Cheltenham Non-Runner No Bet - NRNB Bookmakers Guide

Last Updated on 29/03/2026 by Andy Clark

Non-Runner No Bet has become the defining ante-post concession at the Cheltenham Festival. Every major bookmaker offers it in some form across the four-day meeting, but the coverage varies – all 28 races at some firms, selected races at others, and exclusively NRNB at one firm with no standard ante-post market at all.

This guide covers how NRNB works at Cheltenham, which bookmakers have historically offered it and on which races, which Festival races are most worth using NRNB on, and how to combine it with Best Odds Guaranteed for maximum value.

The 2027 Cheltenham Festival bookmaker NRNB confirmations will be updated here as they are announced – typically from January 2027 onwards. Bookmark this page and check back ahead of the Festival.

For a full explanation of how NRNB works in general, see our Non-Runner No Bet guide.

What Is Non-Runner No Bet?

In the standard ante-post market, if your horse does not run for any reason – injury, a change of trainer’s plans, ground concerns – your stake is lost. The bet is settled as a loser regardless of whether the horse ever made it to Prestbury Park.

Non-Runner No Bet changes that entirely. In a clearly labelled NRNB market, if your selection is declared a non-runner, your full stake is returned in cash. The bet is voided rather than lost.

NRNB applies to ante-post bets only. Once a race reaches final declarations – typically 48 hours before the off – the day-of-race market opens and standard non-runner rules apply.

Some bookmakers use slightly different terminology. Non-Runner Money Back (NRMB) is the same thing. Betfred use NRMB; most others use NRNB.

Why NRNB Matters at Cheltenham

The Cheltenham Festival is the most popular ante-post betting event in the UK racing calendar. Punters back horses weeks and months in advance to access the best early prices – but that brings significant non-runner risk.

Cheltenham has a higher-than-average non-runner rate compared to the season generally. The intensity of preparation, ground sensitivity of many horses, and the logistics of getting horses from Ireland all contribute. Jump trainers withdraw an estimated 6-7% of declared horses across a typical season; the Cheltenham rate runs slightly above that.

The Festival also regularly features horses with genuine dual entries across multiple races. A leading mare entered in both the Champion Hurdle and the Mares’ Hurdle, for example, creates a situation where backing standard ante-post in either race risks your stake entirely if connections choose the other. NRNB on both covers you completely.

Willie Mullins and Gordon Elliott horses are particularly worth noting. Both yards are renowned for holding back final declarations and switching targets at short notice. NRNB is the logical default for any horse from these yards that holds more than one Festival entry.

Cheltenham NRNB Bookmakers – Historical Coverage

The table below shows how the major bookmakers have historically covered the Festival. Specific 2027 confirmations will be updated here as they are announced.

Bookmaker	Races historically covered	Refund type	Both markets?	Notes
bet365	All 28 races	Cash	Yes	Standard and NRNB markets side by side
Betfair Sportsbook	All 28 races	Cash	Yes	—
Betfred	All 28 races	Cash	No – NRNB only	No standard ante-post market
Boylesports	All 28 races	Cash	Yes	BOG from 8am on race day
Coral	All 28 races	Cash	Yes	—
Ladbrokes	All 28 races	Cash	Yes	—
Paddy Power	All 28 races	Cash	Yes	—
Sky Bet	All 28 races	Cash	Yes	—
William Hill	All 28 races	Cash	Partial	Standard market retained on 5 Championship races
BetVictor	All races	Cash	Yes	Via Run For Your Money policy
LiveScore Bet	Selected races	Cash	Yes	Check site for qualifying races
BetMGM	Selected races	Cash	Yes	Check site for qualifying races

Note on William Hill: William Hill historically retain a standard ante-post market on the five Championship races – Champion Hurdle, Queen Mother Champion Chase, Stayers’ Hurdle, Ryanair Chase and Gold Cup – for punters who prefer bigger prices without protection, while offering NRNB on all other races.

Note on Betfred: Betfred are exclusively NRNB at the Festival with no standard ante-post market. Every ante-post bet placed with Betfred on any Cheltenham race has automatic non-runner protection built in. The trade-off is that Betfred’s NRNB prices are slightly shorter than the standard market prices at other firms.

Note on BetVictor: BetVictor’s NRNB coverage operates under their Run For Your Money policy rather than a separately labelled NRNB market. Coverage extends across Cheltenham ante-post markets but the labelling is less prominent – check the futures/ante-post section specifically.

Note on bet365: bet365 offer both a standard ante-post market and a clearly labelled NRNB market side by side on every Festival race, giving punters the choice of bigger prices with standard risk or shorter prices with full non-runner protection.

NRNB vs Standard Ante-Post at Cheltenham

NRNB is not always the right choice. The protection comes at a cost – NRNB prices are consistently shorter than standard ante-post prices on the same horse. How much shorter depends on how likely the horse is to run and whether they have a dual entry.

Use NRNB when:

A horse has genuine dual entries where both races are live possibilities. Back them in the NRNB market for either race and if connections opt for the other, you get your stake back. The price difference is typically modest on genuinely dual-entered horses because the market already prices in some non-runner risk.

Any horse from the Mullins or Elliott yards with multiple entries. These yards are the most likely to switch targets late. NRNB is the logical default.

Any horse where there is genuine uncertainty about running – fitness concerns, going worries, a recent setback – and where you want to take an early price but cannot be fully confident the horse starts.

Use standard ante-post when:

A horse has a single confirmed entry and the trainer has committed to the race. No dual entry concern and a fit, on-course horse means the bigger standard price outweighs the small non-runner risk.

Where the price difference is significant. On some horses the gap between NRNB and standard is large enough that the standard price represents materially better value even accounting for non-runner risk.

The Cheltenham Races Most Worth Using NRNB On

Not every Cheltenham race needs NRNB protection. The following races consistently have the highest concentration of dual entries, switching targets and uncertainty – and therefore where NRNB adds the most value year after year.

Champion Hurdle – regularly features the leading mare in training entered in both the Champion Hurdle and the Mares’ Hurdle. Backing standard ante-post in either race risks losing your stake if connections choose the other.

Mares’ Hurdle – the mirror image of the Champion Hurdle dual entry situation.

Ryanair Chase – regularly draws leading staying chasers who also hold Gold Cup entries.

Cheltenham Gold Cup – staying chasers from the Mullins and Elliott yards frequently hold entries across the Gold Cup, Brown Advisory and Ryanair, with final decisions made late.

Arkle Novices’ Chase – Irish novice chasers typically hold entries across the Arkle and Brown Advisory with connections keeping options open until close to declarations.

Brown Advisory Novices’ Chase – the same horses from the other direction.

Turners Novices’ Chase – regularly draws horses that could go Supreme or elsewhere depending on ground and declarations.

Novice Hurdles broadly – the major Irish yards’ novice hurdlers routinely hold entries across the Supreme, Ballymore and Turners with final decisions rarely made until close to declarations.

The big handicaps – the Premier Handicaps carry significant non-runner uncertainty due to horses being entered speculatively and weight considerations. NRNB on the major handicaps is well worth using.

NRNB in Cheltenham Accumulators

You can build Cheltenham accumulators in NRNB markets across multiple days and races with full protection for each leg. If any horse in the acca does not run, that leg is simply removed and the rest stands.

A four-fold Cheltenham acca with one NRNB non-runner becomes a three-fold. A treble with one non-runner becomes a double. The stake is never lost to a non-runner.

See our full Non-Runner No Bet guide for a worked example of how multiples are recalculated when a non-runner is declared.

NRNB and Best Odds Guaranteed at Cheltenham

Best Odds Guaranteed and NRNB are the two most important promotions for Cheltenham ante-post punters and they work perfectly together.

NRNB protects your stake if the horse does not run. BOG protects your price if the Starting Price is bigger than the odds you took. Using both simultaneously at a bookmaker that offers both – such as bet365, Boylesports or Betfred – gives you the full protection: stake back if the horse does not start, upgraded to SP if it does and the price drifts on race day.

BOG start times vary by bookmaker. See our Best Odds Guaranteed guide for the complete list of which bookmakers offer BOG at Cheltenham and from what time.

Common NRNB Terms at Cheltenham

Cash refund. Every major bookmaker refunds NRNB non-runners in cash, not free bet tokens. Cash is withdrawable immediately.

You must bet in the NRNB market. The NRNB market is a separate, specifically labelled market from the standard ante-post market. Betting in the standard ante-post market does not give you NRNB protection even if a NRNB market exists for the same race.

Applies to each-way bets. Both the win and place parts of an each-way bet are refunded if the horse is a non-runner.

Applies to singles and multiples. In multiples, a non-runner is treated as void and removed. The remaining selections stand.

Free bets not refunded as cash. If you place a NRNB bet using a free bet token, most bookmakers return a free bet token rather than cash if the horse is a non-runner.

Cashed out bets excluded. If you cash out a NRNB bet, the protection no longer applies.

No opt-in required. NRNB markets are available without opt-in at all bookmakers.

Cheltenham NRNB FAQs

Do I need to opt in to NRNB at Cheltenham? No. Simply place your bet in the clearly labelled NRNB market rather than the standard ante-post market.

What is the difference between NRNB and NRMB? Nothing – they are the same concession under different names. Betfred use NRMB; most others use NRNB.

Do I get cash or a free bet back? Cash at all major bookmakers. The refund is credited directly to your withdrawable balance.

Does NRNB apply if my horse is withdrawn on the morning of the race? Yes, provided the bet was placed in the NRNB ante-post market. A horse declared a non-runner at any point before the race triggers the refund.

Can I place both a NRNB and a standard ante-post bet on the same horse? Yes, at bookmakers offering both markets. You can hold bets in each market simultaneously on the same horse in the same race.

Does Betfred only offer NRNB? Does that mean I lose the higher standard prices? Yes. Betfred’s exclusively NRNB stance means every Cheltenham bet has the concession built in, but prices are correspondingly shorter than the standard market elsewhere. For horses where you are confident they will run, a standard ante-post market at bet365, Boylesports or Ladbrokes will give you higher odds.

Does NRNB apply to Cheltenham handicaps? Yes at all bookmakers offering all 28 races. The handicap markets carry significant non-runner uncertainty and NRNB on the major handicaps is well worth using.

When will 2027 Cheltenham NRNB be confirmed? Bookmakers typically go live with NRNB markets for the Cheltenham Festival from January of the Festival year. This page will be updated as each bookmaker confirms their terms for 2027.

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