IF you are going to Cheltenham with a bagful of euro, it may be that you have backed a loser before the Supreme Novices’ Hurdle, which is a fair achievement (unless you back good-to-firm every year at 8/1).

In early March last year, one euro got you about 82p of the Queen’s money. Interestingly, it would have got you about 84p by late March last year, which is perhaps largely due to the 12 Irish winners at Cheltenham. Or perhaps not.

At the start of March this year, one euro will buy you just around 73p. (Blame Greece - everyone else does.) Which is all very fine if you are betting in euro (paid in euro), but which isn’t very fine at all if you are buying a round in the Queen’s on Tuesday night.

Also, do remember, if you are betting in sterling, and you want to have the equivalent of €10,000 on Douvan in the opener, you only have to ask for £12,775 to £7,300, not £14,350 to £8,200.