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VC Bet report plenty of money for Pigeon Island in the opener at the Cheltenham Festival, the Supreme Novices' Hurdle.
Although the firm held the 12/1 they have been forced to cut the price to 10/1.
VC spokesman Neal Wilkins said: "The liabilities were building up to the point where they had little choice.
"We have stood the horse all morning, and we have it in for a very substantial six-figure loser. We have had to take evasive action."
The firm also report that they have also cut Tidal Bay in the Arkle into 6/1 from 7/1 after laying some substantial wagers in the last hour.