Horse racing-Cheltenham punter takes 250,000 pounds payout after five-pound bet

LONDON: A punter who took out a five pound (US$6.97) bet has cashed in to the tune of 250,000 pounds after a restless night deliberating whether to hold out for a possible payout of half a million at the Cheltenham festival.

Paul Dean could still take his haul to more than 300,000 pounds, however, if Envoi Allen comes good in Thursday's Marsh Novices Chase.

Bookmakers Betfair and Dean said he had accepted a partial cash out offer.

"So after celebrations last night, 4 hours sleep, an hour's walk at 5am I’ve decided to take a partial cash out offer of 300 Envoi/250 the field," Dean said on Twitter. "With other bets my position on the race is £322,000 Envoi or £250,000 the field."

Dean had staked the five pounds on a five-fold accumulator, starting with 12/1 Golden Horde at Royal Ascot last June.

He followed that with 10/1 shot Hello Youmzain, also at Ascot, and then Shishkin at 4/1 in Cheltenham's Arkle Chase on Tuesday.

Bob Olinger, a 25/1 winner on Wednesday, left him one race away from a payout of 500,000 pounds.

"I've definitely done the right thing," he said of taking the offer.

(US$1 = 0.7177 pounds)

(Reporting by Alan Baldwin, editing by Ken Ferris)