Kauto Star - extraordinary race. (Getty Images)

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In one of the most amazing horseracing betting tales in Betfair's history, the ante-post Arkle favourite Kauto Star went from being backed at 1-50 to 999-1 in a matter of seconds on the exchange's in-running market at Exeter on Monday – only then to trade at 1-3 in the photo and get beaten!

All looked plain sailing for the exciting novice chase prospect as he cantered to the second-last fence 12 lengths clear in the 2m1f contest, at which point the pre-race 2-11 favourite was backed at 1-50 on the leading betting exchange. But that was when Betfair's unique in-running betting service began to hot up.

Kauto Star fell at that penultimate fence, seemingly handing the race to 20-1 chance Mistral de La Cour, by that stage the only other horse still standing. Indeed, some punters were so convinced the outsider had won that they backed him at the minimum price of 1-100.

However, at the same time, another punter sensed a miraculous recovery from Kauto Star and placed £8 on him at 999-1 on Betfair. What happened in the following 30 seconds, after Ruby Walsh caught and remounted the favourite, was compulsive viewing.

“The punter who stood to win the thick end of £8,000 for only an £8 investment must have been screaming the house down as Kauto Star charged up the run-in,” said Betfair spokesman Tony Calvin. “And he really did look to have got back up on the line, as some were willing to back him at 1-3 in the photo finish betting.

“Sadly for the punter - but rather more luckily for the layer - Kauto Star was denied by a nose. Let's hope the backer laid off for a guaranteed profit, but it's just a pity that Ruby couldn't quite emulate Tony McCoy's feat when he remounted Family Business to win at Southwell back in January 2002.

“But I doubt if the 999-1 layer would echo those thoughts. Indeed, they may have been dialling that very number if he had!”