The 2011 Cheltenham Festival begins on Tuesday, March 15th and the betting action is heating up. Some online bookmakers are offering non-runner no bets where your bet is returned if the horse you backed does not run in the race. This is a great value and adds extra incentive to betting early. The major races at Cheltenham are broken down below with odds from William Hill.

The biggest race on the first day of the Cheltenham Festival is the Champion Hurdle. Binocular still leads the odds after winning it last year. The Nicky Henderson-trained seven year old won the Christmas Hurdle earlier this season.

Champion Hurdle Outright Odds

Binocular: 3/1

Menorah: 5/1

Hurricane Fly: 11/2

Peddlers Cross: 11/2

Oscar Whisky: 10/1

Dunguib: 14/1

Mile Chief: 14/1

Khyber Kim: 25/1

The Queen Mother Champion Chase is Wednesday’s big race. Past winners Master Minded and Big Zeb lead the antepost odds. Master Minded is a two-time winner in this race and finally looks to be back on point. Big Zeb won this race last year and his odds would be even shorter if it weren’t for a surprise defeat his last time out of the gates.

Queen Mother Champion Chase Outright Odds

Master Minded: 5/2

Big Zeb: 10/3

Somersby: 7/1

Woolcombe Folly: 8/1

Captain Cee Bee: 10/1

Golden Silver: 12/1

Sizing Europe: 14/1

French Opera: 20/1

Thursday’s prime contest is the World Hurdle. Cheltenham legend Big Bucks is the overwhelming odds leader to win his third straight World Hurdle, but Grand Crus has become well backed after a great showing in the Cleeve Hurdle in January.

World Hurdle Outright Odds

Big Bucks: 11/10

Grands Crus: 9/4

Mourad: 10/1

Fiveforthree: 16/1

Oscar Whisky: 16/1

Quevega: 16/1

Solwhit: 16/1

Zaynar: 16/1

The festival’s last day should be the best with the Cheltenham Gold Cup. Imperial Commander heads up the betting. Trained by Nigel Twiston-Davies, he has just one win on the season. He hasn’t run much at all but he won the Betfair Chase at Haydock. Kauto Star is a two-time winner at this event.

Cheltenham Gold Cup Outright Odds

Imperial Commander: 4/1

Long Run: 6/1

Denman: 7/1

Kauto Star: 7/1

Diamond Harry: 10/1

Kempes: 16/1

Midnight Chase: 20/1

Pandorama: 20/1

All odds are provided by William Hill.