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

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LONDON (Reuters) - A punter cashed out to the tune of 250,000 pounds ($347,975) from a five pound bet on Thursday after a restless night deliberating whether to hold out for half a million at the Cheltenham festival.

Paul Dean would have taken 500,000 pounds from bookmakers Betfair if Envoi Allen had won Thursday's Marsh Novices' Chase but made the right call in cashing out, with the 4/9 favourite failing to finish hours later.

"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 had 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 race 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, before the previously unbeaten Envoi Allen fell at the fourth fence in a race won by Chantry House, securing a 70th Cheltenham win for trainer Nicky Henderson.

($1 = 0.7184 pounds)

(Reporting by Alan Baldwin, editing by Ken Ferris and Toby Davis)