James Maxwell
Founder & Editor · Last reviewed 2026-03-06
Everyone has an opinion on the Champion Hurdle and the Gold Cup. The big-race markets are picked over endlessly. But the real profits at Cheltenham — if you're smart about it — tend to come from the supporting races, the handicaps, and the novice events where the market overreacts to Irish form and undervalues British raiders.
This article isn't about the favourites. It's about finding each-way value at bigger prices across all four days. We're looking for horses at 8/1 or bigger that have a genuine chance of hitting the frame — and ideally winning — at a price that gives you a margin of error.
Each-way betting at the Festival pays out at 1/4 odds for the first four places in handicaps (fields of 16+) and the first three in non-handicap races. That means a 10/1 each-way pick needs to finish in the places for you to get your stake back and more. For a full explanation of how it works, see our each-way betting guide.
For the headline races and full day-by-day coverage, see our Cheltenham Festival 2026 preview. For a deep dive into the Gold Cup specifically, check our Gold Cup form guide.
Champion Day — Tuesday 10 March
Supreme Novices' Hurdle: Back the British Raider
The Supreme is traditionally dominated by Irish-trained horses, but this year's market has overreacted to the Leopardstown form. The British challenge is stronger than usual, and the bookmakers haven't fully adjusted.
Our pick: Doyen Quest — 14/1 each-way
Nicky Henderson's novice has won three on the bounce, including a Grade 2 at Cheltenham in November where he travelled like the best horse in the race. He's been deliberately kept away from Ireland to keep his form under the radar. Henderson won this race with a similar type — Constitution Hill in 2022 — and the preparation pattern is identical.
At 14/1 each-way (1/4 odds, first three), you're getting a horse with actual Cheltenham course form at a price that reflects the market's Irish bias.
Champion Hurdle: Value at Bigger Prices
The big race is wide open. The New Lion is 2/1 favourite but has never won at championship level. Behind him, the market is generous.
Our pick: Golden Ace — 20/1 each-way
The defending champion. She won this at 26/1 last year and nothing about her form says she can't run a big race again. The market has written her off after a below-par run at Kempton, but that was on good ground — she needs it soft, and it's going to be soft. At 20/1 each-way she only needs to finish in the first three for you to collect.
Mares' Hurdle: A Banker Each-Way
Our pick: Marie's Rock — 10/1 each-way
This mare has been in the shadow of Lossiemouth all season, but she's a solid Grade 2 winner who runs her race every time. If Lossiemouth turns up here rather than the Champion Hurdle, Marie's Rock is the main each-way danger. If Lossiemouth goes to the Champion instead, Marie's Rock has an outstanding chance of winning.
Ladies Day — Wednesday 11 March
Coral Cup: The Punter's Paradise
The Coral Cup is a Grade 3 handicap hurdle over 2 miles 5 furlongs with typically 26-28 runners. It's the most wide-open race of the entire Festival, and each-way terms are generous: 1/4 odds for the first four places.
Our pick: Bold Endeavour — 16/1 each-way
A progressive handicapper from the Jonjo O'Neill yard who won a competitive hurdle at Ascot in January. His handicap mark of 144 looks workable in this company, and he stays the trip well. O'Neill has a good record in Festival handicaps, and this horse has been lightly raced — always a positive at Cheltenham, where experience counts but so does untapped potential.
Brown Advisory Novices' Chase: Future Gold Cup Horse
The three-mile novice chase is where future Gold Cup heroes often announce themselves. Denman, Bobs Worth, and more recently Galopin Des Champs all won this race before going on to Gold Cup glory.
Our pick: Walking On Air — 12/1 each-way
Henry de Bromhead's novice chaser has been keeping quiet this season, with just two runs — both wins. He jumped superbly at Leopardstown in December and has been specifically saved for this race. The market is focused on the Mullins runners, creating value further down the card.
Queen Mother Champion Chase: Value in the Outsiders
The Champion Chase usually has a smaller field and shorter-priced favourites, making each-way value harder to find. But one horse stands out.
Our pick: Gentleman De Mee — 10/1 each-way
He's been the nearly horse of the two-mile chase division, but he's been running in Grade 1 company all season and his Cheltenham record is solid. He was third in this race last year and should run his race again at a price that offers value.
St Patrick's Thursday — Thursday 12 March
Pertemps Final: The Handicap Specialist's Dream
The Pertemps is a handicap hurdle with a qualification system — horses need to have run in a Pertemps qualifier earlier in the season. That creates an information edge for punters who've tracked the qualifying form.
Our pick: Northern Poet — 14/1 each-way
Won his Pertemps qualifier at Warwick by six lengths, travelling strongly throughout. The step up to three miles here suits, and his trainer Dan Skelton is in red-hot form heading into the Festival. The market has been slow to react because his qualifying run was at a smaller meeting with less attention.
Ryanair Chase: The Middle-Distance Puzzle
The Ryanair sits between the Champion Chase and the Gold Cup in distance — 2 miles 4 furlongs — and it attracts high-class chasers who don't quite stay the Gold Cup trip.
Our pick: Envoi Allen — 10/1 each-way
The comeback horse of the season. Written off after a series of disappointments, Envoi Allen won impressively at Leopardstown in January and has been freshened up since. Henry de Bromhead always does well with this horse at Cheltenham, and the Ryanair trip is ideal. At 10/1, the market is pricing in his inconsistency but ignoring his class.
Stayers' Hurdle: Stamina is King
Three miles of staying hurdle racing up Cheltenham's hill. The Stayers' Hurdle rewards horses who truly stay and who can grind out a victory when the pace lifts turning for home.
Our pick: Teahupoo — 12/1 each-way
The 2024 Champion Hurdle runner-up dropped back from the headlines but has been quietly producing solid form over staying trips. Gordon Elliott has trained the winner of this race three times in the last decade, and Teahupoo's stamina is beyond doubt. At 12/1, he's overpriced.
Gold Cup Day — Friday 13 March
Martin Pipe Handicap Hurdle: The Trends Race
The Martin Pipe is a conditional jockeys' handicap hurdle — a race where trends and preparation matter enormously. The key trend: horses who have run within the last three weeks have an abysmal record. Freshness is everything.
Our pick: Doyen's Pride — 16/1 each-way
From the Gordon Elliott yard, this horse hasn't run since early February — ticking the crucial freshness box. He's got a handy handicap mark, and conditional jockey Sam Ewing has been riding out of his skin this season. The Martin Pipe is a race where small yards occasionally upset the big battalions, but this year it's a major stable with a clear plan.
Albert Bartlett Novices' Hurdle: The Staying Test
The three-mile novice hurdle is always a gruelling affair. Horses need raw stamina and the mental toughness to keep galloping up the hill when their legs are screaming.
Our pick: Doyen Moon — 14/1 each-way
Willie Mullins has an embarrassment of riches in the novice hurdle division, and this one might get overlooked in favour of his more high-profile entries. But Doyen Moon won his maiden hurdle at Naas by 12 lengths and has the scope to improve significantly for the step up in trip. At 14/1, the market is pricing in his lack of graded form but ignoring his potential.
Cheltenham Gold Cup: Our Each-Way Play
We've covered the Gold Cup in detail in our dedicated form guide, but the each-way pick at the prices is clear.
Our pick: The Jukebox Man — 8/1 each-way
The King George winner at a price that assumes he can't handle Cheltenham. Paul Nicholls has prepared him specifically for this race, and his stamina reserves make him a genuine threat on soft ground. Even if he doesn't win, a place at 8/1 pays handsomely.
How to Stake Your Cheltenham Bets
A Festival portfolio of 10 each-way bets at bigger prices needs a disciplined staking plan. Here's how we'd approach it.
Set a Festival Budget
Decide your total Festival budget before the first race on Tuesday. A sensible approach is to split it equally across your selections — if you've picked 10 horses, each bet should be the same size. Don't be tempted to lump on the ones you "love" at the expense of the ones you "quite like." The whole point of value betting is that any of them could win.
Level Stakes, Not Escalation
If you lose on Tuesday, don't double your stakes on Wednesday. Level stakes across the week keep you in the game until Friday. The Festival is four days long — you need to be solvent for all of them.
Take the Best Price
Ante-post prices move quickly in the final week before the Festival. If you see a price you like, take it. Waiting for a better price usually means watching the odds shorten. Some bookmakers offer "best odds guaranteed" on the day of the race, but not on ante-post bets — check the terms.
Consider Each-Way Insurance
Some bookmakers offer each-way insurance on Festival races — if your horse finishes second, you get your stake back as a free bet. This changes the maths significantly and can make shorter-priced each-way picks more attractive. Compare the offers before committing.
Know When to Stop
Cheltenham is entertainment, not a wage. If you've had a good day, bank some profits. If you've had a bad day, stick to your plan. The worst thing you can do at a Festival is chase losses in the last race of the day. For more on staying in control, see our responsible gambling page.
Frequently Asked Questions
Share this article
Gamble Responsibly
Gambling should be entertaining and not seen as a way to make money. Never bet more than you can afford to lose. If you or someone you know has a gambling problem, help and support is available.