Irish trainer Willie Mullins "could wreak havoc on the bookies on Tuesday" as the Cheltenham Festival kicks off under the shadow of "tightening gambling regulation," according to Kadhim Shubber of the FINANCIAL TIMES. The veteran trainer is fielding "all four" of the favorites in the top-tier "grade one" races on the first day, an "unprecedented show of strength at Cheltenham." If all of Mullins' horses trounce the competition, the bookmakers could lose £50M ($76M) on opening day of the four-day festival, according to Betfair. William Hill said that it could be "one of the darkest days in jump racing history." The company was left reeling from more than £13M ($19.7M) in losses from its "worst week of trading in January, after a string of 'customer-friendly' football results." Cheltenham could "pile on" an extra £10M ($15M) "of pain if the results go against the bookie." Mullins is "playing down the prospect of a clean sweep." Cheltenham is an "away game" and the sport is "very unpredictable." Mullins said, "That's why the bookmakers are probably driving bigger cars than I am." Shore Capital analyst Greg Johnson said that Cheltenham is a "hunting ground" for bookies "on the prowl for punters who will continue to wager after the crowds have left the racecourse." While big races such as the Grand National "attract casual customers who
have a flutter once a year, Cheltenham is for devoted horseracing fans
who will continue to wager their money all year round." Goodbodys analyst Gavin Kelleher said that Gibraltar-based Betfair and rival Paddy Power have "gone further in splashing out on promotions and special offers than the other bookmakers." Kelleher: "The results can go either way, but ultimately Cheltenham is a showcase for the bookmakers' products" (FT, 3/9).
