A topsy-turvy opening day of the Cheltenham Festival saw bookmakers endure mixed fortunes, though it could have been worse.

The situation looked bleak for the layers after favourites took three of the first four races to give backers a dream start.

Appreciate It (8-11) got punters off the mark in style with a facile victory in the opening Sky Bet Supreme Novices’ Hurdle for trainer Willie Mullins.

It was a similar story with the Nicky Henderson-trained Shishkin (4-9), who had no trouble landing the odds in the Sporting Life Arkle Trophy.

Bookmakers pulled one back when Vintage Clouds (28-1) beat the 100-30 favourite Happygolucky in the Ultima Handicap Chase – but Honeysuckle (11-10) had punters on top again after the Unibet Champion Hurdle.

The layers were saved further punishment when 11-1 shot Black Tears got up in the shadow of the post to deny 10-11 market leader Concertista in the Close Brothers Mares’ Hurdle.

That proved a turning point, with Jeff Kidder’s success at 80-1 at the expense of 9-2 favourite Saint Sam in the Boodles Juvenile Handicap Hurdle giving bookmakers another huge result.

Even though Galvin was only a 7-2 winner of the concluding Sam Vestey National Hunt Challenge Cup Novices’ Chase, he was the least supported of the three market leaders.

“The last gasp win of Black Tears ensured bookmakers avoided one of the most costly Cheltenham Festival opening days in recent years, although earlier victories for well-backed favourites Appreciate It, Shishkin and Honeysuckle meant punters still had plenty to cheer about,” said Coral’s David Stevens.

“We saw very early on Tuesday morning which horses were proving most popular on the opening day of this very different Festival, with the five best-backed runners being Appreciate It, Shishkin, Happygolucky, Honeysuckle and Concertista, so it was looking ominous after the first two had obliged with the minimum of fuss.

“Overall we’ve ended day one with a sense of relief, as it could have been a whole lot more costly, although plenty of punters will start day two playing with our money.

It was a poor start to the four-day meeting for William Hill.

“The bookies had one of their worst first days of the Cheltenham Festival after three short-priced winners delivered for punters,” said their spokesman Rupert Adams.

“It could have been a lot worse if Concertista had won the Mares’ Hurdle.

“Our day started badly with Appreciate it, got worse with Shishkin and became disastrous when Honeysuckle delivered.”

Ladbrokes feared the worst halfway through the card until the big-priced winners came to their rescue.

Their spokesman Jon Lees said: “Given their short odds we were already bracing ourselves for a scenario in which the three best-backed horses of the day, Appreciate It, Shishkin and Honeysuckle, could hurt us if they obliged.

“The punishment could have been even worse if Happygolucky and Concertista scored as well, but thankfully Vintage Clouds brought some relief and we were shedding tears of joy when Black Tears got up in the final strides to grab the Mares’ Hurdle off Concertista.”

Betway had the better of the exchanges despite early results going punters’ way.

Their PR manager Chad Yeomans said: “Bookmakers one, punters nil after day one of the Cheltenham Festival!

“I have to say, I wasn’t so confident after the first two races with both Appreciate It and Shishkin bolting up, and had Happygolucky and Concertista both won, we would have been in a totally different state. Thankfully, with both of them being foiled, we’ve come out on top.

“The Paul Nicholls pair of Houx Gris and Next Destination – who were both the best-backed in the last two races – were our biggest losers, so with those also being beaten, the trading room floor is full of cheer.”

Paddy Power also reported a narrow lead for bookmakers.

“Having seen hotpots Appreciate It, Shishkin and Honeysuckle all justify favouritism, let me assure you there weren’t any black tears inside our trading room when the leading lady of the same name collared odds-on favourite Concertista in the Mares’ Hurdle,” said spokesman Paul Binfield.

“That was an important head, saving the industry a multi-million pay-out and despite Galvin not being a brilliant result in the lucky last, a couple of big-priced winners, including an incredible 80-1 poke, have helped us into a slight lead going into the second day.”