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THEKING
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Day
Tuesday
Time
16:40
Grade
Premier Handicap
Distance
2m 4f
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TrustATrader Festival Plate 2026: How To Bet?
Race Details:
Date: 10 March 2026
Grade: Premier Handicap
Open To: Five-years-old and up
Track: Turf
Length: 4,139 Metres
Location: United Kingdom
TrustATrader Plate 2026: Cheltenham Festival Betting Preview
The Bookmaker's Favourite Handicap Moves Day and Course, and the Puzzle Just Got Harder
Tuesday, 10 March 2026 | 4:40 PM | Cheltenham Racecourse, Prestbury Park, Gloucestershire
Handicap Chase | 2 Miles 4½ Furlongs (2m 4f 127y) | Old Course | 5yo+
The TrustATrader Festival Plate is the race that makes bookmakers smile and punters question their life choices. It is one of the most competitive handicap chases at the Cheltenham Festival, routinely attracting fields of 20 or more runners, and has a long and proud history of producing results that make the form book look like fiction. First run in 1951 under the name Mildmay of Flete, it has been won by everything from future Grade 1 stars to horses whose previous form suggested they had no business being within a postcode of the winner's enclosure. Red Rum finished fourth in the 1971 renewal. Carrickboy won at 51.00 in 2013. Coole Cody, bought as a yearling for just £5,200, won it in 2022. This is a race that does not care about your shortlist.
For 2026, the Plate has undergone its biggest structural change in years. The race has been moved from Thursday (St Patrick's Day) to Tuesday (Champion Day), and with it comes a switch from the New Course to the Old Course. That is not a trivial detail. The New Course, used for the Thursday and Friday cards, places a greater emphasis on stamina with its longer run from the final fence to the line. The Old Course, used on Tuesday and Wednesday, rewards speed and tactical sharpness, with a shorter finishing straight that tends to favour horses who can quicken rather than those who grind. For a race historically dominated by stayers and gallopers, this switch changes the profile of the ideal winner.
Jagwar won this race in style last year, beating Thecompanysergeant by two and three-quarter lengths at 4.00. He was the youngest winner in several years and looked to have the Festival Plate in his pocket for years to come. But his season has been a tale of nearly-but-not-quite. He was third in the December Gold Cup at Cheltenham on his reappearance and then went down by a head to Donnacha on Trials Day in January, a defeat that killed off any Ryanair Chase ambitions and left connections debating whether to defend his Plate title or step up in trip for the Ultima Handicap Chase. The fact that stablemate Iroko is also being aimed at the Ultima complicates things further, but as of mid-February, trainer Josh Guerriero has confirmed that the Plate defence is the most likely target.
The question is whether Jagwar is as effective on the Old Course as he was on the New Course. He is an enormous horse, standing 18 hands high, and his raw stamina is his greatest asset. Jonjo O'Neill Jr. said after the 2025 win that he had plenty of horse underneath him, and the way Jagwar surged from the last suggested he would get further. On Trials Day, in sticky ground, that stamina was less of an advantage over two and a half miles, and the weight told against him late on. On the Old Course, where the emphasis shifts toward speed, a big, lumbering traveller who needs time to wind up may find conditions slightly less to his liking than 12 months ago.
The Ante-Post Market
Time Stamp: Sunday, February 16, 2026, 12:00 PM ET
Odds Subject to Change
Source: Bet365
Madara 8.00 | McLaurey 9.00 | Jagwar 13.00 | Vincenzo 13.00 | Ballysax Hank 15.00 | Waterford Whispers 17.00 | Kim Roque 17.00 | Wingmen 17.00 | Jax Junior 17.00 | Ginny's Destiny 21.00 | Donnacha 26.00 | Thecompanysergeant 26.00
This is a wide-open handicap where the favourite is barely at single figures and nothing shorter than 8.00 heads the market. That alone tells you everything about the difficulty of finding the winner. The entries will not be finalised until late February, and the handicap weights will determine who actually lines up. With a safety limit of 24, some of these runners will not make the cut, and the market will shift significantly once the weights are published.
Madara: The Market Leader Nobody Knows
Madara sits at the top of the ante-post market at around 8.00 and is trained by Nigel Twiston-Davies, a yard with a long and productive association with Cheltenham handicap chases. The problem with analysing the Plate at this stage is that many of the leading market fancies are there on potential and handicap mark rather than obvious trial form, and Madara fits that profile. What the market is telling you is that the handicapper has left him on a mark that looks exploitable for this grade, and Twiston-Davies knows how to target these races. Between 1997 and 2014, the Pipes and Twiston-Davies and Venetia Williams won the Festival Plate 12 times between them, and trainers from those yards remain ones to respect in this race.
McLaurey: The Second Favourite With Questions
McLaurey at 9.00 is another whose price reflects where the shrewd money thinks the handicapper might have got it wrong. In a race like the Plate, where form lines cross and interweave like a bowl of spaghetti, the horses near the top of the market often represent the views of professional punters who follow the weights rather than casual backers who follow names. McLaurey's presence at 9.00 suggests somebody knows something, but at this stage it is difficult to assess what that is with any confidence.
Jagwar: The Defending Champion at a Crossroads
Jagwar is available at around 13.00 to defend his title, which is a significant drift from the 4.00 he returned at 12 months ago. The JP McManus-owned seven-year-old has undeniable class. He won the Plate going away last year, measures a towering 18 hands, and his trainer described him as having more ability than stablemate Iroko, who was fourth in last year's Grand National. But two things work against him in 2026: the course switch and the handicapper.
His Trials Day defeat to Donnacha, beaten a head at 7/4 favourite, confirmed that he is no longer the unexposed improver he was last spring. He is now a known quantity off a higher mark, racing on a course that may not suit his strengths as well as the New Course did. Guerriero said after Trials Day that he did not think they could go into a graded race off the back of that defeat, and confirmed the Plate as the likely target. He added that the horse looked so relaxed now that he might want further, and that the Ultima remained a possibility if Iroko went elsewhere. The uncertainty around his target is itself a factor: if connections are not sure where to run him, punters should not be sure either.
That said, writing off a horse who won this race by nearly three lengths last year on the same course (albeit the other track) would be foolish. He has a proven affinity for Cheltenham, he has won twice at the course, and his jumping, while occasionally untidy, was more assured than expected last March. If the ground comes up on the softer side and he gets a decent position in the field, his stamina will still count even on the Old Course. At 13.00, the bookmakers have priced in the doubts, and if those doubts prove unfounded, he will be the one carrying backers home.
Donnacha: The Trials Day Hero at a Price
Donnacha's head defeat of Jagwar on Cheltenham Trials Day was one of the most eye-catching performances of the month. Trained by Nigel Hawke and ridden by James Davies, the seven-year-old son of Jet Away was sent off at 12/1 that day and fought out a proper battle with the market leader, with the pair ten lengths clear of the rest. It was his third consecutive win, having previously scored at Exeter on New Year's Day and at Chepstow before that.
The case for Donnacha begins with his Cheltenham form. He has placed on both his previous visits to the course, once over hurdles in a race where he finished within two lengths of Doddiethegreat and Go Dante, and his form at the track suggests the undulations and demands of Prestbury Park bring out the best in him. Hawke, not a yard associated with Festival winners, was initially considering the Jack Richards Novices' Handicap Chase on the Thursday but could easily switch to the Plate if the handicap mark allows.
The Telegraph's Marcus Armytage noted that if conditions came up heavy, Donnacha would represent much better value than Jagwar, whose stamina advantage is diluted on the Old Course in testing ground. At 26.00, Donnacha is a serious each-way proposition in a race where double-figure winners are the norm rather than the exception. He handles Cheltenham, he has recent winning form, and his Trials Day effort over the course and distance was visually impressive even in defeat.
Matata: The January Trial Winner With a Weight Problem
One of the more interesting form lines for the 2026 Plate comes from the Cheltenham Novices' Handicap Chase in January, which Matata won by nine and a half lengths for Nigel Twiston-Davies. The January handicap at Cheltenham has historically been one of the most productive Plate trials, with Siruh Du Lac among those to complete the double. Matata's demolition of that field was the kind of performance that marks a horse out as a serious Festival contender, and his current rating of 154 puts him firmly in Plate territory.
The downside is that a rating of 154 will almost certainly mean top weight, and no horse has carried more than 11st 4lb to victory in the last ten years. Twiston-Davies has a surprisingly poor record in the Plate itself despite dominating other Cheltenham handicaps, with a 0-from-9 record in the race. Whether that trend continues or breaks in 2026 remains to be seen, but at around 33.00, Matata is one for those who follow trial form closely and are willing to accept the weight risk.
Others to Consider
Thecompanysergeant was second to Jagwar last year and is available at around 26.00. Gavin Cromwell bought him at the Goffs horses-in-training sale and aimed him at this race with the specific intention of landing a Festival pot. He ran a blinder last March, staying on strongly up the hill, and will be a year older and more experienced this time around. Cromwell is a shrewd Festival operator whose record in big handicaps is better than most.
Vincenzo at 13.00 is another who will attract market support closer to the day, while Il Ridoto, Ginny's Destiny and Grandeur d'Ame are all familiar Cheltenham names who have competed at this level before. The market will sharpen considerably once the weights are published and final declarations narrow the field to 24 or fewer.
Trends and Key Statistics
Time Stamp: Sunday, February 16, 2026, 12:00 PM ET
Odds Subject to Change
Source: Bet365
The Festival Plate has a mixed record with favourites. Four of the last eight winners were sent off favourite, which is a better strike rate than you might expect for a race of this nature, but the other four were returned at prices of 12.00 or bigger, including 23.00 Coole Cody in 2022 and 34.00 Darna in 2015. The market leader deserves respect but is far from a certainty.
Weight is a crucial factor. No horse has carried more than 11st 4lb to victory in the last decade, and the first four home in 2025 all carried 11st 1lb or less. This is a race for the lighter-weighted runners who can exploit a lenient mark, not for well-handicapped horses dragging lead up the Cheltenham hill.
Seven of the last ten winners scored on their previous start, suggesting that current form and confidence are more important than a freshening break. Horses who arrive here in winning form have a significant edge. Both Donnacha and Matata fit that profile, while Jagwar does not, having been beaten on his most recent outing.
The course switch is the great unknown of the 2026 renewal. Every piece of historical data relates to the New Course, where the race has been run for its entire modern history. The Old Course rewards different attributes: sharper speed, quicker jumping, and the ability to handle a shorter finishing straight where sustained stamina is less of a deciding factor. This may benefit more nimble, tactical types over the big gallopers who have traditionally dominated.
Irish trainers have won five of the last ten runnings, with their last winner before that run being Doubleuagain in 1982. Gordon Elliott, Gavin Cromwell and Willie Mullins are all capable of raiding with a targeted entry, and the Irish challenge should not be underestimated in any Cheltenham handicap.
The Verdict
The TrustATrader Festival Plate in 2026 is a different race to the one punters have studied for years. The move from Thursday to Tuesday and from the New Course to the Old Course changes the profile of the ideal winner, and much of the historical data needs to be treated with caution until we see how the race plays out on unfamiliar ground. The market is wide open, with no horse shorter than 8.00, and the field will not be finalised until late February at the earliest.
At this stage, Donnacha at 26.00 each way is the standout value bet. He has Cheltenham form, recent winning form including a head defeat of the defending champion over course and distance, and a trainer who is targeting this race specifically. If the ground comes up soft, which Cheltenham in March often does, his gutsy front-running style could be perfectly suited to the Old Course's demands. The Telegraph has already flagged him as a value alternative to Jagwar, and at six times the price, the market has not yet caught up with what Trials Day told us.
Jagwar at 13.00 is the obvious each-way play for those who trust proven Festival form over everything else. He won this race impressively last year, he handles Cheltenham, and JP McManus horses at the Festival have a habit of turning up ready to run. The course switch is a concern, not a deal-breaker, and if the ground dries out slightly, his superior class should still count.
Madara at 8.00 heads the market and represents the professional money's view of where the handicapper has got it wrong. Without seeing the final weights and declarations, it is difficult to assess this bet with confidence, but Twiston-Davies in a Cheltenham handicap is always worth noting. McLaurey at 9.00 represents a similar angle.
The Plate remains one of the most difficult races of the entire Festival to solve, and the course switch in 2026 makes it even harder. This is an each-way race, not a win-only bet, and the safest strategy is to have two or three runners covered at prices that reward patience. The weights publication and final declarations will clarify the picture enormously, but Donnacha, Jagwar and Matata are the three names to keep on any shortlist between now and March 10th.
Quick Reference: Key Odds
Time Stamp: Sunday, February 16, 2026, 12:00 PM ET
Odds Subject to Change
Source: Bet365
Madara 8.00 | Trainer: Nigel Twiston-Davies | Jockey: TBC
McLaurey 9.00 | Trainer: TBC | Jockey: TBC
Jagwar 13.00 | Trainer: Oliver Greenall & Josh Guerriero | Jockey: Jonjo O'Neill Jr
Vincenzo 13.00 | Trainer: TBC | Jockey: TBC
Donnacha 26.00 | Trainer: Nigel Hawke | Jockey: James Davies
Thecompanysergeant 26.00 | Trainer: Gavin Cromwell | Jockey: TBC
Matata 34.00 | Trainer: Nigel Twiston-Davies | Jockey: TBC
2025 TrustATrader Plate Result
1st Jagwar (4.00) - Oliver Greenall & Josh Guerriero / Jonjo O'Neill Jr
2nd Thecompanysergeant (9.00) - Gavin Cromwell / Keith Donoghue
20 ran | Distance: 2¾L
Last 5 Winners
2025: Jagwar 4.00 (3/1) - Oliver Greenall & Josh Guerriero
2024: Shakem Up'arry 12.00 (11/1) - Ben Pauling
2023: Seddon 26.00 (25/1) - John C McConnell
2022: Coole Cody 23.00 (22/1) - Evan Williams
2021: The Shunter 10.00 (9/1) - Emmet Mullins
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