A Festival race can have a sponsor's name on the racecard, a registered title in the record books and an older name in articles written years ago. That is why people search for the Festival Trophy, the Challenge Cup or the Hunters' Chase and cannot find them on the card. This page says which race each name means.
Checked: 23 October 2026, against the Jockey Club's published 16 to 19 March 2027 schedule. Sponsors change from year to year; the days and times are subject to change.
The names at a glance
| If you see | It usually means | 2027 day and time |
|---|---|---|
| Festival Trophy | The Ryanair Chase, a Grade 1 chase over about 2 miles 4 furlongs. Festival Trophy is the title it carries in the record books. | Thursday 18 March, 4:00pm |
| Festival Trophy Handicap Chase | An older name in articles for the opening-day handicap chase over about 3 miles 1 furlong, now sponsored as the Ultima (its registered title is the 1911 Handicap Chase). | Tuesday 16 March, 3:20pm |
| Challenge Cup | Part of the official title of four races: the National Hunt Chase, the Grand Annual, the Kim Muir and the Hunters’ Chase (below). | Tuesday to Friday |
| Hunters' Chase (or Foxhunter) | An open hunters' chase for amateur riders, run on the last day over the Gold Cup distance. The Jockey Club lists it as the Princess Royal Challenge Cup Open Hunters' Chase. | Friday 19 March, 4:40pm |
| Fred Winter | The juvenile handicap hurdle on the opening day, sponsored by a company name on the racecard. | Tuesday 16 March, 2:40pm |
| Baring Bingham | The Wednesday novice hurdle the racecard calls the Turners Novices' Hurdle. | Wednesday 17 March, 1:20pm |
If a bookmaker's market uses a name you do not recognise, check the day and the time against the schedule before you bet.
The Festival Trophy
Most people searching for the Festival Trophy want the Ryanair Chase, the Grade 1 race on Thursday between the Queen Mother Champion Chase and the Gold Cup in distance. It is usually seen as a race for chasers who have speed and stamina in balance, and horses come to it from both sides: some are speedy two-milers stepping up, others are Gold Cup types dropping down.
The size of the field is usually smaller than the handicaps, so each-way terms are not the main question. The price you take and whether the horse acts on the ground are.
The Challenge Cups
Four races at the Festival have Challenge Cup in their official name. Three are handicap chases, so they are the races where each-way betting and extra places matter most:
- National Hunt Chase Challenge Cup (Tuesday, 5:20pm): a novices’ handicap chase of about 3 miles 6 furlongs.
- Grand Annual Challenge Cup (Wednesday, 4:40pm): a handicap chase over about 2 miles.
- Kim Muir Challenge Cup (Thursday, 5:20pm): a handicap chase for amateur riders.
- Princess Royal Challenge Cup Open Hunters' Chase (Friday, 4:40pm): not a handicap, and for amateur riders (below).
For the way a handicap with 16 or more runners pays, and how extra places change the maths, see each-way betting explained.
The Hunters' Chase
A hunters' chase is for amateur riders and for horses that hold a hunter certificate, which shows they have been hunted with a pack of hounds. Many have also run in point-to-points. At the Festival it is run on the last day, over the Gold Cup distance, so it gets a big crowd and a small betting market.
You may also see it called the Festival Hunter Chase or the Foxhunter, or, in earlier years, under the St James's Place sponsor name, as in a search for the St James's Place Festival Hunters Chase odds. It is the same race. Few people have strong views on it, and the form is harder to compare. If you bet, keep the stake small.
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FAQs
What is the Festival Trophy at Cheltenham?
The Festival Trophy is the title the Ryanair Chase carries in the record books, a Grade 1 chase over about 2 miles 4 furlongs on the Thursday of the Festival. Older articles also use the name for the opening-day handicap chase.
What is a Challenge Cup at the Cheltenham Festival?
Challenge Cup is part of the official title of the National Hunt Chase, the Grand Annual, the Kim Muir and the Hunters' Chase. Three are handicap chases and the fourth is for amateur riders.
What is the Hunters' Chase at Cheltenham?
A chase for amateur riders and horses qualified as hunters, run on the last day of the Festival over the Gold Cup distance. The Jockey Club lists it as the Princess Royal Challenge Cup Open Hunters' Chase.
Do bookmakers use the sponsor name or the official name?
Bookmakers mostly use the name on the racecard, which often includes the sponsor, so it can differ from the name in older articles. Check the day and the time rather than the name.