Bookmakers were left breathing a sigh of relief on a rain-soaked second day of the Cheltenham Festival, as the defeat of Shishkin meant huge losses were avoided after a trio of well-backed horses initially had punters in clover.

The day could not have got off to a worse start for the layers as Sir Gerhard cruised to victory in the Ballymore Novices’ Hurdle, the 8-11 favourite providing Ireland with the first of five winners on the day, with Willie Mullins leading the way with a treble.

Not even the victory of L’Homme Presse (9-4), who made it two-from-two for favourite-backers with an awesome display to earn 16-1 quotes for next year’s Gold Cup, could dampen the spirits of the bookmakers, who enjoyed respite when Commander Of Fleet took the Coral Cup Handicap Hurdle at odds of 50-1, with a trio of horses sent off at double-digit starting prices filling the frame.

The Betfair Queen Mother Champion Chase was all about two horses, but 5-6 favourite Shishkin was never travelling in the heavy ground and was pulled up, leaving great rival and second-favourite Energumene (5-2) to score for the Mullins team.

Nicola McGeady of Ladbrokes said: “Punters got off to a cracker this afternoon with the first two favourites coming in.

“However, the rain came down and washed away smiles, with 50-1 shot Commander Of Fleet taking the Coral Cup.

“Getting Shishkin beat in the Champion Chase was the biggest result for us, as multiples fell to the wayside.”

The two best-backed horses in the Glenfarclas Cross Country Chase finished first and second, with Delta Work (5-2 favourite) beating Gordon Elliott-trained stablemate, dual Grand National winner and five-time Cheltenham Festival hero Tiger Roll, who was having his final outing, in one of the most thrilling finishes in many years.

Paddy Power spokesman Paul Binfield said: “The irony of Tiger’s defeat is that the horse who earned punters in the region of half a billion pounds over the course of his career has just rubbed additional salt into the wounds of the bookies on his swansong.

“He was short odds to go out on a winning note and just when we manage to get this brave warrior beaten, it’s the favourite who wins the race and costs us even more dough!”

He added: “Shishkin pulling up was the key moment of the day and meant that punters were going to have a losing day. There’s not a lot in it at the halfway stage of the Festival and just like the Prestbury Cup, it still could go either way.”

Bookmakers struck again when 28-1 shot Global Citizen held on to beat 100-30 favourite Andy Dufresne in the Johnny Henderson Grand Annual Handicap Chase.

The battle for the Prestbury Cup saw Ireland take an 8-6 lead over Britain after the first two days when the Mullins-trained Facile Vega (13-8 favourite) took the Weatherbys Champion Bumper, which was delayed because of standing water on the track.

Yet even that defeat, the fourth favourite of the afternoon, could not hide the delight of some bookmakers.

Coral’s David Stevens reported: “The day started badly for us with victory for the odds-on favourite Sir Gerhard, while L’Homme Presse in the second was another for favourite backers, but the 50-1 success of Commander Of Fleet in the Coral Cup changed the tone of the day, and Shishkin’s defeat in the Champion Chase was a hammer-blow for his many backers.”

He went on: “Despite being sent off favourite for the cross country, Delta Work’s victory over his stablemate, the hugely popular Tiger Roll, was a massive result in our favour, and the day got even better with Global Citizen holding off the gambled-on Andy Dufresne in the Grand Annual.

“Facile Vega’s Bumper win at least ensured punters ended the day on a high, but at the halfway point of this year’s Festival we’ve edged ahead.”