But this week’s four-day festival, which runs from Tuesday to Friday, also takes on a significant role in trying to lift the gloomy clouds that hover over jump racing in the UK. The problems are piling up for the National Hunt code, which is struggling to arrest a decline in standard.
Many issues have been cluttering the in-tray for some time, such as small field-sizes, poor (but improving) prize money, low sun ruining races, and trainers failing hopelessly to attract big-gun, deep-pocket owners, which has contributed to Irish domination of the festival.
Other issues have marred the build-up to this year’s Cheltenham, such as jockeys being asked to adapt to perfectly reasonable, new rules on the use of the whip and punters being asked to comply with intrusive affordability checks in an over-reaction to a disturbing movement, sparked by politicians, that aims to demonise the hobby of gambling.
The hope is that the festival can rise above it all, and that its annual intoxicating concoction of top-quality, competitive racing can show jump racing in its best light.
The superiority of Irish-trained horses seems certain to continue. Remember, they took 23 of the 28 races two years ago. Willie Mullins is already the most prolific handler in the history of the event, having saddled a record-breaking ten winners 12 months ago. This time, the odds are short on him adding 12 more to complete an unprecedented career century.
Gordon Elliott and Henry De Bromhead, who has sent out the one-two in each of the last two Gold Cups, have also assembled strong teams, while the British challenge will rely heavily on champion Paul Nicholls and veteran Nicky Henderson.
But what of the horses? An array of potential superstars sit waiting in the wings, ready to add their names to the glorious Cheltenham roll of honour. Some have been here before, some are new kids on the block.
We’ve cherry-picked 15 of the most fancied and most interesting contenders as the countdown to the opening race at 1.30 pm on Tuesday begins.
9. Could this be the Man to upset the hotpot?
The Unibet Champion Hurdle on Tuesday (3.30) is being billed in most quarters as a one-horse procession. But Willie Mullins's 6yo STATE MAN cannot be under-estimated after improving dramatically since landing a handicap at last year's festival. He has racked up four impressive Grade One wins on the trot and, on official ratings, he has only 6lb to make up on the hot favourite, Constitution Hill. Photo: Adrian Dennis/Getty Images
10. Get set for the shootout of the week
One of the duels of the week is sure to be the shootout between 2m novice chasers JONBON (pictured with his trainer, Nicky Henderson) and the pick of the Irish challengers El Fabiolo in the Sporting Life Arkle Chase on Tuesday (2.10). They've already met once over hurdles, when the JP McManus-owned 7yo scrambled home by a neck at Aintree last April, and another thrilling contest is in prospect. Photo: Richard Heathcote/Getty Images
11. Hail Fabiolo the fabulous
And here is the big rival to Jonbon in that eagerly-anticipated Sporting Life Arkle Novices' Chase on Tuesday (2.10), the Willie Mullins-trained EL FABIOLO. A superb-looking horse, the 6yo has taken to fences like a duck to water, showing frightening speed and jumping boldly. He tackled the best 2m novice chase seen this term at Leopardstown last month, and bolted up by ten lengths. Photo: Alan Crowhurst/Getty Images
12. Can Potter cast his spell over Cheltenham?
Brilliant Irish trainer Gordon Elliott spends most of his life in the shadow of Willie Mullins in Ireland. But he sends a powerful team to Cheltenham this week, spearheaded by a couple of exciting novice chasers in MIGHTY POTTER (pictured) and Gerri Colombe. The former, a scopy 6yo, is a big fancy for the opening race on Thursday's card, the 2m4f Turners Chase (1.30), after three stunning victories this term. Photo: Alan Crowhurst/Getty Images