The above table able shows the fate of the Festival favourites since we went to 28 races in 2016. In 2024 the amount of whingeing about the uncompetitiveness of the Cheltenham Festival reached record levels. Sir AP McCoy amongst other fine racing luminaries seem to daily want to vent their wrath. As usual they tended to base their arguments on the number of odds on favourites. But why is a horse an odds on favourite? In 2025 the hype surroundng the Festival has never been greater. Bookies, pundits, and social media rush to tell us 'that's a certainty at Cheltenham.'
So was last year's Festival any more uncompetitive that before? In 2013 nine favourites won of the 18 priced 3/1 or under. All three odds on shots won. I don't remember then people telling me then that the world was about to end. Between 2010 and 2016 we had 22 odds on shots. 15 won. Between 2017 and 2023, another seven year stretch, we've had 32 odds on shots, a definite increase in numbers. Only three in 2023, mind you. Guess what? Again, only 15 won in a seven year period. Hype? Should the arguments not be based on facts, as opposed to mythical prices? In 2024 we had seven adds on shots, of which five won. But bookmakers are still driving big cars. In 2025 we may have Kopek Des Bordes, Sir Gino, Constitution Hill, Brightersdayahead, Gallopin Des Champs. Thats five.
Fate of Festival SP favourites since 2009. When the fav becomes 3/1 and under at a lot of Festival races, then as punters, perhaps we should be reassessing the value. I used to think, probably naively, that on course bookmakers like best to take on favourites priced between 4/6 and 3/1. These are the prices that you are going to get them 'in the bag.' Simon Nott's excellent daily accounts for Starsports and AK Bets in Ireland would suggets that 1/3 and 1/4 shots are never that easy to lay for cash and more often or not remain winners for the book.
Nowadays, more often than not, on course bookmakers will back the shorties heavily on Betfair and lay the no hopers for vast liabilities. Especially in Irish maiden hurdles. It's a theory espoused in January 2024 by Johnny Dineen on Racing Post's 'Upping The Ante.' He wisely added 'it's how you cope when one of the no hopers wins, is the big issue.' That will happen. As an on course clerk, I know that the theory of calculating level staking punting on favourites proves little or nothing. The shorter the price, the bigger percentage of my screen should be on that horse so you stand it for your usual projected loss. As I say, it rarely happens that way nowadays.
However my self imposed 3/1 reassessment barrier should change with each individual Festival race. For example In the Queen Mother, this century the 24 favourites have ranged in price from the beaten 2/9 Douvan and El Fabiolo to winner Altior 4/11 to beaten 2/5 Defi du Seuil to beaten 8/13 Chacun Pour Soi to winner 11/4 Sire De Grugy, the biggest priced QM favourite this century. 12 of those 24 favourites since 1999 started odds on. Only three of the twelve won. Yes, I had to re check that. At 1/4 and 4/11 twice. Five winning favs of the other 12 priced Evens or bigger including Energumene 2023 backed doen to 6/5 at the off. Therefore more advisable that when the QM fav approaches Evens, pause, then have another think before wading in as a punter. Jonbon.
I'm thinking more of those favourites in handicaps who get backed late, on course. For every Unsinkable Boxer cantering the Pertemps at 5/2 fav, there are several plots each year that go awry.
In 2024, there was a few of them, Stumptown 10s to 15/2 PU in the Ultima. Liari 9/2 PU Boodles, Built By Ballymore started 4/1 fav for the Coral Cup (how under God?), Crebilly 5s to 7/2 for the Plate, 3rd. But the big one was Inothewayurthinkin 5/2 to 13/8 in 15 minutes. Won like Unsinkable Boxer. For all that, Galopin Des Champs only fav to win on Friday.
In 2023 we had some beauties which few will ever remember. Terao in the 23 runner Boodles, the JP, WPM, Mark Walsh combo. Returned the 3/1 fav, 19th. Hermes Allen (RIP) 9/4 fav from 4/1 late for the Ballymore, 6th. Mighty Potter, an unbeatable 4/6 for the Turners, 3rd. Thanksforthehelp D Pipe/JP/M Walsh started 100/30 fav for the 23 runner Pertemps. What? 12th. Luccia 6/4 4th in the Mares Novice. Vaucelet 9/4 fav for Foxhunters. 7th. Only four favs won between Wednesday, Thursday and Friday.
Matt Tombs 2024 - In the last 5 years there have been 64 handicap runners that qualify as being ‘gambles’ in those last 24 hours. Only 6 won, and if you’d backed them all, even if you’d got the best price on the Pricewise grid, you’d have lost 22% of your stakes.
In 2022 Gaellic Warrior 13/8f Boodles, Dinoblue, 11/8f for Mares Novice. Both beat The grid shows that this was the first time ever in the 28 races that there were 20 favourites 3/1 and under and of those 11.5 won (Constitution Hill being a jt fav). Four of the first five favs obliging on GC Day when most cash is taken. After Vauban in the Triumph, WPM's State Man at 11/4 fav in the County was, I believe, a killer. I'm also not sure much profit would have been made from the tight Festival second favs, Stattler and Elimay. A well known Northern Irish on course bookmaker confessed to me that 2022 was his first ever losing Cheltenham. And the family have been attending for some years.
In 2021 there were only two shorties in the handicaps. Both won. The Shunter at 9/4f and Mount Ida at 3/1f. May have been something to do with Kevin Blake have them as his Thursday treble on The Morning Show along with Mrs Milner. Some say the last time that Kevin has tipped a winner. 19 favourites started 3/1 or under, eight winners. All eight winning favs were 3/1 and under. There were seven odds on shots, apart from Chacun Pour Soi, both Concertista and Kilcruit at 10/11, and Envoi Allen at 4/9 left their money in the bag.
2020 was slightly different. 7 favs and a joint fav won, 4.5 of those in handicaps. The shortest of those winning was Simply The Betts at 100/30 in the Mildmay. In handicaps 4/1 or 5/1 the field, bookies will normally 'stand' three or four unless badly hit with one or have a strong opinion. In 2020 Bookies won. There were 16 favourites priced 3/1 and under. All of them in the 18 conditions races. The only two conditions races that didn't have a 3/1 or under favourite were the Albert Bartlett and the Gold Cup. Only 2 of the 16 won, Epatante at 2/1 and Envoi Allen at 4/7, both admittedly hammered on course. Now, I'm not saying that the on course bookies made a lot of money out of second favs Honeysuckle, Easysland or Samcro but that year if you think of the money just for Asterion Forlonge. Carefully Selected, Appreciate It, Defi Du Seuil and Goshen, then you'll begin to realise that 2020 should have been a fine harvest. Rule of thumb is, if there are two or more shorties in the same race, 'we stand one.'
The 2019 Festival was 'normal'. As the box shows, there were 14 favs at 3/1 and under year and only five won. All that money stayed in the satchels for Apples Jade, Buveur D'Air and Laurina in the Champion Hurdle (and two of those weren't even favourite). Benie Des Dieux 10/11 (F, ouch Ruby) and Ballyward (RIP) 9/4 fav in the 4 miler.
According to Ladbrokes/Corals stats the Triumph Hurdle is always in the top ten biggest betting races in GB/IRE that year. The first race on GC Day. Think of all the races throughout the whole racing calendar in these islands. A small field, Grade 1 four yr old race takes all that cash. Lossiemouth and Vauban for the punters the last two years. Lulamba. Vauban was the only winning fav in five renewals. 2021 second fav Quilixios at 2/1. A Rachael ridden winner never tends to be good news. The 2020 renewal was being won a furlong by Goshen the 5/2 jolly until... In 2019 Sir Erec Evens RIP. In 2018 Apples Shakira, at 6/5 fav, is backed as if already home and hosed. Not. Possibly the best bookie result of each respective week. Since Vauban, Lossiemouth strolled it at 11/8 fav.
All seven races on Gold Cup day are usually in the top twenty betting races for the whole calendar year. The first five races on Gold Cup Day are regularly in the top 15 of biggest UK betting races of the year. Only Galopin obliged in 2024, Lossiemouth and Galopin in 2023. In 2022 the first four favs went in. In 2021 no favourites won on Gold Cup Day. In 2021 Zanahyir at 11/8, A Plus Tard 9/4, Billaway at 2/1 and Elimay at 6/5 all leaving it behind would suggest that the clerks may have been getting steak for dinner. Saint Roi, Al Boum Photo Chosen Mate along with Defi Du Seuil 2017 Triumph and Hazel Hill 2019 Foxhunters had been the only 5 favourites to have won any of the 35 races over the five Festival Fridays form 2017 to 2021. Then 2022. Only three winning favs over the last two Festivals. People laugh at me but it always comes round.
The Ascot Gold Cup tends to be the only Royal Ascot race ever to make it into the top twenty betting races. (usually just behind the (Fox)Hunters, I ask you).
WILLIE MULLINS SHORTIES - Slammed it in 2024, sdddled seven favs 2/1 and under. All won bar the shortest one, El Fabiolo. In 2023 he saddled six favs 2/1 won and under. Again one beat. Allegorie De Vassy the 13/8 fav in the Mares. 2022 he saddled seven at SP returned under 2/1. Five won, not Gaelic Warrior nor Dinoblue. But had the first race winners on the Wednesday and Friday and a Gold Cup Day five timer. In 2021 WPM saddled six at 15/8 or under. Only Appreciate It 8/11 and Monkfish 1/4 obliged. Concertista, Chacun, Kilcuit and Elimay didn't (also Billaway at 2/1). The last 16 sent out by Closutton to be SP under 2/1. 14 winners. Only El Fabiolo 2/9 and Galopin 5/6 in the Turners when he fell at the last.
2020. Willie saddled seven winners, none priced under 3/1. He saddled seven favourites, all 3/1 or under, all losers. All in conditions races. In order Asterion Forlonge 9/4, Benie Des Dieux 4/6, Carefully Selected 10/11, Alloha 5/2, Appreciate It 15/8, Faugheen 3/1, Billaway 11/4. Amazing to think that his shortest priced horse on GC Day was in the fifth race and the first one that day that he didn't win. Min won the Ryanair for him in 2020 at 2/1 but A Plus Tard was the favourite.
The shortest shorties to get turned over this century are, in order, El Fabiolo, Douvan, Envoi Allen and Annie Power in that 2015 alleged £40 million fall. Constitution Hill shortest 2023 at 4/11, Alloha was the shortest shortie in 2022 at 4/7. Both winners
Another beautiful thing in 2018 was that Coo Star Sivola in the Ultima was the first Festival Handicap favourite in 37 to win. Loved that stat. Have checked, in the 38 handicaps between then and 2022, 10.5 of the favs won, two in 2021. In 2022 first eight handicap favs were beat and then State Man won the County. 2023 Corach Rambler, the 6/1 jt fav in the Ultima, the only handicap fav to oblige. Inothewayurthinkin only h'cap fav to win last year.
'WHICH ONES TO LAY IN 2025? - Ok, I was three from six last year, two from four in 2023. Live bullets. In my own small way I will be laying Jonbon, Teahupoo, Brighterdaysahead (Mares). Majborough, Gaelic Warrior (QM). Won't be laying Galopin or Lulamba.
OVERROUNDS - This topic is of questionable value so I've decided to cut it back. Save to say you'll get a smaller overround in the conditions races than the handicaps. Even with Constitution Hill being 4/11 last year, the Champion Hurdle overround was just 108%. And it's no secret but you will get 99% overrounds on the Betfair Exchange win book. The average bookmaker overround for the conditions races will be about 115% to 118%. In the handicaps will hover about the 133%s. There are 13 G1s and from 2025, 12 handicaps, three more than last year, the turners, NQ4 miler and the X Country..
As the SPs now do not come from the on course books, look for discrepancies. SP will be easily beaten on course, I guarantee that. If you're lucky enough to be on course, at some stage on the smaller fields, bookies will be bigger than the machine on the front three. If not, they may not lay them for cash. Unless, of course, you have AK's charm. Because we've all got phones. But they won't be bigger for the full 15 mins before the race. You have to go looking for it. Exchanges win book will be bigger on those 10/1 and above.
In my 16 years clerking I have never seen any conspiracies in a ring especially in these times of exchange trading. On course Bookmakers may need each other to spread liabilities (at times), but they are still competing against each other. Not sure about off course SPs, myself. Gold Cup day, as we know, is the day when the bookies hold the most money. However the Thursday is the only day, at present, with three handicaps.
For punting purposes, Matt Tombs. expert trends man and all round good guy, did some work a while back on the Pricewise tables in the Racing Post. In the morning there will be many occasions when those prices are already gone but the tables for each race come to about 100%. Matt simply explained with bigger SP overrounds at race time, prices may be stronger before noon each day. Especially value if you are still getting BOG.
Other betting stats -. 3/1 and shorter favourite winners in handicaps since 2002 are 6 from 31 (Just Inothewayurthinkin last year, Terao lost 2023, Gaelic Warrior negated State Man 11/4 2022. The Shunter 9/4 and Mount Ida 3/1 2021 not helping. No qualifiers in 2020, Janika and Measureofmydreams both beat in 2019, no qualifiers in the previous two years, In amateur rider only races 3/1 and under favs are 6 from 24 (Embassy Gardens and It's On The Line negate Inothewayurthinkin. No amateurs allowed in 2021, so can't count Mount Ida win, 2023r Vaucelet beat at 9/4, Billaway won 2022, Run Wild Fred didn't. 2021 Escaria Ten 11/4, Billaway 2/1 vanquished. Carefully Selected and Billaway unsuccessful 2020, Ballyward and Measureofmydreams beat in 2019, no qualifiers 2018, Cantlow 9/4 and On The Fringe losing in 2017. It does take a lot of cash/impetus to make a horse 3/1 fav in a Cheltenham Festival handicap.
ODDS ON - In the last 26 Festivals 31 of 70 odds on shots have been beat. Nearly half. Always think that's quite amazing. El Fabiolo, Brighterdaysahead last year, Mighty Potter 2023, Galopin and Shishkin in 2022. Seven ran in 2021, four losers. Envoi Allen at 4/9 the shortest. Six in 2020, losers Benie Des Dieux 4/6, Carefully Selected 10/11, Defi du Seuil 2/5, Tiger Roll 8/11, Paisley Park 4/6. Only Envoi Allen at 4/7 obliged. Bumper bookie harvest. Two odds on in 2019, Benie Des Dieux (F). Six ran in 2018, Apples Jade and Un De Sceaux of the six left the money in the satchels. 10th Feb 2025, I see these, Kopek Des Bordes, Majborough, Constitutution Hill, Brighterdaysahead (Mares), Galopin Des Champs, Jonbon, Teahupoo.
On-course bookmakers will once again fight bare knuckle in the car park for a pitch (maybe not now lower down in Tatts, I believe). With with such huge expenses involved for the week, it must work for them. Pinno tells me that each pitch is paying nearly £1000 per day in exs.
WHICH RACE FAVOURITE MAY HAVE WON TOO OFTEN RECENTLY? - People don't believe me, but when you work as a clerk, you see these things taking their turn, going round. No, no logical reason, it's horse racing, it just happens.
The race with the current best rate for favourites is the Champion Hurdle with 10 winning favs from the last 12. Only Jezski and Espoir D'Allen spoiled the party. Constitution Hill. It's neck and neck with the Arkle where 10 of the last 13 have obliged and 11/4 jt favs filling the places in one of the others. But two losing favs in the last five. All bar Edwardstone of those nine winners were odds on. Majborough. In the JLT/Marsh/Turners three and two co favs of the last 10 have obliged. And Galopin Des Champs was about to...In two of the other years the Marsh was won by 4/1 shots. Envoi Allen falling at 4/9 spoiled those figures. This is now a handicap, mind. Six of the last 10 Brown Advisory jollies have obliged including three of the last four and Gerri Colombe should have. Five of the last nine Triumph Hurdle favourites have won. Six Ryanairs in the last 13, Nine of the last 21 World Hurdle jollies have gone in but only three from the last 12. Four of the last seven Mildmays/Plates have been won by three favs and a second fav. 2021 and 2012 will go down as the years when Mildmay and Kim Muir favourites both won on the same day. Well, to me it will, anyway. W Mullins has taken five of the eight versions of the Mares Novice Hurdle but neither of the last four Five of the last seven favourites have obliged in the Ballymore, none of them with an SP bigger than 6/4 but only Willoughby Lodge in the last 14 had a bigger price than 7/1.
WHICH FAVOURITES ARE DUE? - The Coral Cup fav Dame De Compagnie obliges in 2020. First time since Xenophon in 2003. And then bang. We're back to a 33/1 winner in 2021 and a 50/1 shot in 2022. Langer Dan 9/1 and 13/2 a relative shortie. The three before Dame De Compagnie were priced at 28s, 20s and 16s respectively. What's due now? State Man and Saint Roi 2020 take the County off the list. First favs since Sporazene 2004. Delta Work (twice) and Tiger Roll in 2019 the only Cross Country favs in the last 16 to oblige 'on the day'. Galliard Du Mesnil the only National Hunt Chase fav to win since 2013. Now a handicap. The Supreme has now had two in four. Coo Star Sivola 2018 and Wichita Lineman 2009 are the only Ultima winning favs since Antonin in '94. Band Of Outlaws only Fred Winter winning fav in 13. Inothewayurthinkin joins Mount Ida only Kim Muir favs in 12. The usually small field Mares Hurdle. Two and a jt in the last 10, some other losing favs there were pretty short. Since Quevega left the stage there's been some catastrophes there. But the two I really think are due are the Martin Pipe, Sir Des Champs in 2011 the only fav ever to win any of the 16 and the Albert Bartlett, none in 11. Chosen Mate the only Grand Annual fav to win since 2013.
BEATEN FAVOURITES LAST TIME - I used to love this one. That is, until 2023. My theory here is, a beaten favourite is usually a disappointment to punters and connections. If they have disappointed last time out, should we give them another immediate chance in what is very likely to be a higher grade, these Olympics?
In 2015, a total of 64 ran at the Festival having been a BF last time out. No one believed me but not one of them won. In 2016 I was nearly distraught when six Festival winners were BFs last time. Thought it was over between us. 55 ran that year. Winners were Un Temps Pour Tout, Any Currency (a given), Diego Du Charmil, Black Hercules, Ivanovich Gorbatov and On the Fringe. Consoled myself with the knowledge that backing level stakes on all 55 would still have cost you, the punter, 10.5 pts but it took me a while to get over it.
It's always good to see a friend return. In 2017, 53 were PPDs (Punters' Previous Disappointments). One winner, Apples Jade SP 7/2. A lay profit on the beasts of 48.5 pts on the week, or if you are like me, gives you something to strike out in the comic when pouring over the big fields. The BF information is always beside the horse's name on each race page. In 2018 doubt returned. 59 ran, winners were Presenting Percy 5/2 RSA, Penhill 12s (BF at Punchestown Festival), Missed Approach 8s and worst of all, the wonderful Pacha Du Polder at 25s in the Foxhunters. Despite all those, still a level stakes loss of 7.5 pts if you had backed them all at SP. In 2019 the stat comes back to daddy, 62 qualifiers, only one winner A Plus Tard at 5/1 fav in the Close Bros, bookie profit of 56 pts. In 2020, we weren't off to a good start. The Conditional 15/2, Imperial Aura, Champ and Samcro, each at 4/1 meant we were only 8.5 ahead by close of play Thursday. Luckily for me, 21 of the rogues ran on GC day, all beaten. Seven in the County. 2021 44 came, only Minella Indo at 9/1 obliged. +35. 2022. Not a great one. There seems to be less of them taking their chance. 45 PPDs produced winners Corach Rambler 10s, Coole Cody 22s and obviously, A Plus Tard at 3s in the GC. Backing all 45 still lost you 7 units. The funniest bit was that there were only three BFs last time running in the 2022 Ultima and they finished 1st, 2nd and 3rd!
2023 - Annus miserabilis. Six BFS last time won. They were Jazzy Matty 18s, Energumene 6/5, Maskada 22s, Angels Dawn 10/1 Lossiemouth 11/8 and Stay Away Fay 18/1. Since 13 of the 28 races were won by horses who had won last time time, that makes 40% of the rest won by PPDs. Scorn thrown my way by friends. Chin out, Bryan. A loss of 17 pts on SP returns.
2024 - 42 came, three won on the Tuesday, Gaelic Warrior 2/1, Chianti Classico 6/1 and Corbetts Cross 15/8. Still made a profit on the day. 28 others came over the next three days. None won though Kyntara came close. Weeks profit +29.
The final drum roll, please. Since the turn of the century, 1122 horses have run at the Festival having been beaten favourite last time out. A total of 50 of the PPDs won for a 4.5% strike rate. About a 22/1 chance for each winner. Since 2000 on £1 stakes you will only show a profit of £22 in the RSA, £17 in the County Hurdle and thanx to Pacha du Polder, you're only £1.25p down in the Foxhunters. No other race in profit. Backing all beaten favs last time blindly SP to £1 would have left you £544 adrift. It had been suggested in the RP that the four RSA winning 'beaten favs', Lord Noelie, Hussard Collonges, Trabolgan and Presenting Percy were beaten either at 'sharp' tracks or at a distance less than 3 miles. Maybe hmmm. 14 of the 50 winners had been beaten last time out at evens or shorter (Gaelic Warrior 4/7, Corbetts Cross 1/4, Energumene 4/9, Lossiemouth 1/3, Energumene again, A Plus Tard 8/11, Champ 4/9, Samcro 4/6, Apples Jade 2/5, Black Hercules and Baracouda, both at 4/11), 22 were Irish trained including five fronm the six in 2023, seven Nicholls, four Henderson. Fantastic stuff. This is the Olympics. Do you get a second chance to disappoint? Those that may be involved in this poser for 2025 include Gaelic Warrior, Potters Charm, Kargese, Caldwell Potter, Spillane's Tower, Jango Baie, Lossiemeouth, Golden Ace.