The biggest Irish gamble for years went badly astray at the first race of the renowned Cheltenham festival when the odds-on Dunguib could only finish third.

Bookies were set to lose $5 million if Dunguib won so there were many happy faces in the boookmaker's ring after the odds on favorite came unstuck.

Dunguib was being talked about as the new racing sensation but his effort came up short in the champion novice's race at the famed festival.

Jockey Brian O'Connell will be blamed for leaving the horse too much to do but it is doubtful if he would have got to the impressive winner Menorah in any event.

In the second race the Irish got some consolation when Sizing Europe won the Arkle Chase.