1915: "An absolute bloodbath" was the succinct analysis of Paddy Power after another wretched afternoon for punters on day three of the Cheltenham Festival.

Although Inglis Drever and Taranis emerged popular winners in the Ladbrokes World Hurdle and Ryanair Chase respectively, it failed to mask another turgid gambling day for downtrodden racegoers.

Black Jack Ketchum's fall and Monet's Garden's reverse were particularly hard to stomach, as were victories for Butler's Cabin (33/1) and Oscar Park (14/1) in the last two races.

L'Antartique's 20/1 win in the opener also swung the pendulum in the favour of the bookies, who watched on in glee as not one favourite was placed throughout the afternoon.

"It's just getting embarrassing," said Paddy Power, spokesman for the Irish bookmakers.

"I almost want punters to win on Friday because things have got that one-sided - it's an absolute bloodbath."

Paddy Power's joy was echoed throughout the bookmaking community, with Coral overjoyed at the outcome.

"Another great day for the layers," exclaimed spokesman David Stevens.

"The final two winners were the icing on the cake, making it three winning days on the trot."

William Hill feel they are home and hosed in their yearly scrimmage with the win-hungry masses.

"It's 3-0 to the bookies following another day of upsets," bragged Hills spokesman Ben Clarke.

"Oscar Park and in particular Butler's Cabin were particularly blinding results that have given us an almost unassailable lead with one day to go."

The Tote were also happy campers with an increase of nearly £63,000 in turnover.

Whereas last year's meeting generated £2,368,815, the pools yielded £2,431,717 12 months later.

"We are slightly down from Wednesday and there was less money recycled, but that was largely down to the poor gambling day for punters," said Tote spokesman Damian Walker.

1830: Ruby Walsh ended day three of the Cheltenham Festival as the hot 1/4 favourite at Blue Square to claim the Racing Post award for Top Jockey at the meeting after scoring on Taranis in the Ryanair Chase.

Walsh is equal with Robert Thornton with two wins, but has two second-placed finishes to his name, which could be vital in securing him the title.

He will also be on board hot favourite Kauto Star in the totesport Cheltenham Gold Cup, the feature race on the final afternoon.

Blue Square make Thornton 7/1 second favourite while it's 16/1 bar.

1800: The Blue Square offices were buoyant again after day three of Cheltenham as trading profit yielded the best result all week.

Despite having significant liabilities on French raider Moncadu, and Gungadu, the results came the way of the layers again.

Kate Miller, PR for Blue Square, said: "The results truly have been disappointing for the punters this week.

"With the exception of Denman not one well-fancied horse has come in for them, and only four favourites have actually secured victory all week. We're thrilled with what's happened, and it does seem that result after result has come our way.

"It seems highly unlikely to continue, and tomorrow's card looks like it may give the punters a huge chance to strike back."

1730: With no favourites scoring and winning SPs of 20/1, 9/2, 5/1, 12/1, 33/1 and 14/1 it's been a great day for the bookies at Cheltenham.

David Williams of Ladbrokes reflected: "It was nothing short of outstanding.

"The punters fought back on Wednesday but they go into the fourth and final day well and truly on the back foot. The satchels are bursting. We've hired the cranes to lift the cash off the course."

1600: VC bet are even shorter about Inglis Drever defending his World Hurdle crown in 2008 and go just 4/1.

Blue Square, meanwhile, offer Inglis Drever at 6/1 and make Black Jack Ketchum the 3/1 favourite.

Kate Miller, PR for Blue Square, said: ''Inglis Drever ran a fantastic race today, despite appearing to struggle in some of the early stages. To bring him back to win this again is a fantastic training feat, and all credit to Howard Johnson.

"Black Jack Ketchum, who fell so early in the race, has been installed as our 3/1 favourite for next year.

"The result was another good one for the layers, but it was disappointing to see that the punters didn't even get a run for their money.''

1555: Stan James cannot separate Inglis Drever and Black Jack Ketchum for the 2008 World Hurdle following the former's triumph in today's race.

The Wantage-based firm have the pair at 5/1 with runner-up Mighty Man an 8/1 chance along with Wichita Lineman, who runs in the Brit Insurance Hurdle on Friday.

Neil Morrice, media and on-course representative for Stan James, said: "In a virtual carbon copy of the Well Chief incident yesterday arguments will rage over what would have happened if Black Jack Ketchum hadn't fallen.

"For that reason we are making Inglis Drever and Black Jack joint favourites for the 2008 race."

World Hurdle 2008: 5 Inglis Drever & Black Jack Ketchum, 8 Mighty Man & Wichita Lineman, 12 Detroit City & Blazing Bailey, 20 bar.

1550: Inglis Drever ran out a thrilling winner of an incident-packed Ladbrokes World Hurdle, the feature race on the third day of the Cheltenham Festival, and is quoted at 7/1 by Bet Direct to defend his crown in 2008.

Third-placed Blazing Bailey is quoted at 10/1 to win the 2008 race.

1520: William Hill have cut Billyvoddan to 25/1 from 40s for the Grand National following his gallant third in the Ryanair Chase at Cheltenham on Thursday.

The performance of Henry Daly's charge delighted his owner Trevor Hemmings who said: "There's nothing wrong with his engine is there?

"I'm absolutely thrilled and after that we shall definitely be running in the Grand National because if you're not in it, you can't win it."

1225: Monet's Garden has been all the rage for the Ryanair Chase at 2.35pm at Cheltenham today.

Nicky Richards' charge looks ideally suited by the trip and conditions and the 3/1 that was available first thing this morning has now long gone.

Ladbrokes go 5/2 from that price while Hills are 5/2 from 11/4.

Moving on to the Racing Post Plate at 4.00pm and Moncadou is the one for money.

Trained by Thierry Doumen and ridden by Tony McCoy, he's been slashed into 5/1 from 9/1 with Coral and 11/2 from 8/1 with Hills and VC Bet.

And in the finale at 5.20pm, the Pertemps Handicap Hurdle Final, Rhinestone Cowboy has been nibbled at in the betting, into 10/1 from 14s with BetFred.

Meanwhile looking ahead to Friday and Paddy Power have announced they will refund all losing bets on any horse that finishes second to a favourite at Cheltenham.

The offer runs across every Festival race on the Friday (see website for full terms and conditions) and Paddy Power, Head of Communications for the firm, said: "Clearly punters have had a tough time of it this week, so we feel obliged to ease their pain.

"That said, we could end up with one hell of a bloody nose should all the favourites oblige. Potentially this could mean a seven-figure payday."

1055: Bet Direct report plenty of people are opposing favourite Black Jack Ketchum ahead of this afternoon's World Hurdle at Cheltenham.

Their PR spokesman Stephen McDonald said: "We have laid Black Jack Ketchum not to be placed at 13/8 and are now 6/4.

"Even with the ground now more in his favour some people still want to oppose BJK after his poor run in heavy ground here in January.

"He is 2/1 to win the race, 9/2 to finish second and 5/1 to take third."

In the opening race at 2.00pm the one horse to be cut across the board is Rasharrow.

Len Lungo's charge was third in the Festival Bumper a couple of seasons and the most drastic change so far has seen him chopped into 16/1 from 28/1 by Blue Square.

1015: The support for Mighty Man in the World Hurdle continues (see 0930 bulletin), with Stan James now going 4/1 having originally offered 11/2 first thing this morning.

Neil Morrice, media and on-course representative for the firm, said: "The drying ground has been a big factor in the support for Mighty Man and we have seen all the right faces wanting him this morning."

Meanwhile Stan James have cut five horses in the Jewson Novices' Handicap Chase with Vic Venturi into 14/1 from 16/1, Bob Hall 14/1 from 20/1, Rasharrow 16/1 from 25/1, Pole Star to 25/1 from 33/1 and L'Antartique to 25/1 from 33/1.

Morrice added: "The Jewson has proved a very lively betting heat while easily the best-backed horse in the Racing Post Plate is Moncadou on whom Tony McCoy will be riding at his lightest. He is in to 6/1 from 8s."

0930: The Ladbrokes World Hurdle at 3.15pm is the feature race on day three of the Cheltenham Festival and Mighty Man is the one who has attracted the early money.

Henry Daly's charge, the mount of Richard Johnson, was favourite for the race 12 months ago but had to settle for third behind subsequent Arkle hero My Way De Solzen.

He was on offer at 11/2 first thing with Stan James but that price has now been clipped into 5/1 while Bet Direct and BetFred are both 9/2 from 5s.

In the same event there's also been a bit of each-way support for Overstrand (22/1 from 28/1 with Bet Direct). He's trained by Birmingham GP Richard Newland, the man who landed yesterday's Coral Cup in such fine style with Burntoakboy.