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Thursday tests stamina — yours and the horses’. Day 3 is when the festival shifts gear. The novelty of Day 1 has faded, Wednesday’s value plays have either paid off or not, and now the card sharpens around championship races that demand genuine staying power. The Stayers’ Hurdle and the Ryanair Chase sit at the heart of Thursday, offering contrasting tests of endurance and tactical speed over fences.
The 2026 festival reorganised the Thursday card significantly. The Mares’ Hurdle — formerly a Day 1 fixture — was moved to Thursday and run on the New Course for the first time, creating a block of three consecutive Grade 1 races in the middle of the afternoon. The Jack Richards Novices’ Handicap Chase was added as the second race, replacing the old Turners Novices’ Chase slot. The result was a card that flowed from competitive handicap heat to championship class and back again, and the 2027 festival retains this structure.
For punters, Day 3 also marks the point where the going may have changed significantly from Tuesday’s opening conditions. Two days of racing churn up the ground, and Thursday’s card often runs on softer terrain than the one the festival started on. This mid-festival ground shift is particularly important for the staying races, where stamina on testing ground separates the genuine stayers from horses who merely get the trip on a good surface. By Thursday, form trends from the earlier days begin to emerge — which trainers are in form, which jockeys are riding with confidence, how the ground is affecting results. Smart punters use those emerging patterns as an overlay on their pre-festival analysis.
The 2026 Day 3 was, by widespread consensus, one of the most dramatic afternoons of the entire festival. Two major shocks — White Noise at 40/1 in the Mares’ Novices’ Hurdle and Home By The Lee at 33/1 in the Stayers’ Hurdle — bookended a card that also saw the Ryanair Chase reshaped by the late withdrawal of defending champion Fact To File. Only two favourites obliged all afternoon: Wodhooh in the Mares’ Hurdle and Supremely West in the Pertemps Final. It was a day that rewarded each-way players and punished anyone who had built their Thursday around short-priced certainties.
The 2027 Cheltenham Festival runs from Tuesday 16 to Friday 19 March, with Day 3 scheduled for Thursday 18 March. Here is the full card, race by race, with the angles that matter and a look at what 2026 taught us.
Friday belongs to the Gold Cup.
Mares’ Novices’ Hurdle & Jack Richards Novices’ Handicap Chase
The Ryanair Mares’ Novices’ Hurdle (registered as the Dawn Run) opens Thursday’s card — a Grade 2 contest over two miles for novice hurdlers who have not yet competed at the highest level. The race was introduced in 2016 and has been dominated by Irish trainers, with Henry de Bromhead, Gordon Elliott and Willie Mullins all on the roll of honour.
In 2026, the race produced the first shock of the day. White Noise, trained by Kim Bailey and Mat Nicholls and ridden by Tom Bellamy, was sent off at 40/1 — a price that reflected her below-par run in Grade 2 company at Warwick the previous month. But the mare rediscovered her best form with a bold front-running display, dictating matters from the head of affairs and sealing the contest with a fine leap at the final flight before galloping strongly up the hill. She beat Oldschool Outlaw (15/2) and Place De La Nation (28/1) by a length and a quarter, providing Bellamy with a breakthrough Festival success and Bailey with a first winner in partnership with Nicholls.
For 2027, the Mares’ Novices’ Hurdle is impossible to price up at this stage. The horses that will contest this race are either still in bumpers or have yet to begin their hurdling careers. The key trend: 10 of the last 12 winners were trained in Ireland, and all 12 had won on their previous start. Watch for the Mullins and Elliott entries as the season progresses — their primary mares’ novices often go off at short prices and justify them more often than not. But 2026 proved that the market can be wrong: White Noise was the first British-trained winner since You Wear It Well in 2023.
The Jack Richards Novices’ Handicap Chase (Grade 2) is the second race on Thursday’s card — a limited handicap chase for novice chasers, run over two miles and four furlongs. The race was added to the Day 3 schedule as part of the 2026 reorganisation and replaced the old Turners Novices’ Chase, which was moved to Day 2.
The 2026 renewal was a triumph for the British contingent. Meetmebythesea, trained by Ben Pauling and ridden by Ben Jones in the colours of JP McManus, scored at 9/1, beating Gold Dancer (25/1) and Regent’s Stroll (5/1F) in a race where prominent racers came to the fore. Pauling, who had been “a bit deflated after the first two days”, admitted: “It’s a stark reminder of how hard it is to win here, because you come with good horses. This was one of the darts we hoped would run well, so it was great to see it come off.”
For 2027, the Jack Richards market will not form until the autumn, when early-season novice chase form provides the raw material. The race sits in the interesting territory between championship novice chases and open handicaps — it rewards horses who are genuine improvers but have not yet been exposed at Grade 1 level. Look for second-season chasers whose handicap marks have not caught up with their ability.
Mares’ Hurdle & Stayers’ Hurdle
The Close Brothers Mares’ Hurdle (Grade 1) was moved from its traditional Day 1 slot to Thursday for 2026, and the change immediately paid off. Run on the New Course over two miles and four furlongs, the race now sits as the first of three consecutive Grade 1 races on Thursday afternoon, creating a block of championship-class racing that rivals any day in the festival calendar.
In 2026, Wodhooh delivered one of the most dominant performances of the entire week. Sent off at 5/6 favourite for Gordon Elliott, she powered clear of Jade de Grugy (2/1) and Feet Of A Dancer (8/1) to win by a comfortable margin, justifying her short price in a race where the market had been confident throughout the build-up. It was a victory that vindicated connections’ decision to target this race rather than the Stayers’ Hurdle — a target that had been floated earlier in the season.
For 2027, the Mares’ Hurdle market is already taking shape. Air Of Entitlement is a name to watch at 12/1 — the 2024 Mares’ Novices’ Hurdle winner showed even better form when landing the Martin Pipe Conditional Jockeys’ Handicap Hurdle at the 2026 festival, and she is rated only 5 lb lower than Wodhooh. She has had just six starts over hurdles and remains open to improvement. If Lossiemouth reverts to the Champion Hurdle rather than the Mares’ Hurdle, this race opens up dramatically.
The Stayers’ Hurdle is Thursday’s premier championship event — three miles of hurdling that rewards relentless stamina and the mental toughness to keep galloping when the hill bites. This race has produced some of the festival’s most dramatic finishes, with tired horses making errors at the last flight and races being won and lost on the climb to the line.
The 2026 renewal was one for the ages. Home By The Lee, trained by Joseph O’Brien and ridden by JJ Slevin, made it fifth-time-lucky at the festival, powering up the hill at 33/1 to beat the fast-finishing Ballyburn (11/2) by a length and a quarter, with Bob Olinger (13/2) third and defending champion Teahupoo only sixth. The 11-year-old had been beaten in four previous Stayers’ Hurdle attempts but finally cracked the code, rallying bravely after Kabral Du Mathan had hit the front at the final hurdle. O’Brien said: “What a horse, he’s never taken a lame step in his life. We came here just hoping for a good run and it was a fantastic ride from JJ.”
The result was a reminder that the Stayers’ Hurdle is the championship race where experience counts most. Home By The Lee was having his fifth consecutive tilt at the race; Big Buck’s won it four times; Paisley Park won it at 11/1. Horses who know the Cheltenham hill over three miles hold an advantage that the market occasionally underprices. Going conditions matter enormously at this distance — soft ground turns the Stayers’ into a pure war of attrition, and horses bred for stamina over speed have a genuine edge when the ground is testing.
For 2027, the early Stayers’ Hurdle market is headed by Ballyburn at around 11/2, the Willie Mullins-trained horse who finished second to Home By The Lee in 2026 and was a stylish winner of the Grade 1 Turners Novices’ Hurdle in 2024. His form over hurdles has been inconsistent since — well beaten by Teahupoo on back-to-back starts at Fairyhouse and Leopardstown — but his raw talent is unquestionable, and Mullins’s patience may yet coax a Stayers’ Hurdle performance out of him.
The New Lion is quoted at 8/1, the Nicky Henderson-trained hurdler who finished third in the 2026 Champion Hurdle and is likely to step up in trip. Home By The Lee himself could return as a 12-year-old — O’Brien has not ruled out a sixth consecutive tilt, and if he does line up, his course experience and proven stamina make him a fascinating contender at a likely big price.
The value play is Soldier Reeves at 33/1, identified by Racing TV’s Nic Doggett as a horse who kept on well when fourth in the 2026 Turners and is an interesting prospect for the three-mile trip. For punters willing to take a long-range view, this is the kind of price that could halve after a strong performance in the Long Walk Hurdle at Ascot or the Cleeve Hurdle at Cheltenham’s January meeting.
The wider context is set out in our Cheltenham betting tips.
Ryanair Chase & Pertemps Final
The Ryanair Chase occupies the intermediate distance of two miles and four and a half furlongs over fences — shorter than the Gold Cup, longer than the Champion Chase — and it has become one of the most competitive Grade 1 events on the calendar. The Ryanair attracts horses who are not quite extreme stayers and not quite pure two-milers, which makes it a fascinating tactical contest. Pace is important here; the race often comes down to which horse has the speed to quicken after the last fence while still having the stamina to get up the hill.
The 2026 Ryanair Chase was reshaped hours before the race. Fact To File, the defending champion and odds-on favourite, was withdrawn owing to unsuitable ground conditions — a decision that threw the race wide open and left ante-post punters without NRNB protection with nothing but a lost stake. In his absence, Heart Wood, trained by Henry de Bromhead and ridden by Darragh O’Keeffe, delivered a career-best performance at 9/2, pulling clear of the 2/1 favourite Jonbon to win by ten lengths. For Jonbon — now ten years old and still searching for his first Festival win — it was another near-miss in a career defined by them.
The owner of Heart Wood captured the emotional swings of the day perfectly: “Half an hour ago I was on the floor with Teahupoo [sixth in the Stayers’ Hurdle] and then you come back and win this — it just shows you what a screw-up game this is!”
For 2027, the Ryanair Chase market is one of the most open and intriguing of the entire festival.
| Horse | Odds | Trainer | Key Form |
|---|---|---|---|
| Fact To File | 4/1 | Willie Mullins | 2026 Ryanair winner (withdrawn); could switch to Gold Cup |
| Lulamba | 8/1 | Nicky Henderson | 2026 Arkle second; built for this trip |
| Grey Dawning | 10/1 | Dan Skelton | 2026 Gold Cup fourth; Melling Chase winner |
| Heart Wood | 12/1 | Henry de Bromhead | 2026 Ryanair winner; defending champion |
| Koktail Divin | 25/1 | Henry de Bromhead | Promising in 2026 Brown Advisory; unexposed at this trip |
| Il Etait Temps | 50/1 | Willie Mullins | 2026 Champion Chase winner; could step up in trip |
Fact To File is the early favourite at 4/1, but the question of whether he targets the Ryanair or the Gold Cup will define the market. If connections decide to make him into a Gold Cup horse — and time is running out for that ambition — the Ryanair opens up. Lulamba at 8/1 is a fascinating contender: Nicky Henderson’s charge was second in the 2026 Arkle and is plainly going to need longer distances to show his best, with his trainer’s propensity for softly-softly campaigns suggesting he could arrive fresh and ready.
Grey Dawning at 10/1 is the Racing TV selection of Nic Doggett. Dan Skelton’s grey won the Melling Chase at Aintree in April — a gritty success that came a month after his gallant fourth in the Gold Cup, where his ebbing stamina appeared to be the difference. Skelton admitted: “We had him in Gold Cup form but unfortunately he’s not good enough to win a Gold Cup. You then have to start batting clever.” The Ryanair could be the perfect fit, and the trainer’s record in this race — he won it with Protektorat in 2024 — adds credibility to the case.
The longshot is Il Etait Temps at 50/1, flagged up by RoadCheltenham as a potential step up in trip for the seven-time Grade 1 winner. His best performance on figures outside two miles was a 173-RPR in the Clonmel Oil Chase over two miles and five furlongs, and if Willie Mullins pitches Kopek Des Bordes and Il Etait Temps against each other at some stage — with Kopek Des Bordes emerging as the better two-miler — the Ryanair could become Il Etait Temps’s target. At 50/1, it is a speculative play with a genuine logic behind it.
Koktail Divin at 25/1 is the Sporting Life selection of Ben Linfoot, who notes that Henry de Bromhead — the trainer of 2026 winner Heart Wood — could have a new contender for the race. Only sixth in the Brown Advisory, the horse was creepng up onto the shoulder of Kitzbuhel on the turn for home before weakening after the second last. Two miles and five furlongs could be his trip, and the owners are only interested in having Grade 1 runners.
The Pertemps Network Final is Thursday’s handicap hurdle — a qualifier series where horses must have earned their place through earlier heats during the season. This structure means the form is relatively well-exposed, which should make the race easier to assess. In practice, the Pertemps remains fiercely competitive because the qualification process ensures every runner arrives in form.
In 2026, Supremely West delivered a textbook performance for the Skelton brothers, winning at 10/3 favourite — one of only two winning favourites on the entire Day 3 card. The win was comfortable, with Lavida Adiva (22/1) and Ikarak (40/1) filling the placings. It was a result that bucked the Pertemps’ usual trend of longshot winners and confirmed that the race can occasionally reward market leaders when the form is strong enough.
For 2027, the Pertemps market will not take shape until the qualification series begins in the autumn. Field sizes are large, each-way terms are generous, and the Irish have an excellent record. The share of Irish victories in festival handicaps has surged from 35% between 2015 and 2019 to 58% between 2020 and 2026 — a trend that applies strongly to races like the Pertemps, where Irish-trained handicappers arrive with form that the British handicapper may have underestimated.
Kim Muir & Day 3 Summary
The Fulke Walwyn Kim Muir Challenge Cup closes Thursday’s card — a handicap chase over three miles and two furlongs for amateur riders. The combination of staying trips, amateur jockeys, and big fields makes this one of the most unpredictable races on the card. The riding standard is lower than in professional races, which introduces additional variability; horses whose jockeys make poor tactical decisions or get caught in traffic at the wrong moment can lose positions they would hold with professional riders.
In 2026, Ask Brewster, trained by Mrs C Williams and ridden by Shane Cotter, landed the race at 22/1, beating Road To Home (9/1) and Monbeg Genius (18/1) in a 23-runner field. The 9/2 favourite Kim Roque could only manage fourth. It was a result that reinforced the Kim Muir’s reputation as a race where the favourite’s record is poor and where each-way plays at big prices earn their keep.
For 2027, the Kim Muir market will not form until the staying handicap chase division takes shape through the autumn and winter. Despite the chaos, the Kim Muir has patterns. Irish-trained horses have a strong record, and horses carrying between 10st 7lb and 11st 2lb — the middle of the handicap — have outperformed those at the extremes. Each-way at a big price is the only sensible approach.
Day 3 in its entirety is a card that rewards specificity over volume. The Stayers’ Hurdle and Ryanair Chase offer the best championship-form opportunities, while the Pertemps and Kim Muir are handicap puzzles where each-way plays earn their keep. The Mares’ Hurdle and Mares’ Novices’ Hurdle sit somewhere between — competitive but assessable, with the Grade 1 and Grade 2 status meaning the form is more established than in open handicaps.
The 2026 festival was instructive: two 33/1-plus winners on a single afternoon showed that Thursday is no place for reckless staking. The championship races — Stayers’ Hurdle and Ryanair Chase — both produced shock results, with Home By The Lee and Heart Wood respectively defying the market. Only Wodhooh in the Mares’ Hurdle and Supremely West in the Pertemps delivered for favourite-backers. Thursday’s lesson, if it has one, is that the mid-festival card is no place for recklessness. By Thursday evening you should know whether the festival is going your way. If it is, protect your gains. If it is not, resist the urge to load up on Friday. Gold Cup Day is coming, and it demands a clear head.
Sticking to the Plan on Thursday
Thursday is the penultimate day, and the temptation to recover losses or press gains before Gold Cup Day can be strong. The 2026 festival was a classic example: Tuesday and Wednesday had produced a mixed bag for most punters, and Day 3’s twin shocks — White Noise at 40/1 and Home By The Lee at 33/1 — would have devastated anyone who arrived on Thursday determined to back favourites. Stick to your pre-set budget. The best Thursday strategy is the one you planned before the festival started, not the one you improvise after two days of results. If betting has stopped being enjoyable at any point, step away. Help is available 24 hours a day at BeGambleAware on 0808 8020 133.
