Cheltenham punter who had £500k riding on Envoi Allen agrees to cash-out offer

A Betfair customer has agreed to a partial cash-out offer despite having been in line for over £500,000.

Paul Dean put a bet on in June, backing five horses to win at last year’s Royal Ascot and the ongoing Cheltenham Festival.

His first four runners all won, including Bob Olinger at 25/1, with Dean just an Envoi Allen victory away from £511,225.

Envoi Allen is the clear favourite for Thursday’s Marsh Novices Chase, though Dean is not taking the risk.

He had been offered a straight £275k cash-out, though has instead taken a partial cash-out.

It means that if Envoi Allen wins he will net £322,000, while if the favourite is unsuccessful Dean will still pocket a mammoth £250,000.

"I was never going to take a proper cash-out,” he said. “The reason I put the bet on was to cheer on Envoi Allen, who I want to win so much.

“I discussed partial cash-outs with Barry [Orr, Betfair head of PR]. Betfair offered £300,000 for Envoi Allen and £250,000 the field.

”With other bets, I'll win £322,000 if Envoi wins so I can cheer him on. I didn't want to sit there bored watching the action. People think I'm mad for saying that but following horse racing is my life.

"It's not so much the races that make me nervous, it's the months leading up to the festival when my selections shortened. You've seen how many drop out and you just hope yours doesn't get injured.

"I study form all the time and the festival is my big target every year. I'm gutted I can't be there as it's the first festival myself and my father Eric have missed in 19 years – we've made lots of friends."

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  • With such a large amount set to drop into his account, Dean is still undecided how to spend the cash.

    He added: "It's a life-changing sum. I might buy another house or perhaps invest in my own horse. I'll be going on plenty of holidays and would like to take my parents away."

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