PADDY Power has lost its sponsorship of the feature race at Cheltenham’s November meeting to rival firm BetVictor. Formerly known as the Paddy Power Gold Cup, the handicap chase will be sponsored by BetVictor for the next three years. Founded by Victor Chandler, BetVictor is now controlled by Michael Tabor.

The new sponsor will also take over the running of the betting shop in the Sovereign Bar area of the main grandstand at Cheltenham with immediate effect and sponsor the blimp which provides Channel 4 with aerial coverage during the festival.

Paddy Power is the latest casualty of British racing’s Authorised Betting Partner [ABP] scheme which requires bookmakers to hand over a percentage of their online betting profits to the sport in return for certain racecourse rights and benefits, including race sponsorship. BetVictor recently became an ABP but Paddy Power has so far declined to sign up.

Ladbrokes has also remained outside the scheme and next week’s World Hurdle no longer carries their sponsorship. The first running of the BetVictor Gold Cup will be on November 12th. The extended two and a half mile race was first run in 1960.