Why non-runner no bet takes the fun out of ante-post betting in the build-up to the Cheltenham Festival

The jumps action over the Christmas period was excellent and there's an awful lot to look forward to on the track in 2025, with Britain finally looking to have a fighting chance of competing with the Irish at the Cheltenham Festival. 

So forgive me for doing my best Ebenezer Scrooge impression, but I was really depressed to see the first bookmaker come out and go non-runner no bet on the festival in March.

I ask myself why would a major bookmaker launch this concession so early if it wasn't largely for their own benefit, in both financial and publicity terms? All it means is that punters are persuaded to back horses at much shorter prices than they should be and get what in my view is poor value.