Cheltenham Festival 2026 might still be weeks away, but the ante‑post markets are already telling us plenty about how the big seven races are shaping up – and where the early money has gone.
Below, we look at the current market leaders and some notable price moves in each division.
Cheltenham Gold Cup 2026 – Joint Market Leaders
The 2026 Gold Cup is currently headed by a joint‑favourite pairing with online horse racing betting operators, with defending champion Inothewayurthinkin and dual winner Galopin Des Champs both trading at the top of most ante‑post lists.
Inothewayurthinkin followed his 2024 Kim Muir win with Gold Cup success in 2025, leaving him unbeaten in two starts at Cheltenham, a profile that always attracts Festival support.
Both reappeared in the Savills Chase at Leopardstown in December, where neither really advertised their claims – Inothewayurthinkin never looked to be jumping or travelling with fluency, while Galopin Des Champs, having his first run since April, was beaten by Affordable Fury and I Am Maximus.
Affordable Fury’s win saw him cut dramatically from big prices into the mid‑range of the market, a reminder of how quickly these lists can shift on one mid‑winter performance.
Behind the joint favourites, Jango Baie and The Jukebox Man sit not far away after their King George efforts, with Jango Baie – last season’s Arkle winner – widely viewed as the more progressive of the pair.
Gaelic Warrior, third in that King George, follows them, while Betfair Chase winner Grey Dawning and Welsh National hero Haiti Couleurs have both shortened on the back of strong staying performances.
For now, though, the Gold Cup picture still revolves around whether Inothewayurthinkin can confirm his 2025 success or whether Galopin Des Champs can roll back the years for a third crown.
Champion Hurdle Ante-Post Betting – Brighterdaysahead Takes Over
The Champion Hurdle market has been turned on its head in the past fortnight, with Brighterdaysahead now installed as favourite following the injury to Sir Gino and a major reshuffle of the two‑mile division.
Sitting just behind her are a trio of dangers whose odds underline how open this year’s renewal has become.
Constitution Hill, still trading shorter than his patchy recent record might strictly warrant, remains prominent in the betting on reputation alone and on the hope that connections can iron out his jumping issues in time.
The New Lion, fresh from gaining compensation in the Unibet Hurdle after an earlier fall at Newcastle, has also been clipped in, giving British punters a credible home‑trained option.
Golden Ace, last year’s Champion Hurdle winner, continues to hold a place in the front rank of the market as she bids to prove that victory was no one‑off.
Lossiemouth, who spent much of the autumn as the main challenger to Sir Gino in the betting, now finds herself a little further down the pecking order.
A costly defeat at the Dublin Race Festival, followed by the emergence of Brighterdaysahead and the renewed claims of others, has seen her eased to a bigger price with several firms.
Taken together, the new shape of the 2026 Champion Hurdle betting paints a very different picture from the one we had before Christmas.
Queen Mother Champion Chase – Marine Nationale On Top
Over two miles, Marine Nationale heads the Champion Chase market as he bids to defend the crown he won in 2025.
His position at the top was actually strengthened by defeat at Leopardstown in December, where he finished second in the Paddy’s Rewards Club Chase after a serious error at the second fence; the fact he recovered, rallied and still chased home Solness impressed both bookmakers and punters.
Behind him, Il Etait Temps has shortened after an impressive Tingle Creek victory at Sandown, where he got the better of Jonbon and L’Eau Du Sud.
Majborough, third behind Solness and Marine Nationale at Leopardstown, trades next in, with Jonbon himself pushed out to much bigger prices after that Sandown defeat and his shock loss as an odds‑on favourite in the 2025 Champion Chase.
Stayers’ Hurdle – Teahupoo Dominates
The staying hurdlers’ division has a much clearer shape: Teahupoo is a firm favourite to regain the Stayers’ Hurdle.
He won the race in 2024, finished second in 2025, and has since put together a sequence of major staying‑hurdle victories, including repeated wins in the Hatton’s Grace at Fairyhouse and the Christmas Hurdle at Leopardstown, as well as back‑to‑back Champion Stayers’ Hurdles at Punchestown.
That consistency has seen his odds contract steadily from early‑season quotes around 4/1 into much shorter territory.
Behind him, JP McManus pair Honesty Policy and Impose Toi provide the main opposition.
Honesty Policy advertised his credentials with a Grade 1 success at Aintree, while Impose Toi’s three‑race winning streak, including the Long Walk Hurdle at Ascot – has been one of the more obvious upward price moves in the division.
Defending champion Bob Olinger, now into veteran territory, is a bigger price after finishing well behind Teahupoo at Christmas; age and that defeat have seen him ease from single‑figure quotes earlier in the campaign.
Ryanair Chase – Fact To File Still The One
The Ryanair again revolves around Fact To File, clear favourite as he bids for back‑to‑back wins in Thursday’s feature over 2m4½f.
He completed a Festival double in 2024 and 2025, winning the Brown Advisory Novices’ Chase followed by the Ryanair and that record at Cheltenham has anchored him at the head of the market despite three subsequent defeats, including a below‑par effort in the King George at Kempton.
His recent form dip has meant his price is not as short as some expected last spring, but being campaigned with this race very much in mind has helped to keep him solid at the top of the book.
Behind him, Gaelic Warrior and Jonbon share second favouritism in some lists, with King George winner The Jukebox Man and others forming a crowded chasing pack at double‑figure odds.
As each runs in mid‑winter and early‑spring trials, those second‑tier prices are seeing plenty of small but frequent adjustments.
Supreme Novices’ Hurdle – Market Still Forming
As usual, the Supreme is one of the trickier ante‑post puzzles, with the front of the market thin on established Grade 1 form.
Early lists from major firms feature names such as Old Park Star, El Cairos and Talk The Talk most prominently, often priced in a tight band at the head of the betting.
Talk The Talk’s fall when looming up in the Future Champions Novice Hurdle at Leopardstown stalled, but did not completely halt, his momentum, and his price has drifted slightly as a result.
In practical terms, anyone steaming in now is backing potential more than polished evidence – which, to be fair, is half the fun of Supreme ante‑post punting.
One flashy performance over two miles between now and the end of the month could easily produce a new, clear‑cut favourite.
Arkle Trophy – Picture Yet To Settle
The Arkle market is also still bedding in, with several firms listing Lulamba, Kopek Des Bordes and Romeo Coolio among their shortest‑priced options over two miles.
These are lightly raced chasers and, at this distance, one slick round of jumping in a key trial can prompt a sharp contraction in the odds. At the same time, a single bad mistake can see a horse pushed out to the fringes of the market just as quickly.
Last season’s Arkle form, headed by Jango Baie has had a knock‑on effect, with some bookmakers keeping an eye on horses who could yet be rerouted from longer‑distance novice chases back to the minimum trip.
So far, though, the lack of a standout “next El Fabiolo” has kept prices relatively generous at the front compared with some years. For now, the Arkle is one for the brave or the very patient – preferably both.
A Final Note On Favourites
Across recent Festivals, only around a third of races have been won by the starting favourite, and even odds‑on shots have a habit of coming unstuck at Cheltenham.
That record should always be in the back of your mind when looking at short‑priced market leaders in February.
Teahupoo, Marine Nationale and Fact To File all look rock‑solid on paper – but as punters are reminded every March, “bankers” at the Festival often turn out to be anything but.
