Day three, the additional day added in 2005, sees two top class races in the shape of the Ladbrokes World Hurdle and the Ryanair Chase take centre-stage.
The JLT Novices Chase and the Pertemps final get the day started before the Ryanair, which will see Don Cossack, trained by Gordon Elliot, and Foxrock, trained by Ted Walsh, among the leading contenders.
The Ryanair is immediately followed by the Ladbrokes World Hurdle, a race run over three miles and intended to identify leading staying hurdlers.
1.30pm JLT Novices’ Chase (2m4f)
A recent addition at the Festival, and only upgraded to Grade 1 status in 2014, this 2m4f contest is, like the Ryanair, something of an alternative target for horses caught between the Arkle and the RSA Chase.
The market sees this race as pitting Willie Mullins against Paul Nicholls with Vautour and Ptit Zig the leading fancies. Mullins’ Vautour is the favourite and there will be confidence behind him after a good workout after racing at Leopardstown recently, despite his surprise defeat to Clarcam at Leopardstown in late December.
But Ptit Zig is a formidable rival. He fell when favourite last time out but has that all-important course form in the book having won here on New Year’s Day.
Ted Walsh (Trainer): “Last year I came away from Cheltenham thinking he was the best horse I saw that was a novice. Other than winning at a canter at Navan the first day, he hasn’t lit my fire this year like he had when I was coming away from Cheltenham last year. He still might do it, but he just hasn’t shown what I thought he was going to be."
Gordon Elliott (Trainer): “I was at a preview with David Casey the other night and I’d value him as a very good judge and he said Vautour was his nap of the meeting."
Davy Russell (Jockey): “I like Valseur Lido, another one from Willie’s yard. I’d say he will be better than he was at Leopardstown the last day behind Apache Stronghold. Over the trip and around Cheltenham, he jumps a fence extremely well and could step up. For me, he is the horse for this race.”
Liam Nash (Journalist): "Apache Stronghold for me, I think that was a really decent performance the last day at Leopardstown and I think Paul Carberry will produce him late on and he will be there or thereabouts.”
Willie Mullins (Trainer, Vautour in December): "I'm just drawing a line under Vautour's run. He wasn't right. I didn't actually see the race yet, but from talking to all my people at home in the stable and people who watched the race, the horse wasn't right. I have my own reasons.
"People who were watching him said to me 'he just didn't stride the way he does'. I have my own reasons for that and I think he'll get over that and hopefully I'll bring him back to the way he was. Vautour will come back to himself."
2.05pm Pertemps Network Final (3m)
The Pertemps Final will see plenty of each-way value on offer and possibly a gamble or two as well. At least four or five will have been ‘laid out’ for this by their trainers but it is a notoriously difficult race to land a touch and has been the scene of numerous failed attempts. Phillip Hobbs’ Fingal Bay was the first favourite to win the race since 2003 last year.
Run over three miles, like the Stayers Hurdle, this features horses which have finished in the first eight in any of a series of eight qualifying races run at tracks in Ireland, Britain and France.
The last eight winners have been trained in the UK and a compressed betting market with all the runners priced between 8/1 and 50/1 is a mark of the fact that this is a race in which nobody can know for certain which qualifying race holds the key to the form.
One important fact to note is that eight of the last 10 winners have carried less than 11 stone.
Liam Nash: “I have two naps at the meeting - Call The Cops in the Pertemps and Salsify in the Foxhunters."
Tony Martin (Trainer, Edeymi): "He was a bit unlucky when he was second in the Fred Winter (2012). The key to him is the ground, that’s why we went to Musselburgh (last time out) and as soon as he got the ground he rattled off and came home very well.
"Also, he’s got a little older so the three miles shouldn’t be any bother to him. But the better the ground, the better he’ll be, and if the ground is good, he’ll definitely have a great chance."

2.40pm The Ryanair Chase (2m5f)
A race for horses caught between the Queen Mother and the Gold Cup trips and not quite good enough for either.
Gordon Elliot’s Don Cossack comes in to this on the back of an excellent winter campaign featuring four wins on the bounce. Foxrock, another who ran well in Ireland over the winter, was seen as a contender for the Gold Cup but goes for this one instead.
Ma Filleule is the leading English fancy and was second to the well-thought-of Holywell at Cheltenham last year. The Nicky Henderson inmate is the highest rated horse in the contest but having not won this term, he has more question marks over his form than some others.
But the nature of the Ryanair is that horses who have failed to thrive in other conditions can suddenly find themselves well suited by a Championship race over the ‘betwixt and between’ trip.
Gordon Elliott (Trainer, Don Cossack): "He's been very good this year, he's finishing his races out a lot stronger. He's a short enough price, but he's entitled to be."
Ted Walsh (Trainer, Foxrock): "The more I thought about it (the Gold Cup), it's really an afterthought and I don't think you can go to Cheltenham with all guns blazing as an afterthought. But at the same time, the Ryanair would be a more realistic one to run a really good race in.
He's won over two-five and if you met those horses at home, you'd expect to run well against them. That’s (the Ryanair) where he's going and it's probably the lesser of two evils."
John ‘Shark’ Hanlon (Trainer, Hidden Cyclone): "We've done a lot of work with him at home and he's learning to put his mind together and settles much better.
"I can't say he didn't get home in the Ryanair last year, none of the horses behind us got any nearer so I'd say he stays up the hill. I think the horse I'm most afraid of is Nicky Henderson's mare (Ma Filleule). Barry (Geraghty) is very bullish about her and he's never too far wrong, but it's an open race with no Dynaste, Al Ferof or Cue Card."

3.20pm Ladbrokes World Hurdle (3m, 11 runners)
A race which has been dominated by three names over the last 15 years with Baracouda, Inglis Drever and Big Buck’s each establishing formidable records.
But there is no obvious champion now and Solwhit (2013) and More Of That (2014) have won the last two renewals. Annie Power’s absence from the race after Willie Mullins’ decision to run her in the Mares’ Hurdle means the race will be run without one potential star in the field.
Two Paul Nicholls-trained runners - Saphir De Reu and Zarkandar – lead the betting and there are a host of interesting each-way prospects in behind.
The multiple winners have all been trained in France or England and that contributes to a trend that has seen only one Irish-trained winner (Solwhit) win in the last 17 years. This year’s Irish contingent is bigger than usual.
Paul Nicholls (Trainer, Zarkandar and Saphir De Reu): “We have kept Zarkandar fresh for Cheltenham this year on purpose as he is so much better when fresh. He worked very well at Wincanton and looks great. I think he has a fantastic chance.
"Saphir Du Rheu ended up last season rated 165 over hurdles. He went chasing and unfortunately parted company with Sam [Twiston-Davies] first time, won well at Exeter and then had a fall at Kempton over Christmas.
"We thought, as he is still a young horse and the World Hurdle is wide open, we would try him back over hurdles. He won the Cleeve Hurdle and stayed on really strongly up the hill which has put him in the forefront of the betting for the World Hurdle.
"He gallops and jumps and I think there is a lot of improvement to come. It was his first proper race for a while and I am very pleased with him at the moment."
Sandra Hughes (Trainer, Lieutenant Colonel): "He is a lovely horse to deal with as he takes everything in his stride and is very mature mentally. I'm expecting a big run from him in the World Hurdle on Thursday - I genuinely wouldn't swap him for any other horse in the field. Next year he'll make a very exciting chaser."
Leon Blanche (Bookmaker): "I think Whisper is a better horse in the spring and that the better ground will suit. At 14/1 he is a cracking each-way bet. Saphir De Reu tried ‘chasing and came back to hurdling and because of that people are trying to put him in the same category as Big Buck’s. It is nonsense talk. Saphir De Reu is my biggest lay of the week. I cannot see him winning the World Hurdle.””
Davy Russell: “I ride Jetson in it and he has had two tough battles with Lieutenant Colonel. For me I think Lieutenant Colonel is a good horse. He has done very little wrong and the Irish form is every bit as good as the English.”
Gordon Elliott: “I don’t know if Lieutenant Colonel is good enough to win it. I think it’s an open race but I do have a few quid on Zarkandar.”
Liam Nash: “I backed Annie Power (non-runner) when they went non-runner no bet. If I had to have a bet outside of that I’d back Zarkandar. He wasn’t that far behind last year and to me is a better horse now."
Ted Walsh: “I have no strong opinion. I think it is a weak race and something could pop up.”
4pm Brown Advisory and Merriebelle Stable Plate (2m5f)
One of the most difficult to read contests of the meeting. Big English yards have done well while winners have tended to come from down the handicap with 14 of 17 carrying 11 stone or less. Only two favourites have won since 1999.
4.40pm The Fulke Walwyn Kim Muir Challenge Cup Handicap (3m2f)
A race for amateur riders and another in which Irish runners have a poor record, with no win since 1983 before Jim Culloty sent out Spring Heeled to win under Robbie McNamara to win last year.
Ted Walsh’s Champagne James is a leading fancy with Katie Walsh set to take the ride. A second Irish runner, Gold Bullett for Tom Taaffe with Derek O’Connor in the saddle, is also at the head of the betting.
Katie Walsh (Jockey, Champagne James): “Foxrock and Champagne James have travelled over well and we’ll see how they get on in their respective assignments. Champagne James runs in the Kim Muir and I’m looking forward to riding him.
"We’re due a bit of rain today (Wednesday) I think and that will do him no harm if that arrives and they both come here in good form. I didn’t think he’d get into the race initially but I’m obviously delighted he did and neither of the horses are no-hopers so we’ll see how we get on.”