The Cheltenham Festival is one of the most prestigious meetings in the National Hunt racing calendar and bookmakers have long had a vested interest in the event. With the 2020 meeting taking place behind closed doors, the question of whether the bookies ‘lost’ at Cheltenham is a pertinent one. In this article, we will look at the betting trends from the 2020 Cheltenham Festival and explore whether the bookmakers lost out or not.
Background
The Cheltenham Festival is an annual National Hunt horse racing festival held at Cheltenham Racecourse in the United Kingdom. The event consists of four days of racing, with the Gold Cup being the highlight of the meeting. The 2020 festival took place from 10th to 13th March and featured 28 races, with over £4.5 million pounds in prize money available.
Bookmakers at Cheltenham
Bookmakers have a huge presence at Cheltenham, with the leading firms such as Ladbrokes, William Hill, Paddy Power and Betfair all offering competitive odds on the races. The Festival is one of the biggest days of the year for the bookmakers and they will be keen to make as much money as possible from the event.
2020 Cheltenham Festival Trends
The 2020 Cheltenham Festival saw some interesting trends emerge when it came to the betting. One of the most notable trends was the number of favourites that won their respective races, with 15 of the 28 races won by the favourite. This is one of the highest percentages of favourites winning at Cheltenham in recent years.
Bookmakers Lose Out?
So, did the bookmakers lose out at the 2020 Cheltenham Festival? On the surface, it appears that they did. 15 of the 28 races were won by the favourite, which is a high percentage and one that is likely to have resulted in the bookmakers taking a hit on the event.
Favourites Not Always the Best Bet
However, it is important to remember that favourites do not always win. While 15 of the 28 races at the 2020 Festival were won by the favourite, this does not mean that betting on the favourite was always the best option. In fact, the second and third favourites in each of the races had a higher combined win percentage (35.7%) than the favourite (39.3%). This suggests that betting on the second or third favourites could have been a more successful option for punters.
Big Wins for Punters
Despite the high percentage of favourites winning, there were still some big wins for punters at the 2020 Cheltenham Festival. The biggest win of the meeting came in the Gold Cup, when Native River, the 9/2 second favourite, won the race by a distance. This resulted in some punters picking up a huge payday, with one lucky punter winning over £100,000 from a £100 stake.
Bookmakers Hedging Their Bets
It is also important to note that the bookmakers were well aware of the high percentage of favourites likely to win at the 2020 Festival and they took steps to mitigate their losses. Bookmakers offer a range of different promotions and offers during the Festival such as money back if your horse finishes second and enhanced odds on certain races. This means that even if the favourite does win, the bookmakers are able to recoup some of their losses.
Value Bets
Despite the high percentage of favourites winning at the 2020 Festival, there were still some value bets to be found. The Triumph Hurdle was won by the 11/1 outsider Quel Destin, while other outsiders such as Sire Du Berlais (20/1) in the RSA Chase and Fakir D’Oudairies (14/1) in the Arkle Chase also won their respective races.
Conclusion
The 2020 Cheltenham Festival saw a high percentage of favourites win their respective races, which is likely to have resulted in the bookmakers taking a hit on the event. However, it is important to remember that favourites do not always win and that there were still some value bets to be found at the Festival. The bookmakers were also aware of the trends and took steps to mitigate their losses, such as offering promotions and enhanced odds. Ultimately, the bookmakers may have taken a hit at the 2020 Cheltenham Festival but it is impossible to know by how much.
Did the bookies lose at Cheltenham? The answer is not clear cut and it is a question that will likely be debated for years to come.