British Bookmakers Up After Outsider Wins National

PAN PYLAS

LONDON (AP) — British bookmakers Ladbrokes PLC and William Hill PLC saw their share prices race ahead Monday after Mon Mome won the Grand National, the world's oldest steeplechase, at staggering odds of 100-1.

Mon Mome's victory on Saturday provided the industry with a huge windfall as the National is the most bet-on race in the country — for many people it is the only time they bet during the year.

The industry estimates that up to 250 million pounds is wagered on the race. Most of that money goes on the top favorites and a victory by any of the leading contenders would have meant big payouts from the bookmakers.

"Both bookmakers must have been crying all the way to the bank with humped backs, caused by the weight of their overflowing satchels," said David Buik, senior strategist at BGC Partners.

By early-morning London time, Ladbrokes' share price was up over 4 percent while William Hill's stock rose by 3 percent.

William Hill spokesman spokesman said the company's half-year profit and loss can rest on the result of one race.