Why 2026 was Cheltenham’s year of the outsider

The 2026 Cheltenham Festival was the year of the outsider, with the average starting price of every winner at the meeting the highest it has been in the past 10 years at 14-1.

And for the first time in six years, the Festival delivered two winners at 50-1 or more.

According to data supplied by RaceiQ, the average winning start price has risen from 12-1 to 14-1 year on year and is considerably up on the 10-year low of 7-1 recorded in 2024.

Last year’s figure was also boosted by Poniros, which won at 100-1.

This year, favourites have consistently failed to deliver, including Majborough which trailed home near the back of the field after going off as odd-on favourite in the Champion Chase.

Kopek Des Bordes, Lulamba, Teahupoo and Jonbon all failed to lay a glove on the bookmakers while favourite Fact To File was withdrawn from Thursday’s Ryanair Chase by trainer Willie Mullins because of concerns over the ground.

In fact, Wodhooh, at 5-6, was the only odds-on favourite to win all week, being one of eight favourites to claim victory in the 28 races at the Festival – a success rate of less than 30%.

So who does all of this suit? In short, it boosts the bookmakers.

Bookmaker Jerry White, speaking to ITV Racing, said: “The punters were on the ropes literally from the get-go, most of the short ones expected to win have been beaten.

“To be totally honest, if we were to put heaps of money all around the course and set them on fire, it would take forever.”

However, trainer Dan Skelton said “everyone has really embraced” having fewer short-priced winners and it shows the depth of talent in the sport.

“It has it all, this sport,” Skelton told BBC Radio 5 Live. “I felt coming into it that the depth has been better than it’s ever been.

“We’ve got used to having short-priced winners. There’s been less and less of that this year and everyone has really embraced it. The crowd has been phenomenal.”