Paddy Power announce huge financial hit after offering refunds on first two races at Cheltenham

Who likes seeing bookies losing money? Yep, us too

A quick look at any papers today will have seen you bombarded with all sorts of special offers. It is par for the course for big races and festivals these days. But the first day of Cheltenham might be the most anticipated betting day of the year and all the bookies were out with offers to tempt you into their shops or apps. Paddy Power went big on one offer, promising to refund all losing bets in the first if Douvan won and on the second if Un De Sceaux won. The bookies were hoping/praying that one at least would be beaten but the Willie Mullins duo romped home, bringing great joy to the punting world. However, how much did the losing bets refund cost Paddy?

The combined refund on the Supreme and Arkle is a cool £2.5 million (€3.5m) @RacingPost @irishracing @PA_Stables @Racing_UK @BobbyBeevers — Paddy Power Racing (@pphorseracing) March 10, 2015

That is huge, but then you have to factor in just how many doubles and single winners there were on the two winners AND the amount of other trebles, accumulators and Lucky 15 that are well on their way to collecting if the likes of Faugheen or Annie Power also win. By the end of the day, it could be a bloodbath for the bookies.