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Monday Musings: Levelling Up

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Much was made when the entries came out of this year’s alleged “levelling up” of the respective teams for the Randox Grand National, writes Tony Stafford. Home stables, tired of the now routine grab of almost all of the £1 million prize money by the Irish, had entered close to half (37 of the 87 still engaged) so would have better chances to keep the prizes at home, went the thinking.

Fat chance. Nowadays only 34 can run, making the task of breaking into that portion guaranteed a place in the starting lineup almost impossible. Of last year’s field of 32 (two cried off with vet’s certificates on the day of the race), only eight were UK trained. In contrast, Willie Mullins ran eight on his own, and Gordon Elliott seven.  Three each from those all-powerful stables started at 40/1 and bigger and they all pulled up. The Mullins trio of pullers-up were 100/1, 40/1 and 125/1: Elliott’s were 125/1, 50/1 and 100/1.

No hopers maybe and, just as possibly, their respective owners fancied an afternoon at Aintree and the privilege of being looked after by the redoubtable, nay vivacious, redhead Siobhan Doolan in the owners’ dining room! More likely, their main purpose was to eliminate as many potential UK threats to the big two stables as they possibly could.

With just shy of 50 per cent of the field, it was hard to imagine their failing to get among the big prizes and so they did. Mullins won it with I Am Maximus in the JP McManus colours, and Elliott was second and fourth with old-timers Delta Work and Galvin.

Their compatriot, Henry de Bromhead, had three runners, and two of the first six home in third-placed Minella Indo, the 2021 Cheltenham Gold Cup winner, and Ain’t That A Shame, sixth for amateur-riding owner David Maxwell. Only the Maxwell horse does not have the Aintree ticket this time, but the Irish top quartet from last year do. Christian Williams’ fifth-placed Kitty’s Light does not have the entry.

At nine, I Am Maximus will be the baby of the returning team, and he is up 8lb to a top-weighted 167. Second and third are now age 12, and the fourth is an 11-year-old. They aren’t for moving anytime soon.

Two Venetia Williams horses are the sole UK interlopers in the top ten in the weights. Both Royale Pagaille, the second top-weight, and L’Homme Presse ran on Saturday and neither showed the sort of form needed to be feasible contenders at Aintree or, more immediately, in the Gold Cup at Cheltenham.

Royale Pagaille has a fantastic record at Haydock but, predictably, asking him to give almost two stone to some tough staying handicappers in the Grand National Trial over 3m4f there proved too demanding a task. He faded out of contention behind an impressive winner in Nicky Richards’ Famous Bridge, who does have the Aintree entry, as does runner-up Apple Away and fourth-placed Git Maker.

Famous Bridge had been loping along easily in the same race 12 months earlier, when unseating his rider Sean Quinlan six fences from home. The race was won by Gavin Cromwell’s Yeah Man. He returned aiming at the follow-up but this time it was he that didn’t get round.

Royal Pagaille’s intervention in this race had a significant difference to Famous Bridge’s chances, even if he was running off only a 1lb lower handicap mark. Last year, Famous Bridge carried 11st4lb, now he was 16lb lower on 10st2lb. Checking back, he had never carried less than 11st in any of his last ten races over the previous two years! Going as far as three-and-a-half miles, that surely would make a massive difference and so it proved.

So is Nicky Richards planning ahead to the big day in April? Hardly. On 136, Famous Bridge is number 80, five places lower than Lucinda Russell’s mare Apple Away. To complete the trio of unrealistic Grand National candidates from this so-called Trial, Jamie Snowden’s Git Maker in a closing fourth, is number 84.

Famous Bridge did well to collect the £57k first prize. Yeah Man, rated 144 and who unseated on Saturday, is number 61 for the big race. The lowest mark to get in last year was 146. It could happen, but Gavin Cromwell is almost sure to have his sights lowered, maybe to a Cheltenham handicap with the Irish Grand National even more a possible destination.

The other Venetia star L’Homme Presse did his Gold Cup aspirations no favours with an abject performance in the Grade 1 Ascot Chase. Jumping out to the left from an early stage, he was soon pulled up by Charlie Deutsch as the Paul Nicholls-trained Pic D’Orhy won in trademark all-the-way style.

Nicholls showed his emotion, first cheering the horse and Harry Cobden home with his inimitable energy. Then, when interviewed later, he showed how much he was relieved at this first Grade 1 success for his stable since Pic D’Orhy won the same race 12 months ago. Don’t worry Paul, nobody thinks you’re anything but a fantastic trainer. What do they say, form is temporary, class is permanent?

Anyway, the Irish do not intend relinquishing the £500,000 top Grand National prize lightly and it seems more inevitable by the day that JP McManus will be making it Grand National win number four.

He has the first three in the betting with Inothewayurthinkin on top at 8/1 for Cromwell, and last year’s winner second in at 12’s. Slightly from left field is third favourite Iroko, trained in the UK by Oliver Greenall and Josh Guerriero; he gets in fine as he’s number 27 on the list.

His latest fourth place in a Grade 3 handicap at Cheltenham last month attracted the attention of the stewards who interviewed Jonjo O’Neill, his rider, afterwards and then issued a lengthy report of his comments. Reading between the lines, it doesn’t seem that they were totally convinced by what he told them, and the 14/1 price about the horse, a seven-year-old as is Inothewayurthinkin, reflects the market’s fear of a McManus “plunge”, if he still bothers plunging that is.

Nicky Richards has been recovering well from the riding accident which caused such serious injuries last year, and his horses have been providing the ideal tonic. As well as the valuable prize so deservedly collected by Famous Bridge in the revered Hemmings racing colours, he has also been having a great time with previously unraced bumper horses.

He even asked me to mention a couple of weeks ago to the boss of the geegeez.co.uk team that he had some horses available for syndication and that surely Geegeez needed a representation in the north of the country! Sorry Nicky, no joy on that one.

It seems that Thursday’s debut bumper winner Upon Tweed had been the subject of considerable interest, and he says, “I’m not sure I’ll be training him for much longer. I’ll never stop being amazed how much money agents seem to have to bid on behalf of wealthy people for prospective jumping horses, but they do!”

At the other end of the scale, the latest Tattersalls Online sale last week proved little short of a total washout. Two or three sequences of around ten horses at a time did not receive a suitable bid between them when the closing time for their sale came up with a few minutes’ space in between them. I made it that only 53 of 137 lots changed hands and many of these at bargain basement levels. The whole sale might have struggled to match what Upon Tweed eventually goes for when that piece of horse trading concludes.

Richards' accident last year is testimony to the inherent dangers of riding racehorses. Yesterday’s news that Michael O’Sullivan, at 24 one of the most promising jump jockeys in Ireland, had died following his fall in a race at Thurles last week, shocked the racing community there and here in the UK, too.

Racing families are uniquely resilient, but such terrible accidents are a constant reminder that the ambulances, doctors and vets that attend every race in the principal racing countries are not in any way arbitrary but rather absolutely essential.

- TS



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Roving Reports: Data Driven Drizzle

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It's a wet and cold Monday morning here in Nottingham, writes David Massey, and the news has just been announced that it's been the warmest January since they started measuring such things, which apparently was in 1919. As a slave to the data then of course - of course! - I believe the science when it tells me as such. It's just that the places I seem to have visited during that most miserable of months have managed to dodge any semblance of sunshine, as demonstrated by the fact I don't recall any tracks I attended having to miss out obstacles because of low sun.

I tell a lie - Doncaster on a Friday. Ah yes, I remember it well now. The warmth on the back of my neck as I wrote my notes about the brave and talented warriors about to contest the 0-100 handicap hurdle. A brief glimpse of potential spring, snatched away not two days later as I tried to make my way around a flooded Herefordshire.

Yes, I did one of my bi-annual excursions to the Welsh borders at the end of last month. After making a day trip to Cheltenham on the Saturday and remarking how much the water had receded around the Evesham area since my last visit, by the time Monday came back around it was starting to rise again, and quickly. I stayed in Worcester, by the cricket ground, on the Sunday night (although I didn't realise this until first light Monday morning, when the first thing I saw on opening the curtains was the Basil d'Oliveira Stand) and no sooner had I arrived there than the words "precautionary inspection" were uttered at Hereford, along with the phrase "cautiously optimistic". As I've said before, any clerk of the course using the word "optimistic" in an update should be fined five grand, and ten if they precede it with "cautiously". The BHA could, however, use that money to pay for trainer interviews, where famous Berkshire handler Willie Runnem-Ornot can tell us his horse has had a setback for the Cheltenham Festival, but he's "cautiously optimistic" he can get him back on track if Kempton will let the lad have a gallop round next Tuesday when there's no press about. That'll be two grand please. Cash in a brown envelope? Yes, that’ll do fine, thanks for coming along.

And so, early Monday, Hereford bites the dust, and I'm left in a hotel room in Worcester with little to do but look at an empty Graeme Hick stand and nowhere much to go. I'm tempted to hoik it up to Monmore Greyhounds for their afternoon meeting, but my next stop is Ross-on-Wye, in readiness for Chepstow on Tuesday, and I'd be heading the wrong way. I decide instead to do the sensible thing, and just do some pre-emptive Cheltenham writing whilst drinking more hotel coffee than is probably good for me.

The rain is still falling as I set off for Ross. A wise man would have gone back to the motorway at this point and stayed on the main roads but I'm a romantic idiot with time on my hands and decided to go the scenic route using the back roads. I'm glad I did, in some ways - stunning vistas as I drive in the shadow of the Malvern Hills and I also trundle past someone's training establishment - I still haven't worked out who it was - through one of the villages.

Then, about four or five miles out of Ross, there's trouble. I'm in a village where the only way through it is via a bridge, and that's flooded, badly. I stop and try to work out the situation. Gamble, drive through and potentially flood the engine, or (according to Google Maps) track back almost eight miles and add another half an hour to my journey time? I didn't need to wait long for an answer. A lorry goes past me and through the flood. It's deep, too deep. This is confirmed by a Range Rover who does the same, and barely gets through it. For once, common sense kicks in and I turn around. The Malverns look as lovely as they did twenty minutes ago from the reverse angle.

You know that feeling you get sometimes when you arrive somewhere and think "I've been here before, but I can't quite remember when?" - I get that as I pull up in Ross at my Premier Inn. I know I've been here, but I can't quite remember when, or why. Then it dawns on me. I came here once with a good friend a long, long time ago on the way back from our one and only trip to Ffos Las. We had dinner in the Beefeater next door and then a night of great sex in the hotel. Well, that's my recollection of things. She says we just had a poorly-cooked steak and the only pudding I got was sticky toffee before we hit the M50 half an hour later. I think she's probably right. I suspect I've let my imagination get the better of me. It was about ten years ago, after all. Anyway, I'm here again, and I ask the receptionist to book me into the (now) Travellers Rest next door for dinner.

"You'll have a job. The place closed months ago. It's derelict and being knocked down." That's the end of that, then. Serves them right for undercooking my steak.

There's a precautionary inspection at Chepstow tomorrow now. This journey could be a fairly expensive busted flush. However, some light emerges at the end of the tunnel, and for once it isn't an oncoming train.

To amuse myself whilst writing I've had an each-way Yankee at Plumpton and after a 25-1 winner (in a four-horse race too, all to win!) along with another winner and place it's looking pretty good. I'm offered a decent cash out. I never cash out. Never. But... the cash out would cover the price of the trip, and if Chepstow bit the dust tomorrow, it wouldn't matter too much. For the second time in a day, I do the sensible thing and cash out. Do I need to tell you what happened to the fourth selection? Of course I don't. It won half the track. The only consolation being I did have a few quid on as a single. Still, a bit gutting, although I remind myself the whole trip is now paid for if it all goes blank tomorrow. And as the rain falls down on a humdrum town, as The Smiths warbled back in 1984, it has to be said that looks a very likely scenario.

Tuesday morning. Miracle of miracles, Chepstow is somehow on. I'm actually going to get some racing.

I'm going with my friend Alex who I haven't seen in years. She awards herself the title of "Assistant Media Bitch" for the day, which not only suits her well, but could catch on elsewhere, I reckon. I know a few that would fit that title perfectly. Anyway, we have a cracking day, the highlight of which - for her - was making Richard Hoiles a cup of tea. "It won't get any better than that today", she excitedly shrieks. I manage to find a couple of losers before Royal Jewel digs me out, and then Lagertha is something of a paddock standout in the Mares Novice. It'll be a winning day, which is always nice. I don't have a penny on Jo Lescribaa but I'm delighted for my friend Andy who has a interest in her, and all in all it's been a really enjoyable trip despite the grim weather. Better still, it has rekindled Alex's love for a day at the races. She hasn't been for some time - "the game isn't the same as it was", she says, but I hope she will go racing, at least in midweek when it's a bit quieter, again in the near future. The drive home is a long one, but a call in at the ever-lovely Gloucester Services breaks it up.

Back to the present day. The app on my phone now tells me "Rain coming in under an hour." Any chance of a look at that weather data again, please? It's Leicester on Thursday and Haydock on Saturday for me this week. The Trackside bobble hat will be on, I can assure you. Say hello if you see me, or if it's as warm as the data says, Stop Me and Buy One. Either way, have a great week.

- DM



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More on Price Movement in NH Markets, Part 1

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Back in October I wrote an article that examined some betting market data whereby I investigated patterns of price movement from early morning odds to SP in UK NH racing. I felt now was good time to revisit the idea but switch attention to movement between opening show and SP.

This is first of a two-parter with data taken from the last five full years covering 2020 to 2024. I have used William Hill bookmaker prices and, for the remainder of this article, I will use ‘OS’ to stand for the Opening Show Odds.

As I mentioned in earlier work, the OS for most races occurs around 10-15 minutes before the race is due to start. Each horse will have its opening price and then, as money is wagered in the period before the race starts, the prices will begin to fluctuate. Some will go up, some down, some will end up the same price as they started. Price changes are also driven by what happens on the betting exchanges.

As I did for the previous research let me start by sharing the figures for all runners over this time frame to see what percentage shortened in price, lengthened in price (often known as drifting), or stayed the same when comparing their OS to their final Starting Price Odds (SP).

 

 

 

These percentage splits are very close to those I found for flat racing with far more horses lengthening / drifting in price than shortening in price. Once again, the smallest percentage figure occurred with horses staying the same price.

Market movement during this short period before the start of the race is a good indicator of a horse's chance of winning as the graph below shows when we examine the win strike rates of the three groups:

 

 

 

Horses that shorten in price have won more frequently, edging towards twice as often as those that drift. In terms of returns, to Industry SP horses that have lengthened in price (drifters) would have lost you a hefty 30p in the £, while those that have shortened in price would have lost you around 15p in the £. To BSP the gap is much reduced with an 8.6% loss for drifters and a 5.6% loss for ‘shorteners’.

Let me now share the yearly percentage of runners splits for the three groups in terms of comparing their OS odds to their SP odds:

 

 

As we might have hoped the splits have been similar year on year. Readers may notice that 2020 is slightly out of kilter, but my guess is that Covid was a key reason behind this. No spectators at racecourses for around eight months in 2020 meant we had an unusual situation come Opening Show with no oncourse bookmakers taking money. It is also the case that, since Covid and 2020, the starting price is framed more significantly around off-course liabilities than on-course, reflecting where the majority of betting action happens nowadays.

For the next part of this piece, I would like to focus on the percentage of horses that lengthened / drifted in price showing a course-by-course comparison. The courses are ordered highest percentage to lowest. As a reminder, the overall figure for all courses was 46.5%:

 

 

I have highlighted in red those courses that had the smallest percentage of drifters and what immediately stands out is that these tracks are universally considered to be top tracks. In fact, if we look at the list of courses that have held the most Graded races over the past five seasons we see the following:

 

 

These same seven courses showed the lowest percentages for drifters. I suspect there are two main reasons for this. Firstly, stronger markets exist at these courses – more money is wagered (off course, on the exchanges, and on course); and, secondly, there tends to be better overall knowledge of the horses that race at these tracks due to the average class level, making early markets more efficient / accurate.

Thinking about class of race, based on my second theory noted above, we might hope that if we look at the percentage of runner splits within each class, the higher classes of race would see a smaller gap between horses that shorten in price from OS to SP compared with those that lengthen/drift.

I have lumped Class 6 races in with Class 5 purely because there are very few Class 6 races in National Hunt racing. In addition, I have added an extra column which shows the percentage difference between horses that have shortened compared with those that have drifted. Here are my findings:

 

 

As hoped, the theory has held, with the highest class of race (Class 1) seeing by far the smallest gap between shorteners and drifters of 5.3%. As can be seen, once we get to Class 4, the gap extends to 16.7% for Class 4 races and 14.9% for Class 5/6 races. Hence, for those of us who may still take a bookmaker’s price between OS and the start of the race, the stats for Race Class and the previous course ones should help inform us more accurately about the chance of our selection drifting or shortening in the ten minutes or so before the race. For punters, having the overall stats gives us a good 'feel', but breaking things down into subcategories can offer more knowledge and understanding of how prices may move.

My focus now is to look at price movement from Opening Show to SP within different price bands. The figures are split by percentage of qualifying runners:

 

 

These price bands are based on huge sample sizes so we can be confident that these types of figures are likely to be replicated in the future. Possibly the most eye-catching percentages are those for bigger priced runners. Once we get to an Opening Show of 18/1 or more, over 50% of such runners have drifted in price. There also seems to be no difference to the overall norm when it comes to those priced up between 9/2 and 6/1. The percentages between shorteners and drifters are close to parity with a slight edge to shorteners. To see this more clearly let me graph the comparison:

 

 

The graph clearly shows this ‘close to parity’ situation with the 9/2 and 6/1 Opening Odds price band. Expanding this slightly, it also shows that the percentages are closest from 100/30 to 8/1 compared with everything else. We knew already that drifters occur more often than shorteners but seeing these price splits offers further appreciation of how likely a horse may be to shorten or drift. Looking back at the flat article I wrote we witnessed a similar pattern in terms of how the overall graph looks.

To conclude, understanding how a betting market may evolve from Opening Show to SP is an area that is rarely analysed. There are some parallel patterns with the flat findings I previously shared, as you might expect. In many ways this is a positive as it provides greater confidence that OS to SP prices will continue to move in similar ways in the next few years.

My next article will be a follow up to this one, and will look at some additional areas such as race type and trainers. Until then...

- DR



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Monday Musings: Remembering the Aga Khan

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The news that H H the Aga Khan, head of the Nizari Ismaili Muslim sect, had died last week thrust me back more than 30 years, writes Tony Stafford. At the time I was scrabbling around trying to buy cheap horses, usually those that didn’t reach their reserves at the conclusion of the Tattersalls’ Horses in Training sale.

In those days, my targets were Cheveley Park Stud, usually well-bred fillies that didn’t measure up to their demanding requirements and would go privately for £500, or the Aga Khan detritus that it would be too costly to send back to either France or Ireland with nobody other than me wanting them. To be fair, the Cheveley Park ones were rarely much good!

I say detritus, but M. Drion, the Aga Khan’s manager, called them “boucher” (butcher) horses, so if I didn’t step in, they would be destined for the dinner tables of continental Europe. Once or twice, both targeted operations even gave them away.

While not a freebie, one such was Karaylar, a son of the Aga Khan’s Derby winner Kahyasi out of a mare by brilliant broodmare sire Habitat. He had been with John Oxx in Ireland, but the trainer of Sinndar, another Derby winner for the owner, hadn’t managed to get him on the track.

I spoke to His Highness by telephone having got the number from M. Drion. He agreed £500 and the cash was duly handed over. He called him a “boucher” horse, too!

At the time, I was regularly passing on my “finds” to Northumberland owner David Batey. In a few years he had done so well that he had a video made up of his “first” 25 winners. Most had cost buttons whereas only the last, bought from Brian Meehan as a 2yo at Doncaster sales for £14,000, was not my discovery. The winners had all been trained by my friend Wilf Storey.

I can only imagine the rage building up in the mercurial owner as 3yo Karaylar ran last of 11 first time on the flat and then, in the always well-populated novice hurdles in the north at the time, 16th of 20, 15th of 20 and, to finish the job, 19th of 21.

That brought him an initial mark of 64. Wilf and I always in our deliberations used to reckon on one run to confirm the rating and then go to work. Fourth in his first handicap, he then won a John Wade-sponsored selling handicap hurdle, at Sedgefield. That was a qualifier for the final also at Sedgefield on a Friday night early in May.

I can remember exactly where I watched it but have no idea where I had been earlier for me to be in that place. It was a betting shop in Bishop’s Stortford town centre. Karaylar started the 9/4 favourite and in a field of 16 won as he liked by five lengths under Richie McGrath, who had also been on him for the previous win.

What marked that race as special was its prize - £7,000, for a seller! Just a four-year-old, we thought Karaylar was going places – he did, rapidly downhill, never winning another race.

Mr Batey was also the beneficiary of another Wilf winner ridden by McGrath in his 7lb claiming days. That was Cheltenham Festival long-distance hurdle scorer Great Easeby, bought unraced for 2k from the owner-breeder Robert Sangster. A son of Caerleon, he was acquired in a very comfortable negotiation, sent to Wilf and won seven races between the flat and jumps.

Our association (not with Wilf) suddenly ended allegedly because the owner found out I had made a small profit on one of the deals. His success rate dropped almost to nothing once he stopped sending horses to Grange Farm, Muggleswick.

*

The Aga Khan was the third member of his family to make a massive impact on thoroughbred racing and, equally, breeding. His grandfather, also the Aga Khan, owned the famous flying filly Mumtaz Mahal in the 1920s and was prominent in racing until his death in 1957.

His son Prince Aly Khan kept the family horse racing business going, while at the same living a film star lifestyle,  especially when he married the actress Rita Hayworth. He died in a car crash, having already been passed over for the title of Aga Khan by his father who thought his son Prince Karim, as he was, would be a more suitable leader. For almost seven decades, he fulfilled the role with great skill and was reckoned as long ago as 2014 to having a fortune of $13 billion by Vanity Fair.

For racing fans, his green and red colours have been a constant even though he had refused to have them trained in the UK for a long time, relying on Ireland and France. He had countless champions in his time; for me, though, it’s always been Karaylar!

*

How frustrating that a week after the Dublin Racing Festival, one of the two biggest stars of the UK team shaping up to see off the Irish challenge at Cheltenham was unable to run in his warm-up race.

Sir Gino, flawless over hurdles, the latest time when deputising for the country’s number one, Constitution Hill, in the Fighting Fifth Hurdle and then spectacularly proficient first time over fences at Kempton over Christmas was the absentee. Many had travelled expecting to see him at Newbury, but a cut leg ruled him out of the Game Spirit Chase.

The Nicky Henderson horse was forced to miss the Triumph Hurdle at last year’s Festival and now will be going into the Arkle Challenge Trophy – if he gets there, that is – with only one run over fences behind him, unless Nicky sends him either to Kempton or Bangor as has been mooted.

Of course, waiting to pounce is Willie Mullins with his smart 5yo Majborough, winner of that Triumph Hurdle and unbeaten since in his two runs over fences. He looked last week in winning the Irish Arkle Novice Chase at Leopardstown that he still had a bit to learn about jumping fences. When Sir Gino won at Kempton, you could have thought you were watching a horse that had won ten races over fences, let alone had never run over them before. After all, it was Ballyburn that he was putting back in his box, a horse who all through last season and again at the Dublin Festival, looked like a future Gold Cup winner.

Henderson did have something to smile about on the Newbury card, the mare Joyeuse cantering away with the William Hill Handicap Hurdle and its £87k first prize in the colours of J P McManus. Only a 9/2 shot, the success was therefore expected in some parts but a glance at her earlier career did not present her with the most obvious of chances.

She won her only race in France, a 1m4f AQPS maiden as a 3yo by three parts of a length. The venue? Another of those French tracks where they probably mark out the rails the night before. For the record it was at Paray-le-Mondial, a track and indeed town I’d never heard of; but, in fairness, even those venues that race only once a year are always immaculately presented. Paray-le-Mondial is in the east of France, for the record, about 80 miles northnorthwest of Lyon.

The run was enough to secure a price of €235,000 soon after from the all-seeing McManus talent-scouting operation. Henderson took his time before sending her out for the first run from Lambourn, at Taunton in January last year and she won by half a length.

Two placed efforts in just over three weeks in November and December earned her an initial handicap rating of 123. The way she accelerated away – once favourite Secret Squirrel fell when still right in the argument at the last flight, suggested she wouldn’t have been far away off 143!

The McManus team from Ireland and the UK will be feared as usual next month but a quirk of the altered regulations for Cheltenham’s handicaps means Joyeuse is ineligible for any of them, and she isn’t a novice either. Aintree here she comes, no doubt.

 - TS



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‘SR’ Ratings on the All-Weather

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There are numerous reasons why the only racecards I use are the Geegeez Gold ones, writes Dave Renham. There are several useful tabs on the racecard, three of which I always look at first: Pace, Instant Expert and Profiler. For flat and all-weather racing I will also look at the Draw tab.

Each of these tabs offers me useful and diverse information, all at simply the click of a button. In under two minutes I can decide about whether the race in question is one that merits more of my time. If it does, then I will delve into the Full Form tab to build up a bigger overall picture for myself. If I get to the stage where there looks to be a horse or horses that I may be interested in betting on, the next thing I will look at is the SR column in the main Racecard.

The number in that column is a ratings figure derived from Dr Peter May’s research. I have always had huge respect for Peter, and I will always consider his ratings when analysing a race. Having Peter’s ratings is another bonus when it comes to using the Geegeez Gold cards. And for today’s article it is Peter’s SR ratings that I am going to take a deep dive into.

Matt wrote an article in September 2023 looking at the performance of the ratings in National Hunt racing. In that piece he explained that Peter’s ratings are not strictly ‘Speed’ ratings. He wrote,

Peter's numbers are derived from a neural network: he's been doing artificial intelligence (AI) since long before it became fashionable. And they're much more than a measure of speed; they include a number of form considerations making them a sort of composite of, in Racing Post terms, RPR (Racing Post Rating) and TS (Topspeed) - both of which we also publish on geegeez.” Hence Peter’s ratings are unique.

My focus for this article is all-weather racing. I have looked at a five-year time frame from January 1st 2020 to December 31st 2024. When I refer to the ratings from now on, I will call them SR Ratings as that is how they appear on the geegeez racecards.

I have spoken to many people who have compiled ratings in the past, be they speed or ability ratings, and in every case the win rate was the key to judging the effectiveness of their ratings. The top-rated runner should have the highest win percentage, the second highest should win next most often, and so on, gradually reducing for the other runners. Obviously, it is hoped the top-rated runner is the best performer in terms of betting returns, too; however, it is important to point out that regardless of how good a set of ratings is, we cannot generally expect the top-rated runner to secure a blind profit over thousands of races. That's not the case with Racing Post Ratings, Timeform Ratings or any other public rating. Despite that, such figures are an excellent guide to which subset of horses can normally be considered contenders.

Let’s start with looking at the win percentages (strike rates) for different SR-rated runners. This covers all races on the all-weather over the five year period of study. The horizontal axis is labelled from 1 and represents the top-rated runner, 2 the second-top rated, and so on:

 

 

The win strike rate for top-rated runners is close to one win in five which is thoroughly decent, and the top three rated horses win almost half (48%) of races. The percentages correlate positively with the rated positions showing a sliding scale that we would hope for. If we look at the Each Way (win & placed) strike rates, we see a similar pattern:

 

 

The top-rated runner is comfortably clear once more, and the sliding scale is replicated showing positive correlation with the win only figures.

In terms of returns to Industry SP, the top-rated runner has performed the best although overall losses stand at 15 pence in the £. However, to Betfair SP losses stand at under 2p in the £. This is impressive considering there are around 13,000 top-rated runners in this sample.

Let me now split the races into handicaps versus non-handicaps and compare with win strike rates for the top-rated and the second rated runners:

 

 

As we can see, in non-handicaps the top-rated runner is well clear of the second rated, while in handicaps the gap is much smaller. This was to be expected, given the relatively competitive nature of handicaps compared with non-handicaps, but again it is good to see it in black and white - or should I say orange and blue!

I would like to now analyse the BSP returns of the top-rated horse in different race types. These have been split into 2yo non-handicaps, 2yo handicaps, 3yo non-handicaps, 3yo handicaps, all age non-handicaps, and all age handicaps. The graph below shows the Betfair SP return on investment percentages (BSP ROI%) for each race grouping:

 

 

Three of the six groupings (2yo non-handicaps, 2yo handicaps, 3yo handicaps) saw the top-rated secure a blind profit which is impressive stuff. All age non-handicaps showed the worst returns, still only losing 6p in the £.

Using the Query Tool on Geegeez I decided to compare the performance of AW favourites, split into those that were also top-rated on the SR Ratings versus those that were not top-rated. Here are the findings:

 

 

The Win PL (profit/loss) and ROI (return on investment) columns have been calculated to Industry SP, and we have a clear winner. In addition, the strike rate is more than six percentage points higher.

When calculating to BSP there is a similar difference between the two:

 

 

Thus, if we back favourites on the all-weather, having them top-rated on SR Ratings would have improved our bottom line. Yes, SR top-rated runners when favourite still made a loss to BSP, but it was limited to only 2p in the £ over five years. A pretty good starting point for further research.

We see a similar pattern when we look at horses second in the betting comparing their record when SR top-rated or not. Here are those splits:

 

 

Again, these are calculated to Industry SP but a clear difference, equating to around 8p in the £, can be seen. To BSP, SR top-rated horses that started second favourite secured a profit of around 4p in the £.

I would now like to look at top-rated runners in all age handicaps in more detail. The reason is that all age handicaps make up around 70% of UK all-weather races, a striking statistic. Also, from a personal perspective, these are my favourite races to bet in. I am hoping that getting a better feel for the top-rated runner has the potential to inform some of our future betting decisions.

Below is a table showing the most positive results from a BSP returns perspective in all age handicaps:

 

 

As a fan of sprint handicaps this makes very pleasing reading. The minimum distance has been a strong positive for top-rated runners in these all age handicaps. The lower weighted top-rated runners have also performed well. It should be noted that this is based on the card weight of the horse and does not consider jockey claims. A quick return is often seen as a positive and, although they tend to be overbet these days, that has not seemingly been an issue when they have been SR top-rated runners. Horses that have yet to win at the course have also snuck into profit possibly due to course winners being overbet meaning the non-winners have been slightly underbet.

I would like to finish by combining top-rated runners with Run Style/Pace. Of course, the run style figures are only known after the race is in progress but the figures follow a familiar pattern we have seen before:

 

The Win PL and the ROI can be considered to be ‘projected’ returns to Industry SP, because as we know we cannot predict 100% how the run style for each horse within each race will unfold. But if we can find a top-rated runner that is a strong candidate for leading early, then this would potentially be a decent betting opportunity. For the record, front running top-rated runners offer slightly better returns in handicaps compared to non-handicaps.

**

At the beginning of this article, I was praising the virtues of the Geegeez Gold racecards. At the end of that opening paragraph I mentioned that having Peter May’s ratings (SR) was a bonus; I hope after reading this article you will agree with me and feel better equipped to tackle the all-weather, particularly under certain highlighted circumstances, going forward.

- DR



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Monday Musings: Of The Kid and DRF

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Amid all the extravagantly impressive performances of Wilie Mullins’ three winners on the first day of the Dublin Racing Festival at Leopardstown on Saturday, I must say I was transfixed by one less predictable show a little nearer to home, writes Tony Stafford. Anyway, that’s how I would describe Musselburgh for us down south.

I had spoken to Nicky Richards on Saturday morning about the chance of The Kalooki Kid in the bet365 Scottish Champion Handicap Chase over 2m4.5f, surprised that his seven-year-old was as short as 11/4 for this £100k, £51k to the winner prize.

Nicky was optimistic, saying he had jumped very well at Doncaster (only second time over fences) and he was hopeful as long as the jumping held up.

Let’s put it in perspective. After a debut for the season when second over two miles at Ayr (12 fences) and a win where a few of the potential dangers fell at crucial stages when admittedly he had already taken charge long before the 15th and final fence, he came to Musselburgh having jumped 27 fences in public.

Now, off a tough enough 131 having been raised 7lb for Doncaster, the son of marathon flat-racer Gentlewave, out of a Flemensfirth mare, faced 11 opponents on Saturday. You can add to his two chase runs, six with two wins over hurdles last season, but a starting price of 2/1? Never.

The said opponents had all won over fences and in terms of experience had The Kalooki Kid by his extremities. None had raced fewer than eight times previously over fences, with four of them having won five times each. Adding their hurdles tally to the chase totals, the least number of runs was 16 – in one case – and it was mostly around 20, compared with the Richards’ horse’s eight. More pertinently, the 11 had collected 38 wins in chases before Saturday.

As I said, Nicky was hopeful the jumping would hold up. Regular partner Danny McMenamin settled him on the inside from the start; initially in around fifth in the running and going past the stands was soon in third, the leaps uniformly accurate without being in any way flashy.

By the time they turned for home with four to go, The Kalooki Kid was in a close second place, poised to tackle the long-time leader Saint Segal. A superior jump four out soon had him in front and still going easily.

Saint Segal had bolted up the time before for the Jane Williams stable at Newbury in December, his third win over fences and fifth in all. He battled bravely as for the second time running, The Kalooki Kid reckoned he’d done enough once clear on the run-in, but he still had more than two lengths to spare at the line.

So here we have a horse, bought at the Landrover sale in Ireland by Richards for €40k in June 2021.  Allowed to mature just as his father, the late Gordon W, would have done in his years bossing Greystoke Stables, and now the rewards should be flowing in the yard’s time-honoured manner, granted the required good luck.

With a pedigree like his, three miles should not be a problem, so now it’s down to the trainer to plot the right path. At 68, it’s remarkable that Nicky was still riding out until last autumn when he had an awful fall, breaking his pelvis among other injuries. The rehabilitation has been going steadily, and it would be great to see him back on track in time to witness the future triumphs from his new stable star.

The 2024/25 season has been building up nicely with 21 wins (and almost £400k in prizes) so far and, as well as The Kalooki Kid, he can look forward to further success with the likes of recent impressive bumper scorer They’re Chancers.

**

It was to be expected that Galopin Des Champs buttoned up the first part of the unheard-of triple double when adding a third successive Irish Gold Cup at Leopardstown to the two Cheltenham Gold Cups which he has collected in between.

He might have been beaten twice since Cheltenham at right-handed Punchestown by Martin Brassil’s Fastorslow and then stablemate Fact To File, but as Willie Mullins would say, it’s not what you lose that matters, it’s what you win.

The same Fact To File was in this three-miler on Saturday and like three or four others was poised just behind the champion as he as usual led the field into the short home straight with one to jump. Then, Paul Townend asked and Galopin Des Champs delivered. The finishing burst obliterated any challenge.

It was a similar situation with last year’s Triumph Hurdle winner Majborough as he made it two from two since Cheltenham. In a display of raw power rather than slick jumping he made the considerable opposition in the Irish Champion Chase look much less that it had appeared beforehand.

Now he is poised for yet another of those titanic Mullins/Nicky Henderson battles in ‘the’ Arkle at Cheltenham with Sir Gino. Two emerging giants – redolent almost of the Mill House/ Arkle jousts in the 1960’s which so enthralled racegoers for almost three years until Arkle proved his immortality.

The third Mullins winner came in the opening race. The fact that the horse to be called Final Demand was sold for €230k as long ago as June 2022 suggested somebody knew something. The buyer waited until last March before sending him to a point-to-point which he won with ease.

He was then persuaded to let him go and it would be interesting to know how much Brian Drew and Professor Caroline Tisdall needed to shell out for him.

Anyway, they won’t be crying after an easy win at Limerick between Christmas and the New Year and Saturday’s exceptional 12-length victory in the opening Nathaniel Lacy and Partners Solicitors €88k to the winner Novice Hurdle over 2m6f. Mullins had four back-up runners in this and far from creaming the place money, all he had to show was 4th, 5th and two pulled ups including the second favourite Supersundae.

Final Demand will be a banker to follow Ballyburn in the 2m5f novice hurdle at Cheltenham while Ballyburn showed he was back in business after finding Sir Gino too speedy over two miles at Kempton at Christmas time. Back to the distance of last year’s hurdle win at the Festival, Ballyburn slaughtered yesterday’s opposition in the Ladbrokes Grade 1 Novice Chase.

Briefly returning to Final Demand, a son of Walk In The Park, he has the same broodmare sire, Flemensfirth, as The Kalooki Kid. Walk In The Park has been a shining light among Coolmore’s main jumps station, Grange Stud, for the past ten seasons in which time fee has always been advertised as “private”.

His story is odd enough. Runner-up in Michael Tabor’s colours in the Derby, a son of Montjeu, also a Tabor horse and a dual Classic winner (French and Irish Derby), Walk In The Park won only once (as a juvenile) in 14 career starts. Initially standing at stud in France, the year before his transfer to Ireland, his last publicised fee was €1,500. How do they do it? Like Willie Mullins, no doubt, talent and dedication.

We were promised a thriller between two Mullins horses in the Irish Champion Hurdle. State Man had won the last two along with last year’s Champion Hurdle proper in the absence of Constitution Hill, but the market settled on the younger mare Lossiemouth who had put in a spirited show when second to Constitution Hill in the Christmas Hurdle at Kempton.

But the clash evaporated into a damp squib down the back straight as Lossiemouth fell, leaving State Man, who narrowly avoided being caught up in the tumble, to collect the €112k first prize. Daddy Long Legs, in the winner’s second colours of Mrs Donnelly, stayed on best to get the “measly” €38k second prize for what was almost a school round until he was asked to go faster in the last half mile and beat two other no-hopers. Was there no UK horse thought capable of nicking one of those lavish place prizes?

Well done then to Warren Greatrex for his enterprise in sending over Good And Clever for the novice hurdle won easily by Mullins’ Kopek Des Bordes. Kopek will be a strong favourite for the Supreme Novice at Cheltenham, but Good And Clever collected €13.5k for his owners Jim and Claire Bryce, as the sole UK runner on the day. That following an unplaced Henry Daly runner – 33/1 as top-weight in a three-mile handicap hurdle the previous afternoon.

- TS



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When NH Trainers run two in the same race

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Back in July 2021 I shared some research connected with UK flat trainers when they saddled two runners in the same race (which you can read here), writes Dave Renham. In this article I will do likewise with UK National Hunt trainers. Clearly, there are occasions when trainers saddle three or more runners in a race but, to make the research and writing process easier, for this offering I will once more focus on exactly two runners saddled.

It is likely that in the past some punters have been lured by the prices on two runners from the same stable: if one is 3/1 and the other 14/1 the chances are the focus will be on the more fancied runner of the pair. I, for one, have been guilty of this before.

The data in this analysis has been taken from UK National Hunt races between January 1st 2016 and December 31st 2024. All profit and loss figures have been calculated to Betfair Starting Price less commission. For the shorter priced horse of the pair, I will call this the “first string”, the bigger priced runner will be known as the “second string”.

Overall trainer performance when running two in the same race

Let me first look at trainers who have had two or more runners in the same race on at least 100 occasions (hence at least 200 runners overall). There have been 28 trainers that qualify in the study period using that stipulation:

 

Below are the combined results of all runners for each trainer (i.e. both first and second string horses). The trainers are listed in alphabetical order:

 

 

Not surprisingly, just four of the 28 trainers show a profit when looking at both runners combined. It is unlikely that backing both runners for every trainer in every race is going to make a profit long term as the overall stats clearly show. Indeed, the four in profit owe that accolade to some huge prices going in.

Let us see what happens when we break the data down and compare trainer win strike rates between first and second string runners. The plan is not to compare the raw win percentages with each other, but to add up the winners for each of the two market ranks and work out what percentage of all the winners came from the trainer’s first string (shorter priced runners) and what percentage came from the second string (longer priced runners).

In other words, if we use Donald McCain as an example, he has had 60 winners when running two horses in the same race, of which 45 were his first string runners (75%); 15 winners came from his second string runners (25%).

To show this comparison for each trainer I have split their data into four separate graphs, so as not to overcrowd the pictorial evidence. The orange bar represents first string runners, the blue bar is for second string.