THE bookmakers are running for cover ahead of the start of the four-day Cheltenham Festival this afternoon.

Three odds-on favourites carry the hopes of punters as the showpiece meeting of National Hunt racing gets underway, with Sprinter Sacre, Hurricane Fly and Quevega attracting huge support.

Sprinter Sacre runs in the Racing Post Arkle (2.05pm) with Paddy Power estimating their liability could be as much as £3 million if Nicky Henderson's brilliant young chaser gets his head in front - as they are refunding all losing bets up to £100.

The six-year-old has been in outstanding form in his first campaign over the big obstacles, most notably when thrashing Peddlers Cross in the Wayward Lad Novices' Chase at Kempton.

He's up against Al Ferof, who beat him to win the Supreme Novices' Hurdle at last year's Cheltenham Festival, and there is a school of thought that believes it will be Paul Nicholls' runner who powers up the hill the strongest.

It should be an intriguing contest.

If Sprinter Sacre prevails, the money moves on to the Stan James Champion Hurdle (3.20pm) and the seemingly invincible Hurricane Fly.

With ten Grade One victories in the locker, the Irish horse, trained by Willie Mullins, is many punters' festival banker.

A spell on the sidelines has meant he has only run twice since winning 12 months ago at Prestbury Park but that was a hugely encouraging defeat of Oscars Wells, who re-opposes today, at Leopardstown in January.

Jockey Ruby Walsh is a massive fan of the horse, who jumps superbly and stays every yard of the extended two mile trip.

Binocular, winner of the Champion Hurdle two years ago, provides the main threat and is a brilliant horse on his day.

Nicky Henderson's eight-year-old has had a wind operation which the trainer says has revitalised him and, having missed out last year when medication to treat an allergy failed to clear his system in time, he looked in sparkling form when winning the Kingwell Hurdle at Wincanton.

No-one has been able to touch Quevega in the OLGB Mares' Hurdle (4.40pm), who has won the last three renewals of this race in comfortable fashion.

On figures, the eight-year-old is nearly a stone ahead of nearest rival, and stablemate, Dare To Doubt, and it would be a huge surprise if she was turned over.

North Yorkshire interest is thin on the ground on the opening day, with the main hopes shouldered by West Witton's Ferdy Murphy.

He saddles Riguez Dancer in a highly-competitve JTL Speciality Handicap Chase (2.40pm), with the very promising conditional jockey, Lucy Alexander, in the saddle, but he is likely to have far more chance with Going Wrong in the closing Pulteney Land Investments Novices' Chase (5.15pm).

Davy Russell takes the ride on the nine-year-old, who has been catapulted into contention on the back of two strong finishes to win at Sedgefield in his last pair of runs.

Murphy, a Festival specialist, has a reputation for being able to bring horses to the boil at this meeting and won this race last year with Divers, so don't be surprised if he notches his 11th festival winner with Going Wrong.

Among the opposition is The Panama Kid, trained at Norton by Malcolm Jefferson. The North Yorkshire handler is in cracking form at present but The Panama Kid, a three-time winner earlier in the season, will need to hit new heights on the back of being pulled up at Sandown in January.