There were two bookmakers at Thursday’s press conference, who put up odds on the runners in the four big races to be run at Malakpet over the Invitation Cup weekend. The Sprint was the first event and Oasis Star was made the 65/100 favourite. Woman On Top was next in line at 3-1.

There was open disagreement about the odds on Oasis Star. Trainer Padmanabhan, given to pithy statements, pointed out the one overwhelming handicapping hazard in sprints. “There is no margin for error. Once a mistake is made, it’s a lost cause. Therefore, listing the favourite at such short odds in a sprint, especially in a large field, runs against conventional racing wisdom.”

A point well taken and there is indeed considerable validity in Padmanabhan’s viewpoint. The underlying fact about betting is that it is done on the basis of what I call the ‘bandwagon theory’ and bettors are looking for winners. The discerning one operates on the overlay and underlay concepts. Meeting after meeting, there are instances in which you expect your pick to be 2-1 but the horse hovers around 4-1 and 5-1. An example that readily comes to mind is that of Dynamic Cat last Sunday in Mumbai. Dynamic Cat was seeking three in a row and was in splendid form. It was not an easy assignment by any means. Dynamic Cat, at one point, touched 19-4 against. I call this an overlay. On the other hand, Oasis Star is an apparent underlay. That does not mean the odds won’t climb on race day.

The crucial point is, at least, in the case of a bettor who exercises reasonable judgement and discipline, it is for the risk-taker to determine if the odds on a specific horse represent value in terms of the opposition and the conditions of the race.

Surender Reddy, the Chairman of the Hyderabad Race Club, set the ball rolling with his welcome address. It was a well-planned conference. Tapes of the runners in the four races were shown on a big screen with appropriate comments. The two bookmakers would then give the likely odds and there was a question-answer session. There were many absentees but it did not, in any way, detract from the merit of the exchanges that were enlightening and informative.

The interest centred on Sunday’s feature, the Indian Turf Invitation Cup. Bourbon King, the beaten favourite in the Indian Derby, was not dethroned from his high perch. A quote of 9-4 was given. Hotstepper, Noble Prince, Sweeping Success and Retribution were closely matched.

Trainer Ganapathy was emphatic that Bourbon King would have made a race of it if he had not encountered traffic problems. I queried trainer Ganapathy. “There are those who maintain vehemently that Bourbon King cannot get 2,400 (Metres) and how do you answer that concern?”

“He was finishing on in the Derby. In the last part, he had so much to give but the issue had been settled. Now, there are only 10 horses and I am hoping he will have a clear shot. I have no doubt at all about Bourbon King staying the trip,” he answered.

Jockey Prakash expressed admiration for Sweeping Success’s resolve. My question was, “It was a long, hard duel in the Derby before Hotstepper gained the edge. You were touched off and looking back, is there anything you would have done differently?’

Prakash had an answer that was four words long. “That is a secret.”

Trainer Padmanabhan, responding to my question about Noble Prince’s fitness on Derby Day, gave an unambiguous answer. “The lack of a run had no effect on Noble Prince whatsoever. He raced well. My sole concern is that it will be his first race at Malakpet.”

Continuing in the same vein, Padmanabhan said, “Retribution, on the other hand, knows the Hyderabad racecourse very well. That’ll be a distinct advantage. Danny Grant is being reunited. I am hopeful.”

“Dettori came to India as a freelancer. He had no commitment to ride my horses.”

I had a chance to speak to trainer SS Shah. The amiable Shah, who has a smile no matter what is happening around him, was optimistic. “I strongly believe that Hotstepper has made big improvement in the past few weeks. He is fit. He travelled well. I have as good a chance as any.”

I asked trainer Shah about the switch from Mick Kinane to Frankie Dettori. “Kinane would have been the compelling choice but he received a suspension in Dubai. Frankie Dettori was coming. I am very pleased. It would be nice to win two big races in a matter of weeks.”

I may mention that Frankie Dettori rode two winners in Dubai on Thursday. He was second in another race and was at the losing end in a photo.

Malakpet is ready. It is the seventh time that Hyderabad is hosting the Invitation Cup. The total purse money is about Rs 2.75 crore. It is a record. The fields this year are large and competitive. The sponsors have shown a high degree of interest and involvement. There cannot be a more knowledgeable person than Surender Reddy and how well a vessel sails depends on how effective the captain is. The HRC is destined to go to greater heights.