1920: Despite Denman obliging as a well-backed 6/5 favourite in the Royal & SunAlliance Chase, many bookmakers still reported a profitable afternoon at Cheltenham.

Tuesday had been like shelling peas for most firms as big-priced shocks like Joes Edge and Sublimity stripped punters of their hard-earned cash.

Aran Concerto disappointing in the opener today and Well Chief falling in the Seasons Holidays Queen Mother Champion Chase were greeted with delight by the layers, although favourite Cloudy Lane did take the Kim Muir.

Tipperary All Star also had his supporters in the bumper but most money came for the beaten Mad Fish.

David Stevens, spokesman for Coral, said: "Another winning day for the layers. The defeat of Aran Concerto meant we started the day in the best possible way and while Denman's victory was costly, Well Chief's defeat meant normal business was resumed.

"The last three winners had their supporters but not enough to take the gloss off the day and we're two-up with two to play."

William Hill's Ben Clarke echoed those sentiments, adding: "Denman was the banker of the meeting for most punters but Massini's Maguire provided the bookies with a fantastic opening race for the second day running.

"Even though punters struck back with Cloudy Lane, they are on the ropes in need of oxygen and some more favourable results."

However, David Williams from Ladbrokes had less positive news for his firm.

"It was the punters' revenge for us," he rued.

"You would have thought the fact we got two of the first three hotpots beaten was good news but Denman was such a bad result that punters clawed some money back."

Stan James' Neil Morrice also reckoned his firm had ended up about level.

Tote on-course turnover was up again to £2,720,364 compared with £2,423,906 on the day last year, an increase of 12.2 per cent.

The jackpot was not won, with £218,051 now rolling over and their representative Damian Walker said: "These are excellent figures and continue the trend from the opening day."

Meanwhile today's trading showed another good day for Blue Square with spokesperson Kate Miller saying: "There wasn't much that could happen to top yesterday, where results gave us our best Cheltenham Festival Tuesday since we began trading.

"Today's results were really mixed with Denman cancelling our Massini's Maguire profit out, with added! But the punters truly deserved a good result and the atmosphere at Prestbury was significantly more buoyant after his impressive victory.

"Tomorrow could be a tricky day for layers with bankers such as Gundadu and Black Jack Ketchum expected to attract plenty of support."

1850: Ruby Walsh has hardened as favourite to be top jockey at the Cheltenham Festival following his success aboard Denman in today's Royal & SunAlliance Chase.

The Irishman is as short as 4/6 with William Hill, while Stan James go 8/11.

Day two ended with Robert Thornton leading the race on two winners. However, his rides on the last two days lack the strength in depth of Walsh.

Thornton followed up his first day win on My Way De Solzen with Voy Por Ustedes in the Queen Mother Champion Chase, while Richard Johnson boosted his own claims with an unlikely success on Massini's Maguire in the Ballymore Properties Novices' Hurdle.

Johnson is a 13/2 chance with Stan James, while Tony McCoy gets a 7/2 quote on the eve of his World Hurdle bid on Black Jack Ketchum.

Thornton's boss Alan King leads the race for top trainer on two, also courtesy of My Way De Solzen and Voy Por Ustedes.

1655: With so many disappointing favourites at the Cheltenham Festival so far, Denman's star shone bright with an emphatic victory in the Royal & Sun Alliance Chase and Paul Nicholl's charge is now quoted at 5/1 for the 2008 Totesport Gold Cup.

David Williams, spokesman for Ladbrokes said: "It was our very worst nightmares realised. We flagged him as our worst result of the week long before we arrived at Cheltenham and unfortunately it came to pass.

"Thankfully other results went our way and we're not squealing too loudly."

Well Chief supporters were left deflated with his skidding fall at the second fence in the Champion Chase but eventual winner Voy Por Ustedes and David Pipe's charge now share favouritism for the 2008 renewal at 5/1.

1600: Voy Por Ustedes secured victory today in a incident filled Queen Mother Champion Chase.

The Alan King trained 6 year old overcame a second to last fence blunder before taking up the running one fence out to win by a comfortable margin.

Bookmakers Blue Square immediately installed him at 5/1 to retain his Queen Mother crown in 2008. Yesterday's Arkle hero My Way De Solzen is also quoted in the market at 10/1.

Kate Miller PR for Blue Square said:'' The Queen Mother looked set to being one of the races of the festival, and despite a very early mistake by short-priced favourite Well Chief, the winner showed a toughness that we only see in Champions.

"The result was a good one for us as confidence behind David Pipe's runner was huge, and punters had been coming for him since his performance at Newbury last time out.''

1515: We suggested the 12/1 about Denman winning the Gold Cup in 2008 (see 1455 bulletin) wouldn't last long and so it's proved, with Bet Direct cutting the price into 9/1.

Meanwhile Blue Square go 7/1 and their PR spokesperson Kate Miller said: "On the way he won today Denman fully deserves to be high up in the market for the 2008 Gold Cup.

"He is lightly raced and showed the benefit of a well planned campaign by comfortably making virtually all the running in the SunAlliance.

"It will be interesting to see how the Gold Cup pans out on Friday, but as things stand, Denman already looks up to Championship class."

1455: Bet Direct are a stand-out 12/1 on Denman winning next year's Cheltenham Gold Cup following his brilliant win in the Royal & SunAlliance Chase.

Ruby Walsh always had the Paul Nicholls-trained 6/5 favourite to the fore in

the Grade One contest and the pair soon got into a beautiful rhythm.

Having rounded the turn with a sizeable lead, Denman got over the last safely

enough and bounded away up the hill to come home ten lengths clear.

It was a performance which screamed 'Gold Cup' in 12 months time and he's as short as 5/1 in places, but Bet Direct are prepared to offer the 12s.

1355: Ashley Brook continues to be well supported ahead of his bid the Queen Mother Champion Chase.

The price is holding steady at 11/1 with Blue Square but confidence seems to be building behind the Kevin Bishop-trained chaser.

Kate Miller PR for Blue Square said: "It's not difficult to see why punters are after Ashley Brook.

"He looks, at worst, a placed horse with his form behind Well Chief and should the favourite have an 'off' day, or encounter the infamous 'bounce' factor so widely spoken of, it would not be difficult to see him winning."

1340: The Champion Bumper, which concludes today's Cheltenham action at 5.20pm, is always a lively betting heat and today is no different with a whole host of horses well backed.

Mad Fish, trained by Willie Mullins who has a great record in the race, is the new favourite having been trimmed into 6/1 from 15/2 with bet365.

Den Of Iniquity, trained and ridden by Carl Llewellyn, is being backed against him though, with Paddy Power 11/1 from 12/1.

And there's also been plenty of money for outsider Fiddling Again from the in-form Nicky Henderson stable. She's 20/1 from 25/1 with Sky Bet and 20s from 33s with Blue Square.

1240: Mighty Man is the market mover with the sponsors ahead of the Ladbrokes World Hurdle, the feature race at Cheltenham tomorrow.

The Henry Daly-trained hopeful is into 5/1 from 6/1 for the championship race as the ground continues to dry out at a sun-blessed Prestbury Park.

Improving conditions are also expected to suit hot favourite Black Jack Ketchum and the bookies are expecting the two horses to come in for further support on the big day.

David Williams, spokesman for Ladbrokes said: "It's fair to say we were worried about the big guns showing up but it's now shaping up to be a fantastic renewal.

"The Black Jack saga will reach its long-awaited conclusion and with conditions improving to suit his style, there'll be no excuses if he fails to justify all the hype.

"All the money this week has been for the top-of-the-ground horses."

The Ladbrokes horror result would be a victory for the well-backed 14/1 mare Labelthou but the bookies are breathing more easily as the sun beats down.

Williams said: "She was backed from every price down from 50/1 but needs plenty of cut in the ground. Maybe things have gone against her - we certainly hope so!"

1155: The Fulke Walwyn Kim Muir Handicap Chase at 4.40pm is attracting plenty of attention at Cheltenham today, with Maletton and Patricksnineteenth two of the horses generating the support.

The former, winner of three of his last four for Venetia Williams, is 14/1 from 16/1 with Blue Square and 12/1 from 14s at bet365 while Patricksnineteenth is 20/1 from 33/1 with Sky Bet and 20/1 from 25/1 with Blue Square.

Kate Miller PR for Blue Square said: "It has been a quieter day for business than for the opening day yesterday and a lot of the money seems to be surprisingly in the Kim Muir.

"Elsewhere Aran Concerto is popular with us for the opener at the 2/1 we offer, but we're holding steady at the current price for now."

1125: Denman is now out to 6/4 with Premierbet for the Royal & SunAlliance Chase and one of the horses backed against him is stablemate Turko.

His only defeat in four races over fences this season came against My Way De Solzen - so that one's victory in the Arkle yesterday didn't exactly do the form any harm.

And the each-way support for Turko means he's now 16/1 from 20/1 with Hills and 14/1 from 18/1 with Sky Bet.

In the Coral Cup at 4.00pm there's been a potentially significant move for Irish raider Baron de Feypo.

He's been cut across the board, with Coral going 25/1 from 33s while Sky Bet are 20s from 33s.

1015: Stan James have become the latest firm to cut Silverburn - to 5/1 from 11/2 - following an early move for the Paul Nicholls-trained gelding in the opening Ballymore Properties Novices' Hurdle at 2.00pm at Cheltenham today.

Favourite Aran Concerto is out to 2/1 from 7/4 while outsider Raslan contracted to 33s from 50s.

Neil Morrice, media and on-course representative for Stan James, said: "With the ground drying up by the minute the money for Silverburn is something of a surprise.

"It was hock deep when he won the Tolworth Hurdle but there is plenty of confidence from his connections."

0950: The Queen Mother Champion Chase at 3.15pm is the feature event at Cheltenham today and the first thing to report is that Nickname, a best-priced 8/1chance this morning, has been declared a non-runner on account of the drying conditions.

That means favourite Well Chief has shortened up into no better than 11/8 with extrabet and is as short as 11/10 in places.

The Ballymore Properties Novices' Hurdle gets things under way on day two at 2.00pm and the one for money is Silverburn.

Our very own Insider flagged this one up at 10/1 ante-post and a favourable mention in his column in the Racing Post today from trainer Paul Nicholls means the money has continued to pour in.

All the 6/1 has gone and he's now into 9/2 in places.

One other proving popular in the same race is My Turn Now who is 8/1 from 10/1 with BetFred.

The betting on the Royal & SunAlliance Chase has been fascinating because red-hot favourite Denman has actually drifted in the early exchanges.

The banker of the Festival for many people, he's now out to 11/8 from 5/4 with Paddy Power.

In opposition there's been a bit of support for Ungaro who is 10/1 from 11/1 with Betfred.