While more than 200,000 spectators are expected at the Gloucestershire track during the week, thousands of others are heading for Spain’s Costa del Sol,, external where they say it is cheaper to watch the action on big screens.
Festival organisers have said they expect ticket sales to be down for the third year running despite announcing changes in September aimed at improving competition in races and the experience of racegoers.
In a bid to increase interest and field sizes amid domination by Irish-trained runners, conditions for five races have been changed.
For racegoers, a new park-and-ride system, additional coaches and extra hardstanding areas at the course for car parking have been introduced.
Cheltenham have frozen ticket prices, increased food and drink options and offered new accommodation deals following criticism from fans and falling attendances.
But people who have headed for tourist destinations like Benidorm and Tenerife to follow the action say flights and accommodation are cheaper than Cheltenham hotels and the cost of attending the races.