Bookies claim £50m Derby loss

Although Peter Chapple-Hyam's colt was sent off at 5-4 favourite rather than the expected odds-on, the ante-post liabilities and the legions of punters who sided with Frankie Dettori proved disastrous for the layers.

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Ladbrokes reported a big six-figure bet on the brilliant five-length winner, while plenty of other large sums were staked.

Totesport spokesman Damian Walker said: "Frankie's Derby dream has proved a nightmare for Britain's bookies.

"We had a one-horse ante-post book and it wasn't any different on the day as punters in our betting shops up and down the land lumped on Frankie.

"It has probably cost the industry something in the region of £20million.

"It wasn't as bad as the £40million loss the industry suffered following his Magnificent Seven at Ascot in 1996 but it wasn't a good result."

The Wigan firm have cut the popular Italian to 10-1 from 16s for the 2007 BBC Sports Personality Of The Year.

Walker added: "Punters love Frankie and if all those who backed him to win vote for him in December, he could give Formula One's Lewis Hamilton (8-11 favourite) a run for his money."

Ladbrokes were trying to stay positive, with their man David Williams chipping in: "There's no doubt about it - it's a horror result on its own and Frankie Dettori on board the Derby favourite speaks for itself but it's a massive result for our sport.

"We'll take the hit fair and square and we'll be paying out late into the night but we hope the win will give the sport an enormous shot in the arm."

Coral's Simon Clare said: "We have suffered the heaviest losses in Derby betting history and punters will be queueing around the block to collect their winnings.

"Bookies are reliving that painful day in 1996 and Frankie has confirmed his position as the punter's champion and arch-enemy of Britain's bookies."

Authorized's success was a major reverse for VC Bet and the worst result in the 61-year history of the company.

Coupled with hefty ante-post liabilities, which included a £15,000 each-way bet at 12-1 in December and a further wager of £7,500 each-way at 11-1 in March, the victory cost the company close on £2million.

VC Bet's Neal Wilkins said: "The opposition to the horse on the day was not reflected by the turnover from punters who stayed loyal to Frankie.

"The only winning market for us was the 'what price will Authorized start?' as nearly everybody backed him to start odds-on.

"The placed horses were also extremely popular."

William Hill, who predict around a £50million loss for the betting industry, were also in no mood for rejoicing.

Spokesman Graham Sharpe moaned: "To be honest, it felt like the script had been written before the race was run.

"Such was the expectation on Frankie this year that around 80% of the entire bets staked on the race were on the little Sicilian."