Cheltenham Festival is like Christmas for horse racing fans, and the Gold Cup – the highlight of the event – is considered to be one of the most prestigious races of the year in the UK.

As the name suggests, however, Cheltenham is a festival – with a packed schedule of events across four days including the Champion Hurdle and Queen Mother Champion Chase.

This also means there’s no shortage of opportunities for bettors to win throughout a busy week of action. If there’s one sport which attracts rookie punters to try their luck, it’s the gee-gees. But given the crammed itinerary, and all the facts, figures and betting markets, it can be difficult knowing where to start! In this Cheltenham betting guide, we will cover some of the main types of wager to get you up and running.

Single & each-way betting

The easiest, and most popular, way to bet on horses is to simply pick a winner – that’s what a ‘single’ bet is. 

An ‘each-way’ bet adds a layer of insurance. Here, you are making two bets at the same time but your chosen horse doesn’t need to win the race – as long as it ‘places’ in the top two, three or four positions, he or she is a winner in your eyes! In some cases, the bookie will extend the payout positions further. 

If your horse does win, however, you will win more due to the horse both having won and finished in the required positions for the ‘place’ part of the bet. With the majority of Cheltenham’s races featuring more than 20 runners, you can expect four ‘places’ to be offered. 

Therefore, be wary of day one, which features the Champion Hurdle and Arkle Chase. These will be contested by just eight and nine horses respectively, meaning that whoever you back will likely need to come home in the top three in order to win you an each-way bet.

Typically, the places for each-way bets are scaled as such:

• 1-4 runners – no places, win-only
• 5-7 runners – two places, one quarter of the odds
• 8+ runners – three places, one fifth of the odds
• 12-15 runners in a handicap – three places, one quarter of the odds
• 16+ runners in a handicap – four places, one quarter of the odds

All of this means that if, for example, you take a punt on a horse to win at 20/1 and there are 20 runners, the odds of him or her placing are essentially 5/1. If they win, happy days! If you had a fiver on it, you’ve just raked in £105 (which includes your stake, of course). If they finish second, third or fourth, however, you’ve still walked away with a very decent £30 win.

Ante-post betting

In horse racing, it’s also quite common for punters to place bets on horses well in advance of the race taking place. As soon as runners and riders for the likes of the Gold Cup or the Grand National are announced, workplaces up and down the country will be throwing all their names into a hat for a sweepstake!

Bookies will typically hold fire until nearer the time before opening a market for a specific race. Horse racing betting sites will, however, allow you to wager on them as an ante-post – or ‘futures’ – bet. Racing fans who have confidence in, or just a gut feeling for, a particular horse may be inclined to put their money on it as soon as they can knowing that their odds might shorten as the race draws closer. 

This, naturally, comes with risks however. The horse or jockey may be forced to withdraw from participating on the eve of the race. This would usually mean you’ve lost your money. And while it may be less likely, there is a chance that the markets move in the opposite direction and other horses become more favoured. In that case, you’ve missed out on even greater value. But remember – they still need to win! 

Ultimately, ante-post betting is for trying to cash in on your knowledge of the sport or a particular competitor before the markets start reflecting their likelihood of success. Or you may just be wanting to believe in your sweepstake pull like it’s a fortune cookie!

Accumulators

Just like in football or any other sport, there is nothing stopping you from combining multiple selections into one bet. These are accumulators, where the odds – and potential payout – accumulates with the more selections you add. It goes without saying, however, that should any one horse let you down, the whole bet is lost. That’s why winning these types of bets is so difficult. 

You could, for example, put together your winners (or placers) across several of the races taking place on day one of the festival. Or you could pick multiple horses, as each-way bets, in the same race. 

Money-back specials

These are promotions offered by bookmakers where you can claim your stake back if your bet loses, essentially acting as a risk-free bet. Usually, this is a tickbox option on the betslip as you go to place the bet. 

There may be some prerequisites or certain conditions to meet, or stick to, in order to receive the token – so make sure to read the t&cs carefully! You may need to place a qualifying bet (which may come with a minimum and/or maximum stake), or it may only be available before or after a certain time.

These are different to free bets as the “money back” element only kicks in if your bet loses. Free bets, on the other hand, are often a reward handed out by betting sites upon joining, or as a loyalty bonus.

As one of the major events on the sporting calendar, many bookmakers will be keen to win new players and retain existing ones – and will therefore be trying to outdo one another with Cheltenham-themed welcome offers and loyalty bonuses. Here, you can find our deep dive into the smorgasbord of Cheltenham free bets and offers out there from all the big-name sites.

Some general tips

Do your homework

While sticking a couple of quid on whichever horse you drew out of the work sweepstake is relatively harmless, if you intend on making several bets across the week, you should have a read of what the experts are saying about the various horses and jockeys. The conditions also play a big part and may lend themselves to an underdog causing an upset.

Set your limits

As Cheltenham is a four-day event with 28 separate races, it may be a good idea to divide the total amount of what you’re willing to play with across those days, or per race. This will ensure that you don’t risk money that you can’t afford to lose and goes hand-in-hand with not chasing losses. Equally, ensure any wins stay as wins! Do not go and add that money back into your playing pot, especially if it’s a tidy sum.

Keep it fun

Backing a horse and watching it run is a thrill! As per the above, make sure it stays that way. Betting should never be viewed as a potential source of income, nor should you ever be reliant on a win. 

You should also only place bets when in the right frame of mind – never do so when angered or frustrated by a previous loss, or from a bad day in general.

You might also like:

• Cheltenham ante-post tips
• Cheltenham 2025 Cheat sheet
• Which Cheltenham favourites to back
• Champion Hurdle tips
• Stayer’s Hurdle tips
• Champion Chase tips
• Stayers’ Hurdle tips
• Arkle Chase tips
• Supreme Novices’ Hurdle tips
• Gold Cup tips
• Ultima Handicap tips
• Coral Cup tips
• Grand Annual Chase tips

About the author

Liam Hoofe

Liam is an experienced iGaming and sports betting journalist based in Cardiff. He has worked in the sports betting industry since 2017 and has provided content for some of the biggest casino and betting brands in the UK. He has also covered football and other sports for both regional and national newspapers. 

Find Liam on Twitter: @LiamHoofe

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