Examining the Final Market Rank of Morning Favourites

In this article, I will examine market patterns with horses that are clear favourite when the bookmaker’s early odds are set, writes Dave Renham. This is typically from 9am on the day of the race in question. For favourite backers especially, having a better appreciation of how likely an early morning favourite is to remain market leader is a key part of the betting puzzle. For the record, I have taken data from UK flat/AW racing going back to 2016.

Rate of early favourites remaining favourite at the 'off'

Firstly, let me examine how many early morning clear favourites remain as a favourite come ‘the off’:

As the graph shows, just under 64% of early morning clear favourites retain this position at the head of the market come the start of the race. That rises to nearly 70% if we include joint-favourites, while just above 30% do not retain favouritism.

These figures account for all runners, so let's drill down into various sub-categories.

Handicap vs. non-handicap final market rank

To begin with, I have divided the races into handicap races versus non-handicap races. One would expect to see a difference here, with non-handicaps more likely to see early morning favourites retaining their primacy come ‘the off’:

Over 73% of early morning jollies remained clear favourites in non-handicap races by the start of the race – roughly 15% above the average in relative terms.

Onto the handicap splits now:

For handicap races, less than 60% of early morning favourites have remained at the head of the market. As predicted, there is quite a difference between both race types.

Handicap Favourites: Early price vs. SP

Sticking with these early morning favourites in handicaps, let me examine actual price movement now. How many of morning jollies shorten in price, how many lengthen, and how many stay the same? Here are the findings:

Over half of early morning handicap favourites drift, which is perhaps to be expected given the data shared above regarding the percentage of early favourites that fail to retain SP favouritism. Of this subset of drifters, just under 34% remain clear favourites, 8% start as joint favourites, and 58% end up second choice or lower in the betting.

Therefore, if you are keen to back an early-priced favourite in a handicap, waiting until much later in the day to place your bet makes more sense. Of course, you can use the Best Odds Guaranteed option, but the downside is that if the horse drifts during the day, you’ll end up getting Industry SP, which is not as good as Betfair SP. BSP has paid around 10p in the £ more than Industry SP with these drifting early favourites throughout the study – that’s huge.

Early Favourites by Class of race

I want to look at class of race next to see if that makes a difference to the market behaviour of early morning favourites. Clearly, with literally 99.9%* of Class 1 events being non-handicaps, one would expect Class 1 races to see a higher percentage of horses retaining favouritism. In the graph below, I am comparing the percentages of early morning clear favourites that maintain their status at the head of the market by class of race:

*12153 out of 12165 on the flat in UK in the last five years

Class 1 races are by far the most likely to see the early morning favourite keep that honour. Interestingly, the 77.7% figure is well above the average figure for non-handicaps shared earlier (73.4%). It is also worth noting that the two lowest classes have the lowest figures, and most of these contests will have been handicaps.

Going back to ‘better’ races, if we split Class 1 races up for early morning favourites, we see the following in terms of their final market position:

The data tell us that the better the race class, the more likely the early morning favourite retains favouritism at the start of the race. This makes sense as we'd generally expect odds compilers and punters to have a stronger handle, as well as level of confidence, on the best races. Moreover, there tend to be ante post markets for such races which allows more time for prices to settle.

Early Favourites by Day of the week

Let's now see if the day of the week makes any difference to favourite price movement from morning to 'off' time. My theory is that Saturday may see early morning jollies retain their status the most, but let’s have a look:

In fact, Friday has seen the highest percentage of consistent favourites, with Saturday following just ahead of Wednesday. Monday and Tuesday are both noticeably lower, which may indicate the general quality of racing on the first two days of the week. Aside from the Monday/Tuesday component, there are no clear patterns or takeaways here.

Early Favourites: "The Dettori factor"

I now want to see if there might be what I've called a 'Dettori factor' when it comes to jockeys. Some punters still have jockeys they follow and probably follow over a cliff occasionally. So, I am trying to unravel whether any such rider is more likely to retain their position at the head of the market from morning to race time. I have chosen 20 jockeys with a good data set to analyse. They are ordered alphabetically:

There is quite a spread here when analysing the ‘Clear SP favourite %’ column, with James Doyle the highest at 77.9% and Shane Kelly the lowest at 55.5%. For Shane Kelly, one of the reasons it is low is because 71% of his rides have been in handicaps. That said, his figure is significantly below the average for all races/jockeys, at 59.1%. Therefore, one may expect that James Doyle’s splits for handicaps versus non-handicaps would be the opposite of Kelly's, with around 70% of rides in non-handicaps. However, the split is actually very even, with 53% of his rides being in non-handicaps and 47% in handicaps.

17 of the 20 jockeys have ‘Clear SP favourite’ percentages above the average (63.7%), with most of them well above. Maybe this is more of an indication of the stables they generally ride for. Perhaps it relates to the fact that they will ride more often in a higher class of race than your more journeymen/women jockeys. Maybe it is a combination of the two. Perhaps it is a combination of all three – jockeys, trainers, and classes.

Early Favourites by Trainer

Having looked at jockeys, I will now examine some trainers to see what their stats bring to the table. As with the pilots, I am looking at whether any trainer is more likely to retain their position at the head of the market from morning to race time. Here are my findings (I have chosen 35 individual trainer stats to share):

Generally, the higher figures in the Clear SP Fav% column come from high-profile stables that attack better races and meetings. Aidan O’Brien’s figure of 87.4% stands out. One would expect him to be at or near the top, but that number is still impressive. Most of his early morning favourites retained SP favouritism and more of them shortened in price during the day than lengthened: specifically, 53.7% shortened in price, 34.5% lengthened in price, and 11.8% stayed the same. This goes against the grain because if you look at all early morning favourites in all races, only 40.6% shorten, while a more significant 50.5% lengthen with 8.9% remaining the same price.

Sticking with O’Brien for a moment, when Ryan Moore has been riding the early morning jolly, these runners have remained favourite slightly more often than his average at 88.7%.

Charlie Appleby is the only other trainer hitting over 80% in this category. What is interesting about Appleby’s stats is that his figures are not skewed by race class. Below are the Clear SP Favourite percentages across the different class bands for Charlie Appleby's runners:

These figures are pretty level across the board with the lowest classes of race - those class 5, 6 or 7 races - seeing the highest percentage. Appleby’s figure for handicaps is 76.3%; for non-handicaps, it is 82.9%.

At the other end of the scale, Tim Easterby has a figure of 54.2% for early-morning favourites retaining final favouritism. However, with 88% of his qualifiers running in handicaps, one can see why this figure is low. Having said that, the 54.2% figure is also comparatively low – given that the average figure for all trainers is bang on 60% of handicap morning favourites retaining that status as the gates open.

Summary

This type of research has been new to me, and looking at early morning favourites offers a useful starting point in understanding how the top of the market may develop during the day. Clearly, every individual betting market will evolve differently, but even from what I have looked at so far there are definite patterns in terms of those early morning market leaders. There are also scenarios where it is more likely for the early morning favourite to still be the favourite come ‘the off’. The three strongest are:

1. Non-handicaps
2. Class 1 races, especially Group races
3. Runners from the stables of Charlie Appleby and Aidan O’Brien

I am further interested in researching how markets evolve during the day. Regarding early-morning favourites, I plan to examine early-morning prices coupled with the number of runners in the race. That may take a while, but it is on my ‘to-do’ list. And looking at price/rank movement for other market positions is also on that list.

Finally, if readers have any other topics/ideas they would like me to research for potential future articles, please post them in the comments below.

-DR

Other Recent Posts by This Author:

• From a Place, to a Different Place
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• Early Flat Season Trainer Form
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