Bookies Are Bashed by Favourite’s 2026 Grand National Victory
by Roy Brindley,
16 April 2026
I Am Maximus hits bookmakers hard with his 2026 Grand National success as the heavily backed favourite.
I Am Maximus beat Iroko to win a second Grand National and land a huge gamble. © Getty Images
Key Facts:
- I Am Maximus joins Red Rum as a National great by regaining his Aintree title.
- Bookmakers describe the result as a ‘worst-case scenario’.
- A £100,000 bet was placed on the winner with an on-course bookie at 8/1.
- I Am Maximus is already the favourite for the 2027 National.
Bookmakers were left licking their wounds after I Am Maximus emulated the great Red Rum by winning his second Grand National under top weight last weekend. However, unlike the 1970s Aintree superstar, the 2026 champion was backed into favouritism for his second success in the marathon contest.
The term’ gladiatorial bloodbath’ was used by bookmaking veteran Fred Done to describe the result of the race. In it, horses owned by legendary gambler, JP McManus, ironically a former on-course bookie, finished first, second and fourth.
On Grand National morning, the eventual winner could be backed at 10/1 as Panic Attack temporarily became the market principal. However, I Am Maximus’ odds shortened dramatically on the build-up to the big race’s scheduled 4.00 pm off time.
The appearance of pundit and bookmaker frontman, Johnny Dineen, on ITV’s Grand National show to declare there had been a “whopping” £100,000 on-course bet placed with his firm, Fitzwilliam, on I Am Maximus (at 8/1) seemed to act as a catalyst for the wholesale gamble that followed.
I Am Maximus’ price shrunk to 9/2 at the off as the rumour mill suggested the enormous bet had been placed on behalf of McManus. The public will never know for sure, but tellingly, after the race, the famous owner did confirm, “I had a little on” when asked if he backed his winner.
Four From the Top of the Betting
Of the placed horses, plenty of punters would have backed the runner-up, Iroko, at 18/1. The British-trained horse had topped the ante-post betting for much of the year. Third-placed Jordans was returned at 28/1. Fourth placed Johnnywho had an official SP of 14/1. All four each-way placed horses were in the top half of the betting.
The result saw William Hill’s spokesman, Lee Phelps, declare: “We’ve been stung heavily. I Am Maximus winning was one of our worst-case scenarios, and with well-fancied horses in the places, we’re facing a payout of north of £10 million in the race.”
Critics would question whether “payout” means the same as “loss”. It is unlikely, but with other firms using terms such as “worst possible result”, the 2026 Grand National will be remembered as an overall win for the general public.
143% Means It Was a Miserly National
The SP overround on the 2026 Grand National was 143%. In terms of betting, the figure made it one of the more miserly Nationals of recent times. In 2025, the overround was 138%, and in 2024 it was 137%. The figure means, in an ideal world, for every £143 placed on the race, bookmakers would retain £43 and pay out £100 in winnings.
Never ones to miss an opportunity, online betting sites have already opened their books on the 2027 Grand National. Unsurprisingly, I Am Maximus has been installed as the ante-post favourite quoted on 12/1. Iroko, placed in the past two Grand Nationals, is 16/1.
2026 Irish Grand National winner, Soldier in Milan, is also quoted on 16/1 odds. Jordans, who had never raced beyond three miles one furlong until finishing third in last weekend’s Grand National, is another given 16/1 odds. It is 25/1 or greater about any other named horses winning next year’s contest.
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