Tag Archive for: Punchestown Festival

What Happens on Next Run After The Cheltenham Festival?

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Despite the turf flat slowly beginning to click into gear, I am going to dip my toe back into the world of National Hunt racing for one final time this season, writes Dave Renham. With the Aintree and Punchestown festivals to come there is plenty of great jumps racing still to look forward to.

In this article I will look at the performance of horses on their very next start having had their last race at the Cheltenham Festival. What should be looking for? Is a win at the festival a positive for the next run? How do Cheltenham Festival runners fare at Aintree? What about if they return to the racetrack at the Punchestown Festival? These questions and more will be examined in what follows. Let's dive in.

The data have been taken from 2015 to 2024 and profits / losses calculated to Betfair Starting Price less 5% commission.

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What impact does Cheltenham Festival finishing position have on next start?

The first port of call is where the horse finished last time out (LTO) at the Cheltenham Festival. Here are the splits:

 

 

Fallers look to be a group of runners to ignore next time: their one in eight win rate came at a cost of over 38p lost for every pound invested. Likewise, those who finished 11th or worse but completed the course had an identical strike rate and similarly eye-watering (-33%) ROI.

In terms of positives, winners at the Cheltenhm Festival have an excellent record on their next start, doubling up just shy of 40% of the time. As a group, they have also returned a steady profit of better than 18p in the pound. Not only that, but they have a positive A/E index of 1.05 implying sustainable profit. If we look at the yearly figures for Cheltenham Festival winners, we see the following in terms of profit / loss:

 

 

Seven of the nine years have turned a profit, albeit a small one in some cases; and the two losing years were far from disastrous. It looks as though Cheltenham Festival winners require very close scrutiny on their next start.

Somewhat surprisingly given the success of LTO winners, horses that finished second at Cheltenham have performed quite poorly when considering the profit/loss column, losing over 33p in the £ and with a low A/E index of 0.74. These runners look to be significantly over-bet and well worth a swerve.

Which Courses have been best for LTO Cheltenham Festival runners?

Next, I wanted to investigate which courses fared best when Festival runners visited on their follow-up run...

 

 

Three courses recorded a profit – Ascot, Cheltenham and Punchestown. However, the Cheltenham bottom line is completely skewed by Premier Magic who was successful in the 2023 Hunter Chase at the huge BSP of 110.14 having been pulled up in the same contest a year earlier.

Next time out at Fairyhouse

At the other end of scale, horses that have headed to Fairyhouse have performed poorly from a decent sample size. Indeed, at the Fairyhouse Easter Festival from last weekend, 23 Cheltenham Festival runners showed up but only one won - Jade De Grugy at odds of 7/4. The 22 beaten included Ferns Lock at 2/7 and Zarak The Brave at 5/6 as well as six other horses at 9/2 or shorter.

It may be worth noting that only 7% of Cheltenham Festival runners make their next start at Fairyhouse.

Next time out at Punchestown

The vast majority of next time out Punchestown runners (roughly 90% of the qualifiers) did run at the Punchestown Festival which is held at the end of April / beginning of May. There are two stats worth noting in terms of these Punchestown runners:

  1. Horses that won LTO at the Cheltenham Festival have an excellent record when turning out at Punchestown next time: there were 34 winners from 75 runners (SR 45.3%) in the sample period for a BSP profit of £40.97 (ROI +54.62).
  2. Clear favourites have also turned a profit at the Irish track thanks to a 50.8% strike rate (63 wins from 124) amounting to a small profit of £13.64 (ROI +11%).

Not many horses head to Ascot on their next outing after the Cheltenham Festival but they tend to run well. There have been six winning years out of nine and with no winners returned above 20/1 the stats have not been enhanced by big priced scorers. Clear favourites have done well from a limited sample winning 9 from 16 (SR 56.3%) for a BSP profit of 12.34 (ROI +77.1%).

Next time out at Aintree

Focusing in now on Aintree, of the 927 runners that ran at the Liverpool track next time 867 of these ran at the showpiece Grand National meeting. 92 of these won (SR 10.6%) for a BSP loss of £55.45 (ROI -6.4%).

If we focus solely on horses that started in the top three of the Aintree betting, we can sneak into profit to BSP. This subset of runners won 67 of their 306 starts (SR 21.9%) for a profit of £13.41 (ROI +4.4%).

Cheltenham Festival winners have also done a good job of backing up that win when turning out next time at Aintree with 18 winners from 62 (SR 29%) for a profit to Betfair SP of £12.54, just over 20p in the £ ROI.

In terms of negative stats, it looks best to swerve horses that were either beaten by 30+ lengths at Cheltenham and those who failed to complete the course. These runners when coming to the Aintree Festival have combined to win just 14 races from 233 runs (SR 6%) with heavy losses of £105.81 (ROI -45.4%)

Race type – handicap v non-handicap

There is a significant difference in terms of performance between horses that contest a handicap after the Cheltenham Festival as opposed to a non-handicap. If we compare the A/E indices of each group we see a marked differential:

 

 

Horses that run in a non-handicap after the Cheltenham showpiece have been far better value than those who went on to contest handicaps. If we look at the BSP returns, we can see that the figures correlate strongly with the A/E indices:

 

 

As can be seen, horses that ran in a handicap next time lost over 20p in the £, whereas non-handicappers lost less than 4p. In fact, if we stick to horses that raced in a handicap at the Cheltenham Festival and then contested another handicap next time, the record is even worse:

 

 

These results make for very poor reading. I wonder if it is because most of the horses would have been trained with Cheltenham as their main target. Whatever the reason, I would not be keen on backing handicappers from the Cheltenham Festival when contesting another handicap next time. I should add that one of the handicap winners was priced 94.51 BSP so taking that one out means the other 1326 runners would have lost you over 32 pence per £1 staked, even more distressing than the 25% losses with that brief respite included!

 

Days since Cheltenham Festival run

Let's now consider the time between a horse's Cheltenham Festival run and its next appearance. Here are the splits:

 

 

A very small proportion of runners are seen again quickly (within two weeks) and this group has made a profit from a one in four strike rate. A good proportion of the 43-to-70 days group ran at the Punchestown Festival which perhaps explains the strike rate, the small losses and decent A/E index. The 181-to-270 group has the most interesting results for me. We are roughly talking about a break of between six and nine months which essentially takes us to the start of the following National Hunt season. These runners have just about broken even to BSP, with a near to one in four win rate and a very solid A/E index. Horses that started clear favourite after this 181-to-270-day break have performed well thanks to 125 wins from 235 (SR 53.2%) for a BSP profit of £24.24 (ROI +10.3%).

 

Market factors for LTO Cheltenham Festival runners on their next start

The next area I wish to look at is the price of the runners on their next start after the Cheltenham festival. I am look at the Betfair SP price and the table below looks at the key stats:

 

 

Although the 2.02 to 3 group have incurred relatively big losses, it generally has been preferable to stick to horses BSP priced under 9. Horses priced 21 or more have offered poor value and incurred significant losses of over 28p for every £1 staked.

If we compare the A/E indices between horses priced 9 or lower with those 9.2 or higher, we see a big difference:

 

 

To get the best value, horses priced 9 or shorter are the ones to concentrate on. Also, given the non-handicap data I shared earlier, it should come as no surprise that if sticking to this shorter price range in non-handicaps the record improves further. This subset of runners has edged into profit thanks to 443 wins from 1275 runners (SR 34.8%). The profit stands at £19.15 (ROI 1.5%).

Class Move Next Time after Running at Cheltenham Festival

Before finishing the main body of the article I have a couple of additional stats to share based on the race class difference between the Cheltenham Festival run and next start – they are both negative:

 

 

UK-trained horses going up in class on their next start have struck less than once every 18 starts for an enormous 43% loss, while those trained anywhere stepping up to Grade 1 level from a lower class run at the Cheltenham Festival were similarly catastrophic to follow in terms of both strike rate and ROI. Horses from these groups should generally be avoided!

 

Summary – Key Takeaways 

Below are the key findings from this article.

 

 

It's a pity publication has followed the (early this year) Fairyhouse Easter Festival [apologies, my fault - Ed.] as that was predictably disastrous for Cheltenham Festival follow-up runners. But, with Aintree and Punchestown still ahead, as well as the start of the next season, there's plenty to heed, and hopefully profit from, to come.

- DR

Monday Musings: Of Ryan, and Raiding Parties

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“It’s a long way to Tipperary”, the first world war British army recruits used to sing as they trudged along the blasted fields of France, writes Tony Stafford. More than a century later, Ryan Moore fitted in an afternoon there sandwiched in between two successful days in Surrey, with a winner apiece at Epsom and Sandown Park.

Tipperary also provided a victory for Aidan O’Brien on Thursday but when the private jet touched down for its second Irish hop for Navan on Saturday, the serious business began. It is, after all, Guineas week – yes April 30th rather than the first Saturday in May - and the barely started flat-race season will be two-fifths of the way through the 2022 Classic races by May Day.

If we needed a sign that O’Brien senior, like his main adversary for the first Classic, Charlie Appleby, has his team in form, then Navan would tell us. Before the meeting Ryan told a mutual friend that all the maidens would run well.

In the event Ryan got on three of O’Brien’s five winners, Aidan matching stay-at-home Paul Nicholls’ tally on the final day of yet another victorious jumps championship at Sandown. Understandably, Nicholls preferred saving his best horses for the two four-runner and one five-runner highly-priced (if not as highly-prized as the swollen jumps pattern would wish) contests largely free from Irish interference. *Note: If you would like a detailed, reasoned evocation of the negative effect on the sport of the ever-growing jumps pattern, read editor Matt Bisogno’s highly informed piece on the subject.

Where the Irish did challenge, in the £90k to the winner Bet365 Gold Cup (nee Whitbread), they mopped up the prize, via 16/1 shot Hewick, trained by Shark Hanlon. Why he, of the flaming ginger hair, should be called “Shark” remains a mystery to me.

Indeed why he alone should have that designation when so many of his compatriots make an equally skilled job of matching and bettering his exploits by turning equine base metal into gold is probably a case for the Monopolies Commission, assuming of course that his nickname was acquired from his training days. But then it sometimes feels like there are other aspects of Irish stables’ domination of the major British jumps prizes every season that need referring to that body. All else seems to be failing as this year’s early false dawn at Cheltenham soon reverted to the usual bloodbath for the home team.

As a domestic aperitif to their top teams’ coming over at the weekend to Newmarket, there is the small matter of Punchestown, five days starting tomorrow and concluding on the day the 2,000 Guineas welcomes Luxembourg from the Coolmore boys to challenge the two prime Godolphin candidates, red-hot favourite Native Trail and market second-best, Coroebus.

Coroebus’ style had many admirers on the day he and Native Trail both won their 2021 finales, the favourite in the Dewhurst and the back-up in a lesser race.

But Native Trail is the only unbeaten colt of the pair, a distinction shared by Luxembourg and just two others from the 24 that stood their ground before the field is whittled down once more at noon today. I dealt with the case of William Knight’s Checkandchallenge, winner of a deep race at Newcastle last weekend. Coincidentally the other unbeaten colt is also trained in Newmarket, in his case by David Simcock. He is Light Infantry, twice a winner last year, and like Checkandchallenge, a son of the deceased Fast Company.

At the time he was in training as a juvenile with Brian Meehan, Fast Company showed many of the attributes of a potential Classic winner, but after an excellent half-length second in the 2007 Dewhurst behind the following year’s Derby winner, New Approach, he never raced again.

I was a regular on Thursday work mornings at Manton in those days and it was a great disappointment to Brian when Fast Company was sold to Godolphin and sent to be trained by Saeed bin Suroor. If either of these relative longshots wins on Saturday it will be a long-awaited accolade for a horse that had been under-valued for all his stud career despite being in the care of Darley throughout.

In the manner of such things, now Fast Company’s son Checkandchallenge has inevitably been attracting interest from people who could more easily shrug off the disappointment of a below-expectation run in the race – be that fourth or eighth as anything better would be a triumph - than Mr Hetherton whose colours he has carried hitherto.

I recall a last-minute pre-Derby sale by Karl Burke around a decade ago that probably made all the difference financially to his training career which at the time looked to be stalling or probably worse. I hope this very smart, sweet-travelling colt does his owner (whoever he may be on the day) and his talented trainer proud.

I make no apology for interjecting here on the Nicholls plans for Punchestown this year which are miserly in the extreme. Nicholls has never been as enthusiastic a Punchestown challenger as Nicky Henderson – I travelled to see Punjabi at the meeting four years in a row for two wins, a nose second and a pulled up (wind).

At time of writing on Sunday afternoon, Clan Des Obeaux, the impressive Aintree winner, is ranged alongside Allaho, Minella Indo, Galvin and Al Boum Photo in Wednesday’s Punchestown Gold Cup. He is a 3-1 shot, a short-enough price for all the domination of Aintree if that quartet turns up.

The only other possible for the UK jumps champ is Monmiral, slated to take on the two wonderful mares Honeysuckle and Epatante, the latter another Aintree winner, in her case over further. With around €160K to the winner in each of a dozen Grade 1 races over the five days, you would think sending a horse with place chances might be worth the risk even for cautious Paul.

Yet tomorrow’s card, worth in all €735k, hasn’t attracted a single English, Welsh or Scottish challenger. It will be great to watch on Racing TV all week but with the wistful thought that surely things should be different.

Back in the Guineas, Camelot, by Montjeu rather than the more influential Galileo (both sons of Sadler’s Wells) but hardly his inferior in terms of producing Derby winners, is Luxembourg’s sire.

When asked about his abilities, Aidan O’Brien said he has superior speed to Camelot, a horse that just saw off French Fifteen in an epic battle for the 2,000 Guineas ten years ago. He followed up in the Derby and the much-sought third leg of the Triple Crown was denied O’Brien and son Joseph when Camelot lost the St Leger by three-quarters of a length to Encke, a horse trained by the subsequently disgraced Mahmood Al Zarooni for Godolphin.

That was Camelot’s first defeat after five successive wins and prevented the first English Triple Crown since Nijinsky graced the 1970 season for an earlier O’Brien – the revered Vincent.

It's always great when the champion two-year-old gravitates to winning the 2,000 Guineas and after his bloodless Craven Stakes return that is entirely possible. Charlie has the horse with the form, but Luxembourg has the Coolmore badge all over him, not just on the sire’s side, but the dam is by Danehill Dancer, a sprinter that ran in Michael Tabor’s colours but far exceeded his decent racing ability when sent to stud.

The mare Attire provides another major link to the glorious past of Ballydoyle. Ben Sangster, her owner-breeder, is of course a son of the late Robert Sangster whose inheritance from his Vernons Pools-owning father funded the domination of the international bloodstock market in the 1980’s and 90’s. Along with Vincent’s supreme training skills and the business acumen and animal husbandry of Vincent’s son-in-law, John Magnier, they were an unbeatable partnership for more than two decades.

I’m with Luxembourg to prove on Saturday that blood is thicker than form lines and take him and Ryan, not to mention Aidan and the Coolmore team, to beat Native Trail with the underdog Checkandchallenge coming from the pack late on to clinch third. Easy, really, this flat racing.

I have loved the 2021-22 jumps season as my little daily job editing fromthestables.com which involves sharing the thoughts of around 15 trainers, ended with a nice win in the William Hill Radio Naps table. The 2022 summer table started yesterday and we were off to a flier when Rogue Millennium won for Tom Clover at 9/2. Only seven months to go!

- TS