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Racing fan and expert Wayne Halliday on the favourites lining up for Aintree glory

One of the biggest gambling events in the world takes place on Saturday with the 161st running of the John Smith's Grand National. Down the years the historic race has provided us with plenty of unforgettable memories and a plethora of surprise winners, and although the fences and course have been modified in recent times, the challenge for both horse and rider still requires courage, skill and most important a modicum of luck.

Finding the winner is never an easy feat, and this year is no exception with all 40 runners going to post in the handicap proper. The favourites have had a poor return for many a year and the dubious honour this time round will go to Cloudy Lane.

The nine-year-old has been in impregnable form this term including a facile success at Doncaster, where he demolished a quality field including one of his rivals for Aintree glory Mr Pointment. As well all know the trainer's father has an amazing record in the race, recently winning with Amberleigh House plus of course the unprecedented treble from the legendary Red Rum back in the 1970s, so there is going to be immense pressure on Donald McCain Jnr to land another success for the family.

A couple of notes of caution though if you are taking the short odds on offer, firstly he has never tackled the famous fences and many a decent fancy has disliked the daunting obstacles and, perhaps more pertinently when tried over marathon distances he has quite clearly failed to get home. In his defence though, they both came last season and he does look a much stronger and fitter individual this term but at such cramped odds he is worth opposing.

Course form is paramount around the Liverpool track and plenty of the runners that ran in last year's renewal once again take their chance, including the runner-up McKelvey who very nearly became the first Welsh trained winner for over 100 years. But since that gallant effort he has had injury problems and the third that day Slim Pickings has to carry a lot more weight than 12 months ago. Both would need to improve on their efforts to reach the frame again.

One of the many hard luck stories in the 2007 race was Bewleys Berry, who was travelling ominously well when capsizing at Becher's Brook. The Howard Johnson-runner has excellent form over the fences, including a couple of silver medals in the Becher Chase over the past two seasons and with the yard in exquisite form, owner Graham Wylie might just recoup some of the cash that he has thrown at the National Hunt game.

The Irish have a fine record in the National landing six of the last nine running and once again assemble a strong challenge including former winner Hedgehunter, but their main hope might come from Chelsea Harbour, who has all the right credential having won over 3 miles this year, a touch of class and will relish the likely going, added to that he has a man in form on board in soon to be crowned Irish Champion jump jockey Davy Russell.

Multiple British Champion jockey Tony McCoy is still trying to land his first National but somehow he looks destined to join a group of greats never to win the race. He does have an excellent chance this year with Butler's Cabin who has already landed the Irish version and has stamina in abundance, but once again for the champ it looks like close, but not the cigar!

Plenty of outsiders have made the frame throughout the history of this marvellous showpiece and it would be no surprise to witness another long-shot fighting out the finish, and one runner I like is the Alan King-trained d'Argent who has proved himself over marathon trips and hails from an in-form stable.

As far as the million dollar question is concerned, I am going to put my hard earned money on a runner whose first name comes from a swanky part of West London, which is famous for its expensive shopping areas, overpaid footballers and a famous Russian Oligarch - Chelsea Harbour. So with all that cash flying around it might be advisable to get on now before the value goes.

Selections:
1st, Chelsea Harbour
2nd, D'Argent
3rd, Bewleys Berry
4th, Butler's Cabin