The winter favourite for the Epsom Classic was not even in the betting a week ago as he was not expected to figure among the five-day declarations on Monday.

Victor Chandler was one of the hardest hit, laying a £50,000 each-way wager at 6-1 in his ante-post book to be his worst result by a long way. "It was a shocking result for Victor Chandler," said spokesman Neal Wilkins.

"As soon as Mr Bolger made it clear that New Approach would take his chance in the race he was the medium of a real gamble and the placed horses, Tartan Bearer and Casual Conquest, were also very popular."

It was a different story for William Hill, who had re-inserted New Approach at 6-1 into the Derby betting on Monday.

"It's been a roller-coaster for punters, we laid a bit of the horse 25-1 for the Derby last autumn, and he was popular this week and on Saturday, although not the best-backed by far," said spokeswoman Kate Miller.

"Overall it's a winning result for the bookies, maybe we should raise a glass to Mr Bolger after all."

Ladbrokes were relieved that bigger Derby Day gambles went astray. David Williams, of Ladbrokes, said: "We've come out of the Derby in reasonable shape. That's not something we'd have expected to say when New Approach went into the winter as a red-hot Derby favourite.

"The late money for Doctor Fremantle and Kandahar Run had us sweating up a bit, but on balance we've no complaints with the result."

Totesport held a similar view with New Approach's win being a painful one for Tartan Bearer's ante-post supporters. Spokesman Damian Walker said: "Those punters who backed Tartan Bearer after the Dante must feel sick as Jim Bolger had ruled New Approach out of the Derby at that stage. The muted reception for the winner said it all."