Seeking Future Profit from Last Day P’s

Did you know that over 9% of National Hunt runners in the UK are pulled up? That equates to 15,000 horses when looking at a UK National Hunt data set covering the period from 1st Jan 2019 to 30th November 2024, writes Dave Renham.

In this article I am going to see if any patterns emerge from horses that return to the track in a National Hunt race having been pulled up on their most recent start. Profits/losses will be quoted to Betfair SP (BSP).

Pulled Up LTO by Race Code

Firstly, let us look at the race type last time out (LTO) comparing hurdle races with chases. [It should be noted that 93 horses were pulled up in NH flat races (bumpers) LTO of which only three went on to win next time (SR 3.3%). That small subset of runners lost a whopping 75p in the £ to BSP].

Onto the LTO hurdle races versus LTO chases splits:

 

 

We need to be careful when looking at raw stats like this, especially if majoring on the profit and loss column. Profits can be easily skewed using BSP as there are occasionally huge prices winning. This can often totally change the bottom line. Hence, I thought it would be prudent to use a price cap on the pulled-up runners LTO to offer a fairer comparison. Specifically, I have chosen to narrow the qualifiers only to horses that were returned at an Industry SP of 8/1 on that last day run. That is, they were expected to run well rather than be pulled up.

The change in the splits now is quite noteworthy:

 

 

This is quite a change from the first table. Now there are healthy returns for horses that were pulled up when racing over hurdles LTO having been priced 8/1 or shorter in that pulled up contest. Betting all such runners cleared nearly 22p for every £1 bet.

There were still some big priced winners that helped to create those returns but, when focusing on horses that were priced BSP 5.0 or less in this follow-up run yielded an impressive 35% winners for a profit of £22.49 (ROI +12.4%). Therefore, this group of runners still made a profit with their shorter priced qualifiers.

It seems that horses that were pulled up in a hurdle race LTO when having an ISP of 8/1 or less in that specific contest have been good value on their follow-up start. In fact, if we look at this subset of runners that returned to a hurdle race next time the figures are even better:

 

 

Not only that, but five of the six years turned a profit to BSP. The graph below shows the yearly return on investment (ROI%) for this group of runners:

 

 

I would not necessarily advocate backing such qualifiers ‘blind’ in future but it seems that over this recent time frame it is likely that many/most of these runners have gone off at higher than their true price. Betting is about getting value, and the stats suggest that these runners have offered good value.

 

Pulled Up LTO by DSLR

I next want to switch attention to days since that last pulled up run (DSLR). I have adjusted the days off track splits to try and give enough runners in each grouping as well as using sensible periodicities. The table includes all race types/LTO race types:

 

 

As you may have noticed, I have added a Place% column. This is just to highlight that the 151+ days group had not only the best win strike rate, but the best win & placed SR% too. Sticking with this group all of which were off for around five months or more, as the table indicates they have secured a big profit.

This figure is badly skewed, however, as there were nine 100/1+ winners on Betfair. That said, it should also be noted that to Industry SP this group of runners lost 19p in the £ less than all the other groups combined, making them the best option by some margin. Indeed, if we avoid the really big BSP prices and look at a BSP of 19.0 (18/1) or lower, the 151+ days off group still secured a steady profit of £111.46 (ROI +8.3%).

The other main finding from ‘days since last run’ is the poor returns of the 10 days or less group. They lost nearly 36p for every £1 wagered during the study period.

 

Pulled Up LTO by Going

Moving on, I would like to examine what effect, if any, the going LTO had. My perception was that we might expect to see more runners being pulled up on heavy ground, so these runners potentially had a 'better' excuse. I looked first at the A/E indices of LTO pulled up horses based on the going LTO. Here are the figures:

 

 

As the graph shows, horses that raced on heavy ground LTO ended up clearly being the best value out of the five groups next time. Their figure of 0.97 is close to the magic A/E index of 1.00. I will now share both the Industry SP and the BSP Return on Investment percentages which follow a similar pattern:

 

 

Horses pulled up on heavy ground LTO lost just under 11p in the £ to Industry SP, while the other four going descriptions showed far worse returns. When we look at the BSP figures the ‘LTO heavy group’ made a positive return overall:

 

All this points to the fact that some horses that were pulled up LTO on heavy ground may be worth another chance.

I am sure you have also noticed on these graphs the poor performance of horses that were pulled up LTO on good to firm ground. As you would expect their win to runs record is poor but to be fair there were only 123 qualifiers so a small sample size in comparison. Having said that only two of those 123 went onto win next time!

 

Pulled Up LTO by Number of Race Non-Completions

My next port of call was to look at something I have never looked at before and that is the number of horses that failed to complete the course LTO in the race that contained any of our pulled up LTO runners. Hence these ‘non-completers’ would include not just horses that may have been pulled up in that race, but those who fell LTO, unseated LTO, and so on.

To be clear, I was still only looking at the next time out results of horses that had been pulled up LTO. Here is what I found:

 

 

To explain this table a little further, the ‘1’ group contains pulled up horses LTO that were the only horse in their specific race that failed to complete. I would have expected those figures to be poor, and they are.

As can be seen, once we get to four or more non-completers in a race, the next time out performance of any LTO pulled up runner improves. This makes sense as the more horses that failed to complete a race, the more likely that there may have been an underlying reason why so many failed to finish. Examples I can think of include particularly testing conditions (which correlates with the LTO heavy stats seen earlier), or possibly the race was run too quickly from the start and therefore tiring horses either made late mistakes or just ran out of gas. There will be other reasons but both of the above are logical to me and I’m confident both are valid.

 

Pulled Up LTO by Trainer

The last main area I want to examine is trainer performance with horses that were pulled up LTO. Trainers with more than 100 qualifiers have been put in the table and I have ordered it alphabetically:

 

 

15 trainers in the list made a profit with their LTO pulled up runners to BSP, of which seven almost managed a profit to Industry SP. There are some weird and wonderful profit figures for some – again mainly down to the odd huge price going in.

Of all in the list, Paul Nicholls caught my eye most, mainly due to his excellent strike rate of nearly 19%. He has proved profitable, too, returning just over 13p in the £. If a runner from the Nicholls stable had been pulled up on soft or heavy ground LTO they bounced back well scoring 18 times from 93 (SR 19.4%) for a profit on 'the machine' of £48.67 (ROI +52.3%).

Nicky Henderson’s profit figure has been skewed somewhat by a BSP 84.91 winner, but nevertheless his overall record is very solid. There a couple of Henderson stats worth sharing. Firstly, LTO pulled up Hendo horses running in a chase next time have won 19% of the time compared with a 10.2%-win rate for his hurdlers. Secondly, horses from his yard that were raced on good ground when they were pulled up LTO have gone on to win just four races next time from 69 starts (SR 5.8%).

There are several trainers to avoid it seems including Charlie Longsdon, Sue Smith and Tim Vaughan to name but three.

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Summary

Horses that were pulled up last time out do not win very often on their next start, but this article has highlighted some situations which are better value than most. They include:

1. Horses that were pulled up in a hurdle race LTO when priced 8/1 or shorter next time, again in a hurdle race.

2. Horses returning to the track that were pulled up LTO more than 150 days previously.

3. Horses that were pulled up LTO on heavy ground.

4. Horses that were pulled up LTO when at least three other competitors failed to finish that race (meaning 4+ non-completions in total).

 

Before closing, I do have a couple of additional stats to share – both strong negatives.

Firstly, horses aged 3 or 4 that were pulled up LTO have a dreadful record when returning to the track. They have won just 3.1% of the time (18 wins from 599 runners) for BSP losses of £261.60 (ROI -43.7%); A/E 0.68.

Secondly, horses that were pulled up over a short NH distance LTO (2m 2f or shorter) have gone on to win just 136 times from 2897 runners (SR 4.7%) for BSP losses of £1006.57 (ROI -34.8%). In fact, the LTO distance does seem to have some relevance because those that were pulled up LTO in races of three miles or more had a SR% of 7.6% and broke even to BSP. Also, if we compare the win & placed % figures we see a marked difference – those pulled up over 2m2f or less LTO have an 'each way' strike rate of 13.8%, whereas those who raced over three miles-plus hit 20.5%.

It's time now for myself to get pulled up; the next piece of research is calling!

- DR

Other Recent Posts by This Author:

• The Maths of Multiples, Part 2
• The Maths of Multiples, Part 1
• Irish Trainers in UK National Hunt Racing
• Starting 2025 on the Front Foot
• Revisiting All-Weather Draw Biases