Dettori hits bookies hard
After Frankie Dettori’s massively-popular win on Authorized at the Epsom Derby on Saturday, bookmakers around the country are counting its cost after industry losses were estimated at between £20 million and £50 million.
Although catastrophic for the bookmakers, Dettori’s first-ever Derby victory (previously the only major honour to have eluded him), was heralded as a “great day for racing” by the industry.
"There's no doubt about it - it's a horror result on its own and Frankie Dettori on board the Derby favourite speaks for itself but it's a massive result for our sport,” said Ladbrokes’ David Williams.
"We'll take the hit fair and square and we'll be paying out late into the night but we hope the win will give the sport an enormous shot in the arm."
One of the hardest hit bookmakers was William Hill who offered double the winnings (up to £500) if Authorized won by five lengths or more to online punters on the day of the race.
"To be honest, we felt like the result was written before the race was run," said Hill's David Hood, director of public relations.
"Such was the expectation on Frankie this year that around 80% of the entire bets on the race were on the little Sicilian. We made it our concession to pay double the winnings to online clients who backed Frankie on the day and it will have cost us a right few quid I suspect!"
The win certainly cost Victor Chandler a few quid after reporting their worst result in the company’s 61-year history. The company lost £2 million aided by a £15,000 each-way bet at 12-1 last December and a £7,500 each-way at 11-1 in March.
Following the historic win, Dettori’s odds on being voted the BBC Sports Personality of the Year have been slashed from 33/1 to 5/1 and poses Lewis Hamilton the greatest threat, according to William Hill.
Editor, Jackpot.co.uk - 2007-06-04 11:32:34