PUNTERS are set to bet £1billion for the first time at the Cheltenham Festival.

Bookmakers expect wagers at next week’s showpiece to hit a record high.

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OpenBet, which processes online flutters, said £500million was staked in 2022.

An insider said: “We expect the figure to hit the billion mark.

“There are more people betting on Cheltenham than ever before.”

The biggest outlays will be on Friday, when Galopin Des Champs goes for a third Gold Cup.

Unbeaten sensation Constitution Hill, trained by Nicky Henderson, is also being widely tipped for Tuesday’s Champion Hurdle.

But 6/1 hopeful Salvator Mundi is proving to be the third most popular pick of the week for a win in the opening Supreme Novices.

Guinness sales could also break records, with an estimated £2million spent on more than 300,000 pints.

Meanwhile, Brits are flocking to Benidorm to watch the festival at bars in the sun, with bookings up 28 per cent on last year, says On The Beach.