IT is an unusual situation, that the favourite and third favourite for the Derby (and the favourite for the Oaks, as it happens), need to be supplemented if they are going to run in the race. But it makes sense to pay the fee and have a go. Purely from a value perspective, the payment of the fee in both cases represents a very good bet. The supplementary fee is £85,000. The winner of the Derby gets £850,650 in prize money.

At its base level, that’s a bet at odds of over 9/1. Sir Dragonet is a 3/1 shot. Telecaster is available at 6/1 and 7/1.

That’s just if they are win-only bets. That’s assuming that there is no prize money for finishing second or third of fourth. Of course there is. £322,500 for second, £161,400 for third, £80,400 for fourth. And there’s £40,350 for fifth and £20,250 for sixth. It’s even a better bet than backing a 3/1 shot or a 6/1 shot or a 7/1 shot at 9/1.

You can liken it to an each-way bet, £850,650 for winning and an expected value of £188,100 for finishing second, third or fourth. So, a £42,500 each-way bet with those potential returns works out as a bet at over 14/1, with very good each-way terms, ¼ the odds a place the first four. With a consolation return of £40,350 (almost half your total stake) if you finish fifth and £20,250 if you finish sixth. That’s a very good bet to have on a 3/1 shot or a 7/1 shot.

And connections shouldn’t go ruing the fact that they didn’t pay the £1,100 forfeit fee or the £9,000 supplementary entry fee in early April. Back then, Sir Dragonet hadn’t set foot on a racecourse, and Telecaster had been beaten by Bangkok in a Doncaster maiden. Paying the £85,000 now is a better bet than paying the £9,000 back then would have been.