Here’s everything you need to know about the Cheltenham betting odds

Horse Racing

Any lover of UK and Irish horse racing knows that finding the latest tips to follow or the freshest news to take in is worthwhile. Race fans also know what the most iconic festivals bring to the sport and the Cheltenham Festival sums this up perfectly.

Attracting around 250,000 people (including just under 70,000 for the Boodles Gold Cup alone!) each year, this fabulous event features 28 high-class races spread across four days. For those who can’t make it in person, the action is shown for free via ITV Racing or streamed online at all major bookies.

Of course, bookmakers also offer betting on each race at the festival and this is something that proves very popular, with part-time bettors and more experienced pros backing their top picks. One tip for better festival wagering is understanding Cheltenham betting odds, how they work and how bookies calculate them.

How do Cheltenham Festival betting odds work?

The sheer noise around the Cheltenham Festival may make it seem like betting at this event is different than betting on other UK or Irish races. This is not true, however, and betting at this event works in just the same way as betting on racing at Cheltenham usually does!

This extends to betting odds, which follow the same concept as odds do in any other UK or Irish meet. Odds are displayed in two main ways – fractional or decimal. The key thing to remember for Cheltenham betting is that both odds mean the same thing but are just different ways of showing them. For example, backing a horse at 4/1 at the festival is the same thing as backing it at 5.00.

Fractional odds in more detail for Cheltenham betting

The type of odds you use for festival gambling is down to personal preference but lots of people prefer the familiarity of fractional odds. Each fractional odd equates to the percentage chance bookies have given for a horse to win their race. In a perfect market, these percentages would add up to 100%. This does not usually happen, though, as bookies construct betting markets to go beyond that figure in order to make a profit.

Each of the 28 races at Cheltenham will be priced up by the bookies, and markets formed for people to bet on. If we look at the Supreme Novices’ Hurdle from 2023, for instance, Facile Vega went off at odds of around 7/4. This means it was one of the favourites for this race and would have returned a total of £13.75 from a £5 wager (£8.75 in winnings, plus your initial £5 stake).

How are odds calculated by bookmakers for Cheltenham?

The odds given for any horse running at Cheltenham tell you two things – its chances of winning in the bookie’s opinion, and also how much any bet could pay out. Both of these things are worth knowing before you put any money down at the festival.

All bookmakers will use a set formula to calculate their odds, and this formula shows the probability of each horse actually coming home first. Anything under evens, for example, would have a better than 50% chance of tasting victory (a 4/11 pick would have just over a 73% chance of winning, for example), while a 100/1 pick would only have a 1% chance of winning, as the bookies see it.

Once the odds are created, the percentage chance of each horse winning is totalled to form the betting market. If we take an eight-runner Champion Hurdle as an example, the odds may look something like this:

  • Hurricane Fly 2/1
  • Buveur D’Air 3/1
  • Binocular 6/1
  • Goshen 8/1
  • The New One 12/1
  • My Tent or Yours 16/1
  • Menorah 33/1
  • Celestial Halo 50/1
This market clearly shows that Hurricane Fly is classed as the favourite and has the best chance of winning. This would actually be a 33.3% chance of victory according to the odds given – whereas Celestial Halo would have only a 2% of winning as the market stands.

What are ante-post betting odds for the Cheltenham Festival?

This involves betting on races at Cheltenham in advance. Although it is not guaranteed, most ante-post Cheltenham wagers should come with better odds than backing the same horse on the day.

A good example of ante-post betting in action relates to Altior’s Supreme Novices’ Hurdle win, which was one of the highlights of the Cheltenham Festival in 2016. This saw the horse go off at 4/1 with most bookies on the day. However, if you had backed him ante-post way before the race, you might have got 10 or 20 times these odds.

One thing to note with this type of festival betting, though, is that you would normally lose your stake if the horse you back does not end up running. Many bookies will, however, offer a ‘non-runner, no bet’ promo for Cheltenham and this helps to cover any risk.

What are Best Odds Guaranteed?

This is a very popular offer with bookies for the Cheltenham Festival. It exists to help you get the best odds possible on horses you back at the event. The starting time for this offer can vary between providers but is usually early in the morning (around 9am).

If you back a horse after this time and its odds drift, you would get the higher starting price at the off. For instance, if you had backed Kauto Star at 11.00am for the 2009 Gold Cup at 1/2 but he went off at evens, you would have been paid out at evens when he won.

Which bookies have the best Cheltenham betting odds?

Paddy Power is a name that stands out and has Best Odds Guaranteed that are available from 8am each day of the festival. As with other top-line sportsbooks for Cheltenham betting, it also runs a range of special promos throughout the week, which sees enhanced odds given on selected horses and races.

William Hill is also a trusted name around UK racing and one that offers full coverage of the Cheltenham Festival for bettors. This is not only all the races to wager on but lots of interesting markets to dive into. This provider has its own Best Odds Guaranteed, which means you always get the best price on any horse you back. It also has a Bet Boost promo that can be applied to your best bet of the day at Cheltenham. This allows you to get enhanced odds on this pick on stakes up to £20.

How can you get the most from Cheltenham betting odds?

The buzz during Cheltenham week can make it all too easy to place bets in the build-up to races and forget to find the best odds to take advantage of. Following these tips for savvy bettors will help to avoid this:

  • Bet early – Try to place your bet(s) around 10am on each day of the festival, as this will help you get the best odds and see you eligible for Best Odds Guaranteed on your pick(s).
  • Look around for the best odds – Use a price comparison site such as Oddschecker for each race you plan to bet on, as this will ensure you always bet somewhere with the best prices.
  • Make the most of promotions – Keep an eye on the ‘Promotions’ page of your chosen sportsbook(s) for odds boosts on selected horses, races and markets for Cheltenham.
Cheltenham betting odds: an overview

The points discussed here will give you a good introduction to betting odds at the Cheltenham Festival and how they work. The most important thing to remember is that getting the best odds you can is essential, and that odds not only show how much a winning bet returns but also what chance the bookies feel a horse has of winning a particular race.

Follow us on Twitter racing365dotcom and like our Facebook page.
Hurricane Fly

Latest