To Cheltenham and the only people celebrating are the bookies.

The defeat of odds-on favourite Dunguib in the first was a result for Ladbrokes and co. They were looking at massive losses if the horse had proved as good as the gamblers reckoned (Paddy Power alone had a liability of £4 million on Dunguib).

The supposed wonder horse could only manage third and the 50,000 crowd were silent, apart from the braying bookmakers...

As usual, Paddy Power has the best publicity stunt, a giant company sign erected, Hollywood style, on a farmer's field overlooking the track.

Early risers would have seen that the sign was far from complete, reading PADDY PO at 8.30am. The Irish bookies were unsure at that point whether to press ahead or pull the whole construction down.

In the end they managed to complete the sign before most punters arrived. Cue sniffy remarks from less-imaginative rivals using words such as “garish” and “over the top” and “planning permission”.

Cheltenham chief's horse sense

Edward Gillespie, managing director of Cheltenham racecourse, says he doesn't usually have a bet during the festival as it might be seen as “inappropriate”, but he likes to have an ante-post punt — in advance of this week's meeting.

He says: “It is very rare for my horse to have a shorter price than when I placed the bet. Normally they do not even make it to the festival.”

And, as many punters can testify after yesterday's first day, even if the horse does make it to the racecourse, it often it ends in disappointment long before the winning post...

Footballers take a shot

Footballers were in profuse supply. Manchester City and England defender Joleon Lescott obviously likes a punt. Former West Ham stars Tony Cottee and Tony Gale brightened up the Extrabet tent and Alan Brazil — the former Scotland and Ipswich Town forward — was obviously easily recognisable despite his red face as he was mobbed everywhere he went. Former Coventry City manager John Sillett brought some gentlemanly order to proceedings.

Pottinger's winnings keep growing

City PR guru Piers Pottinger was on typically fine form. In between keeping the riff-raff out of his amply stocked tent and entertaining guests with his unique insights into life, the universe and everything, Pottinger was heard to boast — more than once — that yesterday was his best day at Cheltenham ever. Close observers of Pottinger say this is the 17th year running when he has enjoyed his best-ever day.

Drivers Jonas's French do canned

Property consultancy Drivers Jonas, recently taken over by Deloitte, has shunned this year's Mipim industry gathering in the south of France after receiving a £90,000 fine from a French court following a row with organisers Reed Midem. Instead, the DJ top brass and their pals are enjoying the racing at Cheltenham today at their “Not in Cannes Event”.

Sir Paul Smith's stylish pop at bankers

Banker-bashing remains very much in vogue — or rather in the new edition of GQ Style.

Fashion designer Sir Paul Smith, known for his discretion and polite manner, has launched a surprising attack on the banking profession.

The saintly Sir Paul's point is that the bankers have confused noble ideas of ambition with sheer greed.

“The obsessive pursuit of status, wealth and power has done much to drag ambition's reputation into the mud,” writes Smith.

“And nowhere has this been truer than in the banking industry, where ambition has curdled into greed so damagingly of late.

“The bankers' egos got the better of them, and they lost touch with reality, adopting a kind of casino mentality that sent world debt spiralling out of control.”

Sir Paul says bankers would do well to follow creative types such as his friend Apple designer Jonathan Ive or Olympic gold-medal-winning cyclist Bradley Wiggins who put passion before greed.

“The era of the ego is over,” he said. “The go-getter's time has come. The only question is this: are you man enough to be one?”

Nice try, Sir Paul, but City Spy suspects that the bankers won't be listening, though they might still wear your suits...

Different takes on money

To the Digital Money Forum at the Charing Cross Hotel.

Sponsored by Visa Europe, electronic payments provider ACI Worldwide and law firm Olswang, the event turned out to be an excuse to sit round and talk about, er, the nature of money.

First up was Professor Thomas Levenson of the Massachusetts Institute of Technology and the author of Newton and the Counterfeiter. Sitting next to him was James Allan (the blogger behind Losing Face).

They offered contrasting insights: Levenson told how Newton, as master of the Royal Mint, was charged with making cash reliable in the 17th century, whereas Allan writes about living for two years without carrying any money at all.

Organiser of the event, Dave Birch, said the forum was “a launch pad so good people were talking about it two days later — but then I suppose I am borderline autistic.”

That's what iWant

Bad news for Apple: it no longer has a monopoly on using the letter “i” as a prefix for its products. A trademarks tribunal in Australia has batted away Apple's bid to stop a small company from trademarking the name DOPi (iPod backwards) for use on its laptop bags — ignoring Apple's argument that the letter “i” could mislead shoppers into believing they were buying an official Apple product. Expect a proliferation of iGoods…