Sky Bet make Menorah an 11-4 favourite for the Champion Hurdle following news that Binocular will miss the race.
The defending Champion, a 3-1 chance at the time of withdrawal, did not feature among the 11 final declarations made on Sunday after being treated for an allergy two weeks ago.
Matt Doyle of Sky Bet said: "The loss of the favourite from the Champion Hurdle field is a massive blow for punters and we have taken the decision to refund all win and each-way singles bets on Binocular."
Nicky Henderson will now rely solely on Welsh Champion Hurdle winner Oscar Whisky, who is 7-1 with Sky Bet to bring the hurdling Blue Riband back to his Seven Barrows yard.
Hurricane Fly is next best in Sky Bet's market at 7-2 and it has also been confirmed Willie Mullins' charge will have the services of Ruby Walsh instead of Paul Towend at the Festival.
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