4.30pm: QUEVEGA WINS FOR SECOND YEAR RUNNING

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Quevega showed a brilliant turn of foot to land the David Nicholson Mares’ Hurdle at Cheltenham for the second year in succession.

3.30pm: BINOCULAR VICTORIOUS IN FEATURE RACE

Binocular, trained by Nicky Henderson and ridden by Tony McCoy, won the Smurfit Kappa Champion Hurdle, the feature race on the festival's opening day.

3pm: Bookie Paddy Power unveiled the world’s longest free-standing billboard on Cleeve Hill overlooking the Racecourse.

The colossal sign is a staggering 270ft long eclipsing the previous world record holder which stood at 160ft long and also dwarfs the iconic Hollywood sign in Los Angeles.

2.45pm: CHIEF DAN GEORGE WINS WILLIAM HILL TROPHY

Chief Dan George held the late thrust of The Package to land the William Hill Trophy at Cheltenham for Jimmy Moffatt.

2.30pm: Chelsea and England footballer Ashley Cole has been spotted enjoying a day at the races.

2.15pm: SIZING EUROPE TRIUMPHS

Sizing Europe maintained his unbeaten record over fences with a impressive display in the Irish Independent Arkle Challenge Trophy.

The eight-year-old was left in front when Mad Max made a bad mistake at the second-last and although Somersby and Osana came at him after the final fence, Sizing Europe kept up the gallop to take top honours by three-quarters of a length.

2pm: Celebrities have been spotted soaking up the atmosphere at the festival. Manchester United star was seen as well as former snooker champion John Parrott.

1.40pm: MENORAH WINS FESTIVAL OPENER

Philip Hobbs’ Menorah edged out Get Me Out Of Here in a thrilling finish to the Spinal Research Supreme Novices’ Hurdle at Cheltenham, with hot favourite Dunguib coming in third place.

1.30pm: St John's ambulance crews are on hand to provide medical assistance to race day punters. There are 32 volunteers working at various points across the course, including a cycle response team and four ambulance crews.

Andy Cumming, operational services manager for St John's ambulance, said: “There have ony been a few minor problems, mainly linked with people forgetting their medication which isn’t too much of a problem as we have a doctor and pharmacy on site.

"However we would urge racegoers to remember their medication if they are planning to be out all day.”

12.30pm: There is a carnival atmosphere at Cheltenham racecourse as punters basked in sunshine in excited anticipation of the opening race.

Edward Gillespie, chief executive of the racecourse, said: "For people so to start off in these conditions is wonderful. It makes the whole thing zing along. I’m delighted for everybody."

Festival goers are busy laying on their bets before starter's orders.

Racegoer Sophia Brudenell, 24, from London, said: "I’m hoping to win some money on Woolcombe Folly in today’s race as well as tucking into some champagne later, although I’m not expecting any big wins. My biggest bets are probably £5 each way."

11.15am: Traffic is getting heavier around the racecourse, moving slowly on the A40 all the way out to Charlton Kings.

Vehicles are moving slowly on the A435 all the way back to the last roundabout in Bishop’s Cleeve and on the A4019 traffic is backed up to Withybridge.

Police say the Golden Valley Bypass and Princess Elizabeth Way are flowing smoothly.

10.45am: Traffic is moving slowly on the A40 out to Charlton Kings and on the A435 it is backed up to the Zurich building heading into Cheltenham.

On the A4019 traffic is backed up to Withybridge but all other routes are flowing smoothly.

10.30am: Traffic is becoming heavier around the racecourse but police say all roads are moving well.

10am: The sun is shining and racegoers are sampling their first drop of the black stuff before Cheltenham Festival gets underway today.

Prestbury Park looks stunning in the early morning glow as the final preparations were taking place for the biggest event in the county's calendar.

William's Cafe in Crescent Terrace was heaving from 7am with punters tucking into plates of sizzling bacon, eggs, sausages and tomatoes.

Bruce Betteridge, who runs the cafe with his wife Sue, said: "We had the first customers waiting outside at 7am and it hasn't stopped since.

"If we have a good week we will get four times more than our normal takings."

Jemma Holland, manager at Ladbroke's in the High Street, said staff at the bookies were bracing themselves for a betting frenzy.

"We've already had several people come in and place quite large bets this morning," she said. "One person put £750 on a single stake.

"But we don't mind if the punters win plenty of money today. It will keep them coming back to us for the rest of the week."

Throughout the town centre the party atmosphere is tangible, with punters washing down their fried breakfast with pints of Guinness.

Trevor Crawley, 57, from Banbury, said: "There is a terrific atmosphere and the sun is shining which will please everyone. It's not often you get an excuse to have a drink at 9am but this is one of those special occasions when it's allowed."

The Daily Mirror announced that bookies stand to lose £32 million if the Irish favourites win today, with punters reportedly trying to make their stake for the rest of the week by piling money on Dunguib - red hot favourite in the opening race.

Elsewhere stable groom Alan McIlroy, 35, stands to win a staggering £100,000 bonus if favourite Go Native crosses the line in first place.

More than 200,000 punters are due to flood the gates at Cheltenham between now and Friday with the climax of the week the Gold Cup seeing Denman and Kauto Star set to do battle again.

The venue was a hive of activity yesterday with a small army of gardeners, workmen, barmen, TV crews, cleaners and traders were on hand to put the finishing touches on preparations for the showpiece event, which is expected to attract gate receipts of about £7 million.

As well as bookies, there are 80 stands to prepare selling a huge range of goods including flowers, wellies, wine, silverware to books and binoculars.

Staff at Gloucester-based tent specialist Attwoolls, which is responsible for setting up hospitality marquees, have been working overtime to get the site ready in time.

Foreman Alan Westbury said: "I've been coming here for the past 30 years and it's easily the biggest job we do.

"We have been preparing since mid-January with a team of 18 putting up some 30 pavilion style marquees, which cover thousands of square feet.

"Our biggest concern is the wind, which can cause quite a lot of disruption. At the moment conditions are set fair so we are keeping our fingers crossed it stays like that."

Dozens of TV crews were busy setting up camera equipment to cover the event, which is broadcast to viewers across the globe.

Roger Lewiston, who works for Channel 4 Racing, said: "We are preparing to work long hours – starting at 6.30am every day and sometimes not finishing until around midnight.

"Around 40 cameras have been set up covering every inch of the turf so we can follow the horses all around the course.

"The equipment comprises thousands of miles of cable. In terms of the scope of the job, this event is second only to the Grand Prix at Silverstone."

Caterers have been stocking up with barrels of Guinness and crates of champagne to cater for thirsty race-goers.

The week will see 12,000 people enjoy three or four course meals, with the rest of the crowd feasting on burgers, hot dogs and sandwiches which, if laid on end, would stretch almost three miles.

A chef at the Jockey Club hospitality tent said: "Our food preparations started two months ago, but have intensified over the past week.

"Our guests are set to get a mouth-watering spread including lobsters, suckling pigs, oysters and smoked salmon.

"You can already smell some delicious smells wafting through the air. I just hope there will be some leftovers for us at the end of the week."