A new champion hurdler will be crowned... but who?
This year's Champion Hurdle has been a murky picture almost since the market opened shortly after last year's renewal.
The winner that day, and visually one of the most impressive winners in recent years, Espoir d'Allen, sadly injured himself in a summer exercise canter and had to be put to sleep a few days later. Dual Champion Hurdle winner Buveur D'Air then suffered a serious foot injury in the Fighting Fifth at Newcastle in December, putting an end to his campaign for another season.
Fancied runners in the antepost market were coming and going with regularity, and just last week the Willie Mullins pair of Klassical Dream and Saldier - backed at a low of 3.65 and 6.05/1 respectively - were also ruled out of the race through injury.
It all means we're left with two horses with differing Cheltenham Festival fortunes heading the Champion Hurdle market.
Epatante, who was a well beaten ninth at the Festival in last year's Dawn Run, is now the 4.03/1 market leader - having been matched at a high of 36.035/1 - following a smooth success in Kempton's Grade 1 Christmas Hurdle.
Last season's Triumph Hurdle winner Pentland Hills is the second favourite at 6.611/2 from a high of 30.029/1, while the unbeaten mare Honeysuckle, winner of the Irish Champion Hurdle earlier this month, is rated a 17.016/1 chance having been matched at a high of 110.0109/1.
The interesting horse in the market is undoubtedly Benie Des Dieux, winner of all eight completed starts for Willie Mullins, who can currently be backed at around the 10.09/1 mark.
Those who got matched on the horse at upwards of 200.0199/1 will be hoping he lines up, but the 9yo mare also has entries in the Mares' Hurdle on the same day and in the Stayers' Hurdle later in the week.
Champion Hurdle: highest price matched - current price
Epatante: 36.035/1 - 4.03/1
Pentland Hills: 30.029/1 - 6.611/2
Benie Des Dieux: 230.0229/1 - 9.89/1
Honeysuckle: 110.0109/1 - 17.016/1
Envoi Allen: 250.0249/1 - 17.016/1
Sharjah: 100.099/1 - 16.015/1
Champion Chaser Altior back on track
Thankfully, a much clearer picture has emerged for Wednesday's highlight, the Queen Mother Champion Chase.
It wasn't always a clear picture however, with defending champion and superstar chaser Altior having a very mixed season to date.
Beaten for the very first time when firmly put in his place by Cyrname at Ascot in November, Nicky Henderson's 10yo was then the subject of conflicting reports about his wellbeing and a missed engagement in the Clarence House last month was enough to push Altior out to 7.87/1 in the Champions Chase betting.
He has since resumed winning ways, showing a devastating turn of foot after the last in Saturday's Betfair Exchange Chase, meaning he is now the 3.259/4 favourite to defend his crown next month.
In what is shaping up to be a three-horse market, Defi Du Seuil is the current second favourite at 3.613/5 - from a high of 34.033/1 - after winning all three starts this term including the Grade 1 Betfair Tingle Creek and the aforementioned Clarence House Chase.
The Willie Mullins-trained Chacun Pour Soi completes the leading trio at the head of the market, currently trading at 4.216/5 having been matched at a high of 10.519/2.
Champion Chase: highest price matched - current price
Altior: 7.87/1 - 3.259/4
Defi Du Seuil: 34.033/1 - 3.613/5
Chacun Pour Soi: 10.519/2 - 4.216/5
A walk in the Park for Paisley
The Stayers' Hurdle market is all about one horse, and not surprisingly it's last year's winner Paisley Park.
With hindsight it seems incredible that he was once available to back at 5.49/2 to defend his crown given he's done absolutely nothing wrong and very few pretenders to his crown have emerged. Emma Lavelle's 8yo is now the 1.794/5 red hot favourite for the Stayers' Hurdle, a price that might only get shorter should second favourite Benie Des Dieux, as expected, line up in the Mares' Hurdle.
That really only leaves Summerville Boy - runner-up to Paisley Park in the Cleeve Hurdle last month - as the favourite's main market rival, though a lot more was expected of If The Cap Fits this season, who now trades at 90.089/1 from a low of 7.06/1 after finishing only fifth behind Paisley Park last time.
Stayers Hurdle: highest/lowest price matched - current price
Paisley Park: 5.49/2 - 1.794/5
Benie Des Dieux: 150.0149/1 - 11.010/1
Summerville Boy: 75.074/1 - 11.010/1
If The Cap Fits: 7.06/1 - 90.089/1
Photo heads wide open Gold Cup market
Possibly the most fascinating antepost market ahead of this year's Festival is the Gold Cup, with no fewer than eight runners trading at a price below 15.014/1 and uncertainly about who will even go off as favourite.
Currently it's last year's winner Al Boum Photo who heads the market at 5.49/2 though he has only been seen once on the racecourse this season, winning a four-runner Grade 3 Chase on New Year's Day. Both he and Santini have been matched at around the 19.018/1 mark, and although now trading much shorter, both have their doubters with the latter scrambling home by just a head at odds of 1/3 on his seasonal reappearance.
Santini has since won a Grade 2 at Cheltenham in more convincing fashion, confirming his likeness for the venue, but perhaps the biggest improver this season has been the Gordon Elliott-trained Delta Work, who now trades at 7.413/2 from a high of 42.041/1 after winning back-to-back Grade 1s, including the Irish Gold Cup earlier this month.
Delta Work got the better of Kemboy that day, and although the Mullins horse has been matched at a high of 38.037/1 to win the Gold Cup, it's worth noting that he's also been matched at a low of 5.79/2 and now trades at 13.5.
Presenting Percy is another horse who has drifted on the back of a winless campaign, now available to back at 14.5 having been matched at a low of 6.25/1.
Some will be surprised that 2018 Gold Cup winner Native River is only sixth on the antepost list having done little wrong in the last 12 months. He was fourth in his defence last year, and has since won back-to-back Grade 2s, including Saturday's Betfair Denman Chase.
Colin Tizzard's star has remarkably been matched at 100.099/1 to win a second Gold Cup but now trades at 12.5.
Gold Cup: highest price matched - current price
Al Boum Photo: 19.5 - 5.49/2
Santini: 19.018/1 - 6.25/1
Delta Work: 42.041/1 - 7.413/2
Lostintranslation: 50.049/1 - 9.28/1
Clan Des Obeaux: 60.059/1 - 10.09/1
Native River: 100.099/1 - 12.5
Kemboy: 38.037/1 - 13.5 (matched at a low of 5.79/2)
Presenting Percy: 28.027/1 - 14.5 (matched at a low of 6.25/1)