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.