‘Speechless’ Constitutional Hill’s Dramatic Collapse at Cheltenham Has Earned the Betting Industry More Than £10m After the Horse State Man Fell in the Controversial Champion Hurdle
The roar of the crowd at Cheltenham Racecourse on March 11, 2025, fell into a stunned hush as the Unibet Champion Hurdle unfolded into one of the most heart-wrenching spectacles in the history of the Cheltenham Festival. What was billed as a triumphant return for the unbeaten superstar Constitution Hill turned into a nightmare of tumbles and shattered dreams, leaving punters reeling and bookmakers breathing a collective sigh of relief. In a race that will be dissected for years, the 2023 champion, ridden by Nico de Boinville and trained by Nicky Henderson, plummeted to the turf at the fifth hurdle, just as he seemed poised to reclaim his crown. Moments later, last year’s victor State Man, under Paul Townend for Willie Mullins, followed suit with a shocking departure at the final flight, handing an improbable victory to the 25-1 outsider Golden Ace. The fallout? An estimated windfall exceeding £10 million for the betting industry, as accumulator bets that had been teetering on the edge of a historic payout crumbled in an instant.
The atmosphere on the opening day of the 2025 Cheltenham Festival was electric from the outset. A record-breaking crowd of 55,498 had braved the crisp spring air, drawn by the promise of seeing Constitution Hill—nicknamed “The Machine” for his flawless record over hurdles—finally defend his title after missing the 2024 edition due to a debilitating bout of respiratory illness and suspected colic. At 1-2 in the betting, the eight-year-old gelding entered the fray as the undisputed favorite, his ten-race unbeaten streak under rules making him a banker for thousands of punters building four-leg accumulators around the day’s Grade One races. Earlier victories by hot favorites like Kopek Des Bordes in the Supreme Novices’ Hurdle, Majborough in the Arkle Chase, and Lossiemouth in the Mares’ Hurdle had already padded those bets, with Constitution Hill anchoring the final leg. Bookmakers, sensing a potential catastrophe reminiscent of the infamous £50 million Annie Power fall a decade prior, were on high alert. “It was the weapon of mass destruction,” quipped Betfair’s Barry Orr in the pre-race buildup, referring to the multi-bet that could have cost the industry dearly.
As the seven-runner field thundered down the Old Course, early pacesetter King of Kingsfield set a measured gallop for stablemate Brighterdaysahead, with Constitution Hill tracking smoothly in third. The hill’s infamous incline loomed large, but for the first few strides, all seemed scripted for glory. Then, disaster struck. Approaching the fifth obstacle, Constitution Hill appeared to misjudge his stride, his front legs clipping the birch with a sickening crack. De Boinville was unshipped in a blur, tumbling clear as the crowd gasped in unison. “It’s cruel,” Henderson later admitted, his voice cracking with emotion in the winner’s enclosure. “A lot of heartache to get him back here—missed last year, trained the house down this winter. But we’ve got to pick ourselves up.” The horse, mercifully, rose to his feet unscathed, trotting back to the stables with a veteran’s resilience that belied the chaos.
The drama didn’t end there. With the favorite out, State Man surged to the lead, his powerful stride eating up the ground as he cleared the final hurdles with the authority of a two-time champion. At 5-2, the Irish raider looked home and hosed, his jockey Townend glancing back with a flicker of confidence. But in a twist that evoked echoes of past Cheltenham heartbreaks, State Man faltered at the last, his hindquarters buckling under him in a moment of inexplicable error. “He commits to the land, but over he goes,” Mullins reflected stoically afterward. “That’s the ups and downs of racing. At least we made the right call to run him.” Townend, dismounted and visibly shaken, later called it a moment that would “live with him forever.” Both horses and riders emerged physically fine, a small mercy in a sport where falls can end careers.
Into this void stepped Golden Ace, a seven-year-old mare trained by Jeremy Scott and owned by Ian Gosden, who had cheekily entered her in the open company over the owner’s insistence against the more winnable Mares’ Hurdle. Ridden by Lorcan Williams, the unheralded contender had been dismissed at 25-1, her previous best a second in the 2024 Mares’ Hurdle. Yet, as Brighterdaysahead faltered up the run-in and longshots Burdett Road and Winter Fog chased gamely for minor honors, Golden Ace found an extra gear. She powered clear to win by three lengths, her victory lap met with chants of “Scott! Scott!” from a West Country crowd that had adopted her as their own. “He who dares, wins,” beamed Scott, invoking an old racing adage. “Ian [Gosden] wanted her in the Mares’, but I said, ‘You’ve got to be in it to win it.'” Williams, kissing the gleaming trophy, added, “It’s marred by the two that came down—iconic horses—but the gods favored us today.”
For the betting fraternity, the relief was palpable. Constitution Hill’s exit alone was pegged to save £10 million in potential payouts, with State Man’s tumble adding to the tally as in-running prices on Golden Ace ballooned to 129-1 before crashing back. “A day that started with us fearing a hammering ended in profit,” said Sky Bet’s Michael Shinners. “The Champion Hurdle was huge for us—thousands of accas and ante-posts went up in smoke.” Punters, many nursing hangovers from the festival’s legendary after-parties, took to social media with memes and laments, dubbing it “the £10m fall” in a nod to history. One viral post quipped, “Bookies just bought themselves a new yacht with my nap of the day.”
The controversy simmered in the aftermath, with whispers of track conditions and jumping technique fueling endless pub debates. Mullins, ever the philosopher, dismissed any blame game: “It’s what happens—delighted they’re okay.” Henderson, meanwhile, eyed redemption at Punchestown, where Constitution Hill later disappointed in fifth behind a resurgent State Man, who claimed a third straight win there. Yet, for all the what-ifs—would Lossiemouth have fared better in the big one? Could Brighterdaysahead have held on?—the 2025 Champion Hurdle stands as a testament to racing’s raw unpredictability. In a sport where fortunes flip faster than a loose rein, Golden Ace’s shock triumph reminded everyone: the hill always has the final say. As Cheltenham’s echoes fade into legend, one thing is clear—this was a race that left us all, quite simply, speechless.
