Robbers snatched a bag of cash from a grandfather who was planning on treating his grandchildren having won big at the races.
The 83-year-old man had won a substantial amount betting on horse racing at Ascot, and was planning on giving the money to his family as a special treat.
The man had only just picked up his winnings from the Befred bookmakers in Sugar Way, Peterborough, when the bag which the cash was being carried in was grabbed from his hand on near-by Belsize Avenue in Woodston at about 4.40pm on Tuesday, June 23.
Police believe the robbery had been carefully planned by a gang.
The robber ran away and managed to escape to a waiting getaway vehicle, believed to be a blue Renault Clio, despite being chased by a member of the public.
It is thought the car sped off along the A605 Oundle Road towards the Ortons following the robbery.
It has not been revealed how much was stolen in the robbery.
While the victim was physically unhurt in the incident, he has been left very shaken and frightened by what happened to him.
DC Fran Scott, who is investigating for Cambridgeshire police, said it was thought a gang was behind the robbery. She said: “We believe this theft was planned and there was probably more than one person involved.
“I would appeal to anyone with information, no matter how insignificant it may seem, to contact me.”
A spokesman for Betfred said customers were given a choice of ways of picking up their winnings if they had won large amounts of money, including picking up cash at the branch.
The spokesman added a £5,000 reward was being offered for anyone with information which leads to the conviction of those behind the robbery and the return of the cash to the victim.
Anyone with information about the robbery, or those behind it, is asked to call Cambridgeshire police on 101, or Crimestoppers, anonymously, on 0800 555 111.