Mullins and the Irish among Cheltenham favourites

The bookies are steeling themselves for potentially massive losses on the opening day of the Cheltenham festival, which kicks off today.

With Paddy Power estimating that a whopping €120m will be wagered with Irish bookies over the course of the week, huge damage could be done today as a win for the four big favourites — Irving, Champagne Fever, Hurricane Fly and Foxrock — would leave bookies facing an uphill struggle to recoup losses for the remainder of the festival.

Around 15,000 Irish punters are expected at Britain’s premier jump racing event.