Best Betting Odds for Cheltenham 2021

Latest Cheltenham Odds For Today

You can search for the Cheltenham latest betting odds from our partners on every race over the Cheltenham 2021 Festival. This page will give you the “heads-up” on everything needed to know about Cheltenham races odds and finding the best ones!

The Bookies are famously generous with the Cheltenham festival betting offers they provide, and Cheltenham betting odds are often large too, due to competitive races. There are dozens of offers – check our Cheltenham festival betting offers page before and during the Festival.

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When looking for the Cheltenham betting odds today, be sure to check-in before the Supreme Novice Hurdle on Tuesday 16th March. This race is renowned for having the most offers and provides a great chance to get off to a flying-start!

Why it is important to understand the odds?

It is very important that you understand betting odds before placing your bets. Once you understand the “how’s and why’s” and of Cheltenham betting odds, it will make everything a lot clearer for you and help you to come to your judgements.

Firstly, let us look at why odds exist, give a few examples, and show how the bookmakers make these Cheltenham races odds.

Cheltenham betting odds, and all bookmaker odds are made, to make it fair on both the bookmaker and the punter. For example, if you had a champion horse in a four-horse race, against three poor horses … would it be fair to create an evenly priced betting market of 3/1 per horse? Of course not, and that’s why odds were created, to suit these instances. If all four horses were of equal ability, then 3/1 would be the “fair” and true price of each horse. When determining Cheltenham betting odds, each horse would be given a probability of 25%. A quick way of calculating this is to take the 3/1 fractional odds, convert to decimals odds of 4.0 then divide one over 4.0 [1 / 4.0] = 4.5.

*Odds formats are explained below.

Going back to our “Champion horse” analogy. If a champion horse were to race against a poor horse and two very poor horses, the Cheltenham betting odds may look something like this:

  •         Champion: 1.57 odds (4/7)
  •         Next best: 5.5 odds (9/2)
  •     Poor horse #1: 11.0 odds (10/1)
  •         Poor horse #2: 11.0 odds (10/1)

Because the “champion horse” was more likely to win, it was given lower Cheltenham betting odds than the others. The “next best” horse was superior to the other two, so that was given 9/2 odds. The other two were deemed not much chance, so were priced at 10/1, and a probability % of 9% chance of winning, using the calculation above.

 How bookmakers calculate probability

When deciding on how to price each horse in a race, bookmakers must calculate the “probability” of each one winning. As per our earlier example … the “champion” horse would obviously have a higher probability and therefore be priced at a lower price in the Cheltenham betting odds than inferior opposition.

To calculate probability within Cheltenham races odds, bookmakers use several factors of data to shape these odds. A large portion of this will be calculated from the horse’s ability and its current form. Followed by the weight (handicap) the horse has, the ground ‘going’, distance, stable form, and the jockey on board.

A superior horse, for example, may be running over a shorter distance than it usually runs in, have a higher weight and be running on ground which it is not ideally suited to. Such as, if 2020 Gold cup winner Al Boum Photo were to run in the shorter-distanced Queen Mother champion chase race; The odds on Cheltenham gold cup hero Al Boum Photo would be much larger than normal.

Using this example, the probability of the superior horse, mentioned above, winning this race will be priced more generously because of these three negative factors mentioned. So, just because a horse is superior it is always best to consider these other variables that can affect a price. The current odds on Cheltenham gold cup favourite, Al Boum Photo is generally 5/2.

Tissue Prices

The bookmakers will somehow calculate all these variables mentioned to determine the probability of the horse. The probability % will reflect in its price, as explained above. The bookmakers will then form what is called a “tissue” price. Examples of tissue prices are those beneath a race card in newspaper, or online.

Tissue prices are not static, they change with betting patterns within the markets.

How to find the best odds

If a horse has a tissue price of 5/1, yet YOU have calculated your tissue price of 10/1, then this bet would suggest to a bettor that there is a “value” bet available.

Many bookmakers listed on this guide also offer a promotion called Best Odds Guaranteed, or commonly referred to as “BOG”.  This promotion can help you be certain you have the best Cheltenham races odds. This promotion often has certain time restrictions, so please check beforehand. If you take a price of 5/1 3 hours before the race, yet in the meantime, the horse’s price drifts to a larger price of 10/1, you will be granted those 10/1 odds!

When scrolling through our partner bookmakers listed above, it is always best to look for any additional offers for Cheltenham races odds a bookmaker may be offering. The Cheltenham latest betting odds are generous and contain more Cheltenham festival betting offers than any other festival throughout the year, so keep your eyes open! The more offers and promotions, like BOG, you can add to your bets – the better chance of resulting in overall profits! When looking for odds on Cheltenham gold cup, always keep an eye-out for offers. You can also find exclusive offers on horse betting apps, so it’s worth checking to see if your favourite provider offers a mobile betting service.

 Betting markets and patterns

It is also a good idea to keep an eye on the betting markets, especially when looking at odds on Cheltenham gold cup, including in the evening before the next days’ racing. Betting markets are not static and will change when there are alterations to any of the variables discussed earlier, such as weather change and jockey changes.

The betting markets also change due to betting patterns. If a certain horse suddenly had lots of money put on it nationwide, then this would usually cause the price to shorten. A good example of this was when Frankie Dettori famously rode 7 winners; the price of the 7th horse he was riding was dramatically lower, due to the amount of money that was riding on it, nationwide, in multiple bets.

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Different types of bets

There are various types of bets you can get involved with on your Cheltenham races odds horse selections.

As mentioned above, multiple bets. These are very popular in horse racing festivals, such as Cheltenham.

Multiple bets can provide added excitement. Unlike a straight accumulator, called “parlay” in America, multiple bets can be placed, where you do not have to have all your selections win or place, to ensure a return of your stake.

Popular multiple bets include:

  •         Heinz – 6 selections – 57 bets (called a Lucky 63, when including singles)
  •         Canadian – 5 selections – 31 bets (called a Lucky 31, when including singles)
  •         Yankee – 4 selections – 15 bets (called a Lucky 15, when including singles)
  •         Trixie – 3 selections – 4 bets (called a Patent, 7 bets, when including singles)

Providing there are over 4 runners, you can opt to place these bets win or each way, this is discussed further down this page. Apart from the multiple bets that you can choose from there are a host of variety/special bets that Cheltenham provides, such as:

  •         Jockey to have the most wins of the whole festival/or the day.
  •         Top racehorse trainer of the whole festival/or the day
  •         Odds on Cheltenham gold cup winning distances.
  •         Winning distances (combined number of lengths won by the winner)
  •         How many favourites will win per whole festival/or the day.
  •         How many Irish trained horses will win per whole festival/or the day.

Best bookmakers for ante-post odds

The build-up to Cheltenham festival 2021 creates a lot of interest in ante-post betting, which can provide value to Cheltenham races odds. Apart from offering great odds on Cheltenham gold cup and other races, our partners at 888 sport are currently offering an outstanding offer called “Non-runner money back”, called NRMB in betting circles.

This means … you can secure your value price with no risk at all!

A recent example of punters who were able to take advantage of the 888 “NRMB” offer was from Champion Hurdle contender, Goshen. Goshen won by 22 lengths at Wincanton in late February. Prior to this win, Goshen was a huge 25/1 Cheltenham races odds to win the Champion Hurdle. Since winning in emphatic style, Goshen’s price has been reduced to 7/2.

The odds on Cheltenham gold cup and every race can be found on Cheltenham betting sites, such as TonyBet, who are another good sportsbook worth checking for the best prices over Cheltenham 2021, with their newly-designed Horse racing sportsbook page. You can find the best betting sites mentioned very useful. Pages worth checking would be the odds on Cheltenham gold cup betting. Favourite Al Boum Photo has a new threat from Champ. Champ recently ran well, and like the Goshen example, has shortened in price from 10/1 to around half of that! Champ was recently quoted to be “ … as good as 3-time winner Best Mate”, by legendary trainer, Henrietta Knight. Henrietta has been providing Champ with one-to-one training specifically for jumping, so could be one for the notebook!

Win or each Way

Cheltenham generally has more runners in each race than a typical UK horse race, and consequently, Cheltenham races odds are generally larger than the “norm” . Therefore, punters often choose to opt for each way bets, especially with their multiple selections. By backing selections each way, a punter does not have to rely on every horse winning and can still make a profit, if some of the selections placed. The most important factor to be mindful of is the price of the horse you are betting on.

Each way Terms

This is hands-down the most important element to focus on when looking for the best Cheltenham races odds. General rule of thumb is … if a horse’s each way terms state “1/5th of the odds”, then you should try ONLY including horses that are 5/1 or greater. Doing this ensures you do not lose any stake if your horse places yet stand to win profits if it wins. For example, … £10 each way on a 5/1 horse, with each way terms of 1/5th of the odds, would return £20 back; meaning you have lost nothing nor won anything. However, if the horse won you would receive £80, £60 profit.

This is not to say that you cannot use each way bets for odds lower than 5/1, but bear in mind you will lose a small part of your stake if it places.

  •         4 runners or more: 1/5 of the odds for finishing in 1st or 2nd.
  •         5-7 runners: 1/4th of the odds for finishing in 1st or 2nd.
  •         8 runners or more: 1/5th odds for finishing in 1-2-3
  •         Handicap races with 15 runners or less: 1/4th odds for finishing in 1-2-3
  •         Handicap races with 16-21 runners: 1/5th odds for finishing in 1-2-3-4
  •         Handicap races with 22 runners +: 1/4th odds for finishing in 1-2-3-4

If you back a horse at 10/1 and it places second, you will win. Based on 1/5th of the odds you would receive £30 return from your £20 stake.

Each way terms vary a lot, but the most common ones you will find are 5th of the odds and ¼ of the odds, especially in Handicap races and smaller fields. When searching for the best Cheltenham races odds, be mindful that bookmakers are a lot more generous with each way terms and offers within handicap races because they are generally considered more competitive and wide-open.

Odds formats

One more thing to be aware of are odds formats. Cheltenham races odds can be viewed in several formats to suit your needs.

Online bookmakers offer the choice to switch between fractions, decimals and USA odds.  The default setting is usually Fractional. A 3/1 horse would be 4.0 in decimal and +300 in USA odds; an 11/2 shot would be 6.5 decimals, +550 American odds.

Fractional is the traditional UK odds format. Years ago, decimals were mainly used by Eurozone sportsbooks.


Cheltenham is the “big show” of the annual racing calendar! Due to the competitiveness of races, punters have the chance to bet on their favourite horses at bigger Cheltenham races odds.

Use your betting knowledge to determine if the Bookies price is bigger than the price you consider the horse to be. Applying strategic thought, whether to use each way bets and/or multiple bets. With our reviews of the best odds at Cheltenham, you can remain satisfied you have chosen the best Cheltenham betting odds and bookmaker to use for your informed choice of bets at this Cheltenham Festival.

Odds on Cheltenham Gold Cup FAQ

🐴 What are the Odds for the Cheltenham Gold Cup?

The Cheltenham Gold Cup is very special this year. Favourite AL BOUM PHOTO is hoping to equal BEST MATE’s glory of winning three Gold Cups, back-to-back, for three years! This was last achieved in 2004 and AL BOUM PHOTO is currently 3/1 favourite. Can he do it? Visit our best odds guides and prices to decide.

🤔 Which Bookie has the best Cheltenham odds?

A lot of the bookmakers listed on our website offer the Best Odds Guaranteed promotion. This promotion ensures you get the best value odds for your selections. See the written guides of how to search for the best odds and understand why bookmakers price horse racing odds the way they do.

🐎 What date is the Cheltenham Festival 2021?

Cheltenham 2021 runs from Tuesday 16 March until Friday 19th March. The festival contains the best quality National Hunt horses and offers the biggest prize money from most prestigious UK races. Due to the competitiveness of races, punters can enjoy bigger prices on their favourite horses. Our best odds review at explains how to understand this fully.

🐴Will the Cheltenham Festival 2021 go ahead?

The Cheltenham Festival 2021 is scheduled to take place between Tuesday 16 March and Friday 19 March. The feature race is the Cheltenham Gold Cup, on Friday 19 March. Favourite AL BOUM PHOTO is hoping to win for a back-to back third occasion. The festival looks very likely to take place, although spectators may have limitations, due to COVID19. See our best odds guide and Cheltenham festival latest news to fully understand how betting odds work and how they can be applied to your selections.

🐎 What are good odds on Horse racing

AL BOUM PHOTO is defending his Cheltenham Gold Cup crown, priced generally at 3/1. Can he be beaten? He has won for the past two years and is hoping to make it his third Gold Cup in a row. Our best odds review describes how betting odds are created and why they exist. It is important to understand this when placing bets at Cheltenham 2021.


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