All times GMT.
1810: Ladbrokes make Big Buck's a 3/1 chance to repeat his World Hurdle triumph at Cheltenham in 12 months' time.
Paul Nicholls' charge claimed today's showpiece at the Festival at odds of 6/1, shocking odds-on favourite Kasbah Bliss who could only finish fourth.
Big Buck's held off Punchestowns in a thrilling battle, winning by a length and three quarters.
Ladbrokes now go 3/1 about a 2010 triumph and their David Williams said: "Inglis Drever and Baracouda have been two recent champions who have proven that they can come back and win again in the staying hurdle division. Big Buck's could well be added to that illustrious list."
Afterwards Nicholls suggested Big Buck's could still be hurdling next year.
He said: "We bought him to be a Gold Cup horse, and he just might be one day, but it could be in two years' time now."
1730: The bookies' say it's "honours even" after three days of the Cheltenham Festival.
They launched their fightback today when both of the day's so-called bankers were turned over.
Odds-on shot Kasbah Bliss could finish only fourth in the big race of the day, the Ladbrokes World Hurdle, which was won by 6/1 shot Big Buck's.
That came just half an hour after Voy Por Ustedes, who went off at 4/5, had been beaten in the Ryanair Chase. Another 6/1 chance, Imperial Commander, won that race.
Ladbrokes' David Williams, who described the favourites' dominance on Wednesday as his firm's worst day in five eyars at the Festival, said: "I don't think a single race went the punters' way today.
"It looks like we are going into Gold Cup day honours even (with the punters)."
William Hill's David Hood echoed those sentiments.
"After singing the blues after yesterday's bloodbath, we're now hitting the high notes in the betting battle," he said.
"It's pretty much all square going into day four where the Queen's Barber Shop could pull-off a right, Royal coup in the Gold Cup."
Williams, who predicted Barbers Shop would go off at a single-figure price on Friday having already been cut from 16/1 to 10/1, admitted that Big Buck's win was great news.
"One of the top three always looked likely to win our race, so if we could have written the script we would have chosen Big Buck's."
Williams was also revealed to see a "huge gamble" on Poker De Sivola thwarted in the final race of the day, Kim Muir Challenge Cup.
1610: Paddy Power have decided to pay out on Ruby Walsh to be the leading rider at the Cheltenham Festival.
Walsh made it five wins at the meeting so far with victory on Big Buck's in the Ladbrokes World Hurdle earlier this afternoon.
Paddy Power said: "We're paying out about £50,000 on Ruby as top jockey but this is almost irrelevant as to what he has cost us this week. You'd want to be adding a few zeros to that figure."
1350: The Queen will make a rare visit to the Cheltenham Festival on Friday to cheer on her horse Barbers Shop in the Gold Cup and Sky Bet offer 20/1 for Her Majesty to wear a black velvet hat with a gold trim, complimenting the cap of Barbers Shop's jockey Barry Geraghty.
It's 150/1 for the Queen to throw her hat in the air should Barbers Shop triumph and 33/1 for the Queen to cry should the seven-year-old provide her first Festival success.
Barbers Shop has been backed into 12/1 (from 14/1) with Sky Bet for the blue riband event and is 10/1 to come runner-up in Friday's showpiece race, having finished second in last season's Jewsons Novices' Handicap Chase.
Sky Bet offer 11/2 that the royal runner beats both King Denman and deposed champion Kauto Star and 16/1 for the Queen to suffer bad luck on Friday 13th with her horse finishing last.
Sky Bet's Helen Jacob said: "Barbers Shop has been almost as well backed as Denman and Kauto Star and if he succeeds in beating the formidable pair the roof will surely be blown off the grandstand!"
1310: The Queen is expected to be present at Cheltenham tomorrow to see her horse Barbers Shop run in the totesport Cheltenham Gold Cup and the sponsors make it a 20/1 chance that royal trainer Nicky Henderson is knighted should Her Majesty's horse win the race.
Barbers Shop has been in great form this season, following up his second in the Paddy Power Chase at Cheltenham in November with an emphatic success in the Future Stars Chase at Sandown in December.
"A win for Barbers Shop in the Gold Cup would be a right Royal result for punters and we expect a gamble of majestic proportions in the race," said totesport spokesman George Primarolo.
"A Royal winner would be the icing on the cake for Cheltenham racegoers and Nicky Henderson would surely be in the running for a knighthood should Barbers Shop take jump racing's blue riband."
Tony McCoy is being presented with a special award by Sir Peter O'Sullevan on behalf of the Cheltenham executive on Friday to mark his incredible achievement of riding 3,000 winners and totesport are placing a £250 bet on all of McCoy's rides that day with all proceeds going to the Sir Peter O'Sullevan Charitable Trust.
1245: Punters were indebted to a fantastic Tony McCoy ride on the Jonjo O'Neill-trained and JP McManus-owned Wichita Lineman on the opening day of the Festival and many are hoping for a repeat this afternoon.
The trio team up with Don't Push It in the Pertemps Final Handicap Hurdle at 2.05pm and the Old Vic gelding has attracted plenty of support.
He's 6/1 from 7/1 with bet365 and 13/2 from 7s with Victor Chandler.
It's anything but a one-horse book though, with Ballydub and Galient both cut across the board.
The former was flagged up by Pricewise at 11/1 but the gamble has legs of its own too as he's now no better than a general 8/1.
And Nicky Henderson's Galient is 16s from 25s with bet365 and 14s from 25s at both Blue Square and Victor Chandler.
1135: The opening race at Cheltenham today looks wide open from a betting perspective, with the front two in the market - Northern Alliance and Chapoturgeon - both easy to back.
They are both out to 15/2 with Victor Chandler and sharing favouritism with Jonjo O'Neill's Kia Kaha who has been cut from 9/1.
There's also been money for both Naiad Du Misselot (8/1 from 10/1 with Sky Bet) and Slash And Burn (20/1 from 33/1 with Stan James).
1115: The final decs are through for Gold Cup day and Master Of Arts has been trimmed for the Triumph Hurdle.
His form received a boost on the opening day and Boylesports now go 5/1 from 6/1 about David Pipe's charge.
1030: There's mixed news on today's big two 'bankers' at the Festival - Voy Por Ustedes is proving popularin the Ryanair Chase but Kasbah Bliss is on the drift in the World Hurdle.
Nearly all the odds against about the former has disappeared, Hills now taking a lone stand with their 11/10. Ladbrokes, Paddy Power and Sportingbet are all evens from 11/10.
However it's a different stort as far as Kasbah Bliss is concerned, with no fewer than six of our featured bookies easing the price on the French raider, Ladbrokes among them at 5/4 from 6/5.
Both main market rivals Punchestowns (3/1 from 10/3) and Big Buck's (11/2 from 13/2) have been cut by bet365.
And in the same race outsider Mobaasher has also been nibbled at in the betting and trimmed into 25/1 from 33s by Blue Square.
0925: A major gamble is developing in the last race at Cheltenham today, with Poker De Sivola all the rage for the Fulke Walwyn Kim Muir Challenge Cup Handicap Chase.
Ferdy Murphy's charge appears to be well handicapped and has the valuable assistance of Nina Carberry in this amateur riders' event.
He was a standout 15/2 with Coral first thing but those odds have been slashed into 4/1 by the Barking-based firm.
And it's a similar story elsewhere too, with Hills, Sportingbet and Sky Bet now all tops with their 5/1 quotes.
0835: The scene is set for a fantastic third day at Cheltenham and the performances of Kasbah Bliss and Voy Por Ustedes will almost certainly determine whether it's punters or bookmakers who come out on top.
The former is the red-hot favourite for the World Hurdle at 3.20pm while Voy Por Ustedes tops the betting for the Ryanair Chase at 2.40pm.
However the early money has come elsewhere, with Finger Onthe Pulse already cut in places for the Freddie Williams Festival Plate at 4.00pm.
Trained by Tom Taaffe who was among the winners yesterday, Finger Onthe Pulse has been tipped by our very own Simon Holt (who flagged up Tricky Trickster at 20/1 on day two) and the Racing Post's Pricewise service.
And that's all seen the early 11/1 with bet365 backed off the boards, with the firm now offering 9/1.
0805: Punters head into day three at Cheltenham in bullish mood after forcing bookies to pay out an estimated £25million in winnings yesterday.
The damage was done when Ruby Walsh won on Mikael D'Haguenet and Cooldine before steering superstar Master Minded to victory in the feature Champion Chase, rewarding favourite-backers who kept the faith with the popular Irishman.
The day was rounded off in style for the punters when Dunguib landed a gamble (9/2 from 7/1) in the concluding bumper in stunning style.
Ladbrokes reckon Festival Wednesday 2009 will go down as the worst day at the races for the bookies since 2003.
David Williams of Ladbrokes said: "At half time in the Festival we're on the ropes. Ruby has cost us millions. He's the pied piper of the punters - in Cheltenham week they dance to Ruby's tune.
"Wednesday last year was bleak because of the winds but it's been even worse this year!
"Mikael D'Haguenet was bad, Cooldine was awful and Master Minded was unspeakable. Results were filthy and the industry has taken a £25 million body blow. The deafening roars from the grandstand sent a shiver down our spines.
"If we have a similar day three of the Festival, there's not much chance of us coming back for the Gold Cup on Friday. We'll be in the nearest pub drowning our sorrows until Easter."
It was a similar story at Hills whose spokesman David Hood said: "Nevermind the banks, at this rate we'll need the government to bail us out!
"It's definitely a black armband day for the bookies, and Ruby Walsh is mostly responsible. The punters adore him, and all three of his winners today have put us on the floor."
Walsh is now trading at 1/5 on Betfair to be the top jockey at the meeting.
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