Bookies brace for Everest day wipeout after key scratching

Bookmakers are bracing for a potential multimillion-dollar financial hit following the withdrawal of Pride Of Jenni from the King Charles III Stakes ahead of the Everest Day races at Randwick. Senior trader Tim Ryan from TAB indicated that the absence of the horse could lead to a significant loss if the top favorites, Ka Ying Rising and Autumn Glow, perform strongly. Ryan expressed disappointment over the scratch, noting that Autumn Glow had been considered a risk with Pride Of Jenni in the race. With Pride Of Jenni's removal, the competition dynamics have shifted, potentially favoring Ka Ying Rising and Autumn Glow. Both horses remain heavily favored, with Ka Ying Rising at $1.50 for the $20 million Everest and Autumn Glow at $1.28 for the $5 million King Charles III Stakes. Ryan mentioned that the bookmaker is prepared to "lean into" the most supported runners despite the uncertainty. He estimated that if both Ka Ying Rising and Autumn Glow win their respective races, the financial impact could be substantial, possibly reaching four to five million dollars. Ka Ying Rising, who won the Everest last year, has faced challenges including a recent trial loss to rival Ninja and the heavy rainfall affecting Randwick. Despite these factors, he remains a strong favorite, having earned over $30 million in prize money across 22 wins in 24 starts. However, his performance on heavy tracks remains unproven. According to Ryan, TAB holds approximately $3.25 million in bets on Ka Ying Rising, with $2.5 million in multiple bets and $750,000 in direct wagers. He noted that the betting odds for Ka Ying Rising have fluctuated throughout the week, reflecting changing perceptions among punters. Spicy Martini, a previous winner on a heavy track, emerged as the biggest loser in final field betting, with losses amounting to $500,000. Ninja followed closely behind with losses of $16. The outcome of the races will hinge significantly on how Ka Ying Rising performs on the heavy track, which could either solidify his position as a dominant force or expose vulnerabilities in his racing strategy. The results will provide crucial insights into his adaptability under challenging conditions.