Image source, Reuters

Myretown, who went off second-favourite, is the leader with 12 fences to jump.

Guard Your Dreams' jockey, Kielan Woods, is reportedly up ok.

We have another faller at the third, Zanahiyr has gone. Carl Miller, his rider, is also up.

We are off!

A couple of the horses are left behind - and we have a faller at the first! Guard Your Dreams has fallen early.

There is a very short run-up to the first fence because of this false start.

This situation requires every ounce of skill from these jockeys.

Another false start, with several horses breaking the starting tape well ahead of the others.

We will have a standing start.

False start!

The starter was unhappy with the crowding as the horses approached the start line and the flags waving the start off were out in good time.

We'll try again...

The starter has urged the jockeys to move away from the start line to prevent a false start.

Everyone is competing for a prime starting position which could make all the difference, even in a race of more than three miles.

The 24 runners are tightly packed near the start line.

This could be rather chaotic.

If the bookies are anything to go by, this could be another close-fought race.

The Changing Man, at 13-2, is narrowly the favourite ahead of Myretown, Katate Dori and Crebilly.

But as the Arkle proved, you cannot count any runner out until the winner crosses the finish line.

Gina Bryce
BBC Radio 5 Sports Extra at Cheltenham

We'll be asking some of our pundits for selections during the week. Here's Gina Bryce, who will be presenting coverage on BBC Radio 5 Sports Extra.

14:40 Ultima Handicap Chase - Broadway Boy 8-1

Course and distance winner, who had a cracking run to finish second in the Coral Gold Cup. I'm willing to forgive his run here on New Year's Day when he was perhaps still feeling the effect of Newbury.

15:30 Mares' Hurdle - Kala Conti 12-1

If we read Lossiemouth being rerouted to this race from the Champion Hurdle as a lack of confidence in her wellbeing, then I’ll take a chance on Gordon Elliott's mare.

Unexposed at this trip, the five-year-old can improve again and put in an excellent run in defeat last time when taken on for the lead, which set it up for winner July Flower who she was giving weight to.

Image source, Getty Images

The next race has the first big field of this year’s Festival with 24 runners - and there are plenty coming here with chances.

Sam Thomas enjoyed Cheltenham success as a jockey on board Denman in the 2008 Gold Cup, and now as a trainer he hopes that Katate Dori can get him back into the winners enclosure.

The seven-year-old has won three times since the turn of the year and although he will be carrying more weight this time, he is still well fancied.

The Changing Man, for Joe Tizzard - another Cheltenham-winning jockey turned trainer - and Broadway Boy, trained by Nigel Twiston-Davies and ridden by son Sam, are featuring strongly in the betting.

Frank Keogh
BBC Sport at Cheltenham

Image source, Marina Resort Benidorm

While more than 200,000 spectators are expected at the Gloucestershire track during the week, thousands of others are heading for Spain's Costa del Sol where they say it is cheaper to watch the action on big screens.

Festival organisers have said they expect ticket sales to be down for the third year running despite announcing changes in September aimed at improving competition in races and the experience of racegoers.

In a bid to increase interest and field sizes amid domination by Irish-trained runners, conditions for five races have been changed.

For racegoers, a new park-and-ride system, additional coaches and extra hardstanding areas at the course for car parking have been introduced.

Cheltenham have frozen ticket prices, increased food and drink options and offered new accommodation deals following criticism from fans and falling attendances.

But people who have headed for tourist destinations like Benidorm and Tenerife to follow the action say flights and accommodation are cheaper than Cheltenham hotels and the cost of attending the races.

Only By Night's trainer Gavin Cromwell speaking to BBC Radio 5 Sports Extra: "The last half furlong, my heart was in my mouth. Everyone said she'd come in and get lapped. We're delighted with that, we'll go to another Festival and crack on.

"It's unbelievable. I'm lucky in life, I've got a lovely wife, lovely kids but I think that 20 seconds was probably the best 20 seconds of my life, even though he got beat."

One wonders what Gavin Cromwell's wife will have to say about that.

Jango Baie's trainer Nicky Henderson speaking to BBC Radio 5 Sports Extra: "Incredible, what a finisher, what a great horse.

"I'm lost for words at the moment. It's a big day, credit to Nico."

Amazing to think that Henderson first won this race in 1991

Frank Keogh
BBC Sport at Cheltenham

Well, that was dramatic.

Majborough looked to be in control, before that mistake at the second last fence where Mark Walsh did well to stay on board.

There were gasps from racegoers, and more followed as both Only By Night and L'Eau Du Sud looked potential winners before Jango Baie - who traded at odds of 300-1 in running - came charging through.

That will have lifted the spirits of winning jockey Nico de Boinville and trainer Nicky Henderson before Constitution Hill's run in the Champion Hurdle.

But it sunk thousands of accumulators - and saved the bookmakers millions - on today's hot favourites.

Jango Baie's jockey Nico de Boinville tells ITV Racing: “They went hard and I couldn’t go with it and I thought I was riding for a place. But at the last I thought we could be in with a squeak. He pinged the last but we knew we had a chance. He saw it out well."

Nico de Boinville could be about to have a remarkable day.

Having guided Jango Baie to a shock win in the Arkle, he is also riding Constitution Hill which is favourite for the Champion Hurdle at 16:00 GMT today.

Charlie Poste
Former jump jockey on BBC Radio 5 Sports Extra

Image source, Reuters

They've had their pockets picked. Majborough makes the only mistake it did all race. Nico just remained patient and got his rewards for it.

Majborough largely jumped well, but he didn't get his front right at the end. Harry Skelton almost ended up there too soon. Nico de Boinville from nowhere comes out and takes the Arkle.

1 Jango Baie (N de Boinville) 5-1

2 Only By Night (K M Donoghue) 25-1

3 Majborough (M P Walsh) 1-2 Fav

5 ran