With the National Hunt season now in full swing, this is a good time to look ahead to the four feature races at the Cheltenham Festival, starting with the Champion Hurdle.

Let's begin with last year's winner, Katchit, who is trading at a standout 10/1 with Ladbrokes for a repeat. You may remember, last year's Champion Hurdle was run in bizarre weather conditions, and it was a triumph of grit over class that saw Katchit become the first five-year-old to win the race since See You Then in 1995. Take nothing away from Alan King's hurdler, who is as gutsy as they come, but I can't help thinking that, barring similar conditions in March, something will come through and beat him. Of course, he has a great Cheltenham record in his favour (five from six), but there are some nice novices from last season circling overhead, including Binocular, who has leap-frogged him in the betting despite not being seen out this season.

Nicky Henderson's Aintree winner will have to match the exploits of Katchit by defying the atrocious record of five-year-olds in the race, but the way he slammed Triumph Hurdle winner Celestial Halo at the Liverpool track without barely coming of the bridle was very impressive. Before that, he had acquitted himself well in the Supreme Novices' Hurdle, travelling like the winner at one stage, and he looks sure to be a major player in this season's big 2m contests, although whether he's a value bet at the general 6/1 is a different matter.

The Emma Lavelle-trained Crack Away Jack was no match for Binocular at Ascot last January, but he is unbeaten since, including when running away at the last to beat David Pipe's Imperial Cup winner Ashkazar in the Fred Winter Hurdle. He needs to improve again to trouble the big guns, but he is progressing the right way judging by his smooth success at Chepstow last month, although his current price of 7/1 (Paddy Power) doesn't give much scope for contraction between now and March. On the other hand, Ashkazar could represent some value at 16/1 (bet365, Chandler) as he was trying to give 2lb to Emma Lavelle's horse at Cheltenham, so wherever that one finishes he ought to finish upsides.

The Irish have a terrific record in the Champion Hurdle and Sizing Europe looks their best hope at this stage. After easily disposing of dual Champion Hardy Eustace in the AIG Europe Champion Hurdle in January, Sizing Europe was sent off the 2/1 market leader in March, but suffered an injury in the race and was pulled up on the run in. If he returns to his best, the current 7/1 (Stan James) would be a huge price, and he's already proved his well-being by finishing runner up to old adversary Hardy Eustace at Punchestown on Sunday, with Jered (12/1 Blue Square) beaten five lengths into third.

Last year's second and third, Osana and Punjabi are next in the betting at 12/1 (Skybet) and 16/1 (Paddy Power) respectively. Osana produced a stunning display of front running to beat Katchit (giving 4lb) by eight lengths in the International last December, and nearly repeated the trick in the big one on level terms, only failing by a length. Lightly raced, there should be plenty more improvement to come. Likewise Punjabi, who finished off last season by winning a Grade 1 at Punchestown, where he had Sublimity (16/1 BetDirect) in second, and he's won twice on the flat since. He looks an ideal type for the Christmas Hurdle as Kempton's flat terrain will suit him ideally.

Of the rest, Snap Tie (20/1 sportingbet) still has a bit to prove and we shouldn't read too much into his recent defeat of Katchit at Kempton as he had his perfect conditions, unlike Katchit. Still, he looked very quick that day and would come right into Champion Hurdle reckoning on good ground, which is so often the case at the Festival, although you are obviously taking a chance backing him now. Greatwood Hurdle first and second Numide (50/1 Boylesports) and Aigle D'Or (25/1 William Hill) need to show further improvement, but cannot be totally ruled out in a wide open year.

Verdict:
Sizing Europe will be hard to beat if coming back to his best and Katchit should not be underestimated but, of those at bigger prices, Ashkazar makes plenty of appeal. He's yet to put his credentials on the line this season, but he has already shown a great attitude and undoubtedly has the natural ability to take a hand come March.

Recommended Bet:

Ashkazar 1pt each way @ 16/1 bet365, Chandler