southbank1871 Yep, the bookies take a relative hammering when the favourite wins the National or the Gold Cup.
The big boys do but race-by-race the smaller ones at the big meetings (when they know a bit about the horses) the will choose which side of the favourite/certain horses they want to be on.
e.g. if they are due to pay out 30k if an evens fav wins, they may choose to put 20k on with a different bookie