Significant support had emerged during the morning for the quartet, two of which ran at Wincanton and two at Lingfield. But Fintan, Landscape, Tee It Up Tommo and Well Painted were all well beaten.
William Hill were among those happy to see punters deflated.
Spokesman Jon Ivan-Duke said: “The bookmakers had multi-million pound liabilities on the outcome of these four horses, which is a massive amount for a supposedly quiet Thursday, so to say we are relieved the gamble failed is an understatement.
“It appears that punters have read rumours on social media sparking a betting plunge, but the gamble has faded to tweet nothing.”
Steele had admitted to having backed his horses at small amounts in various combinations.
He said: “They (bookmakers) are definitely all running scared.
“At the prices they were all at last night, they were all huge double-figure prices.
“I think everyone has followed on, but I can assure you there is no big money laid down.”