Racing was abandoned at Cheltenham for the first time in 30 years today after stormy weather rendered the venue unsafe. More than 55,000 race fans were turned away from Prestbury Park after managing director Edward Gillespie announced the six scheduled races had been cancelled.
But bookmakers could benefit from the disappointment - with a record-breaking day of betting predicted for Friday.
Racecourse staff arrived on site this morning at 5am, at which time winds had reached speeds of up to 50mph, and decided to wait for conditions to improve.
But shortly before 7am the roof of a hospitality tent was blown off and following a meeting with emergency services, management decided to abandon the day's events in the interests of public and staff safety. A day of races had not been abandoned at Cheltenham since 1978.
Gillespie said: "We were forecast winds of up to 50mph between 6am and 3pm, but we hoped they would be downgraded as they were on Monday. However, at 5am this morning the forecast was still the same and once the winds hit 50mph the tented village and the Best Mate Enclosure cannot be occupied.
"At about 6.50am there was further wind damage to a structure's roof and at 7am we evacuated staff from the tented village. After that we were only heading in one direction as the site wasn't safe. After a meeting with our structural engineers and emergency services at 8am we decided we would not be able to race."
Today's lost races will now be spread out across the remaining two days of the festival with the week's highlight — the totesport Cheltenham Gold Cup Chase - on Friday.
Bookies believe £300 million will be wagered on the final day, dwarfing last year's mark of £255 million on the Grand National at Aintree.
A clash of the titans show is expected during the festival climax between stablemates Kauto Star and Denman.
David Williams of Ladbrokes said: "It will be the biggest day in the history of betting. We fully expect it to smash Grand National records.
"Festival punters are the toughest around. They've spent the day licking their wounds and building up enormous ammunition for a massive tilt at the bookies."