Mikael is set for Ballymore

Sustained money for Karabak has seen the Alan King-trained gelding take over as favourite for Wednesday's Ballymore Properties Novices' Hurdle at Cheltenham, but the six-year-old could face an immediate challenge to that market position from Irish challenger Mikael D'Haguenet, writes Paul Fielder.

Bookmakers reported "frenzied activity" yesterday and most ended the day with Karabak replacing Diamond Harry as favourite.

However, Mikael D'Hagunet, unbeaten in four races since arriving at the County Carlow stable of trainer Willie Mullins, looks set to be confirmed to run in the two-mile five-furlong race ahead of an alternative engagement in next Friday's Albert Barlett Novices' Hurdle.

The latter event, which is run over three miles, now looks off the agenda for Mikael D'Haguenet after drifting out to 20-1 with Betfair this morning, while William Hill were offering a top price of 6-1 for the Ballymore.

Meanwhile, Skybet's market on Denman's Gold Cup performance has seen the firm have to halve its price on last year's winner being pulled up from 6-1 into 3-1.