiple bets on these selections.
Leading bookmaker Coral estimates that if all five favourites win the betting industry will face losses of over £50 million pounds on these races alone.
"The ghost of the 2003 Cheltenham Festival, when Britain's bookies suffered their worst losses in jump racing history, will be on every bookmaker's mind as we head into this week. The betting on the five feature races has been, and will continue to be, completely focused on the favourites and if all five win we will still be paying out punters this time next year", said Simon Clare, Coral Spokesman.
In 2003 Rooster Booster at 9/2 won the Champion Hurdle, Moscow Flyer the 7/4 favourite won the Champion Chase, Best Mate the 13/8 favourite won the Gold Cup and Baracouda the 9/4 favourite won the Stayers Hurdle. Many of the supporting races were also won by favourites including Back In Front as 3/1 favourite in the Supreme, Azertyuiop's win in the Arkle at 5/4 favourite, Xenophon at 4/1 favourite in the Coral Cup and Liberman's win in the Bumper at 2/1 favourite.