Matchbook, one of the UK’s biggest betting exchanges, is offering new customers £40 in free bets for the Cheltenham Festival.
The Matchbook Cheltenham offer is a bet £20, get £40 in free bets promotion, but it’s not the only offer they are running for the 2026 edition of the National Hunt meeting.
Below is a guide to the Matchbook welcome bonus, its other Cheltenham offers, and an explainer on betting exchanges for those new to this type of bookmaker.
What is the Matchbook Cheltenham offer?
The Matchbook Cheltenham offer is a bet-and-get offer for new customers.
Sign up to Matchbook and place 2x £10 wagers on horse racing markets at odds of 2.0 or greater and once the bets have been settled, Matchbook will credit punters with £40 in free bets.
To claim this offer, you must sign up using the Matchbook promo code ‘MB40’ via one of the links on this page.
You will receive the free bets once you have bet and settled two separate £10 bets on horse racing. Singles and multiples are both eligible.
The £40 in free bets will be credited within 48 hours of meeting the qualifying criteria and are split into 6x £5 multiples on horse racing markets only and 1x £10 free bet on exchange horse racing markets only.
What is the Matchbook bonus code for the Cheltenham offer?
A Matchbook bonus code is required to access this Cheltenham offer. Enter the promo code ‘MB40’ during the sign up process to qualify for this offer.
Failure to do so could mean you are ineligible for Matchbook’s Cheltenham offer.
How does Matchbook compare with rival Cheltenham offers?
Matchbook’s welcome offer of bet £20 and get £40 in free bets is one of the top Cheltenham betting offers for 2026, but how does it match up against their competition this year? Below is a table comparing Matchbook to its closest rivals.
| Bookmaker | Offer | Free bet restrictions? | Eligible payment methods |
|---|---|---|---|
| Matchbook | Bet £20, get £40 in free bets | 6x £5 horse racing multiples. 1x £10 free exchange bet on horse racing | Debit card, Skrill, Neteller, Apple Pay, Google Pay |
| Bet365 | Bet £10, get £30 in free bets | N/A | Debit card, Apple Pay, bank transfer |
| Betfred | Bet £10, get £40 in free bets | 2x £10 free sports bets, 2x £10 free accumulator bets | Debit card, Apple Pay, instant bank transfer |
| BetGoodwin | Bet £10, get £15 in free bets | 1x £5 sports bet, 1x £5 acca bet, 1x £5 sub cover bet | Debit card |
| BetVictor | Bet £10, get £20 | 2x £10 horse racing free bets | Debit card, Google Pay, Apple Pay |
Matchbook Cheltenham offers & free bets
Aside from their welcome bonus, Matchbook has a host of other offers available for the duration of the Cheltenham Festival.
As a betting exchange, Matchbook do not have as many offers as most fixed-odds betting sites.
Bettors wanting features like no-runner no bet or best odds guaranteed will need to go elsewhere, but here is a look at what else you can expect to see from Matchbook during the Cheltenham Festival.
- Bet and get: Bettors can claim a £5 free bet to use on greyhounds when they wager £20 on the last race of the day at Cheltenham. This offer is available throughout the festival.
- Cheltenham multi rebates: Get 10% back on your net losses on multiple bets on Matchbook at the end of the month.
- Cheltenham specials: Find a range of specials available for the 2026 Cheltenham Festival that aren’t available anywhere else.
- Live streaming: Every race at Cheltenham can be watched live stream on Matchbook.
How does the exchange betting work?
Matchbook is a betting exchange rather than a traditional fixed‑odds bookmaker, which means it operates on a peer‑to‑peer model.
Instead of taking a price set by a bookmaker, punters bet against one another, so odds are often bigger than those found at fixed‑odds sites. The trade‑off is that exchanges typically offer fewer promotions or bonuses.
The Matchbook Exchange works much like a financial market. Users can back a horse to win or lay it, effectively betting that it won’t win. Every wager must be matched by another user on the opposite side of the bet.
Because you’re dealing with fluctuating, user‑driven prices, the exchange can reward savvy bettors – but it isn’t ideal for beginners. Understanding how odds move, how to manage liabilities, and how to read the market takes research, practice, and confidence.
Responsible gambling
Bettors should always gamble responsibly, especially during the Cheltenham Festival, with a number of offers and betting markets widely available.
You should always stick to a budget and never exceed it.
Never chase your losses. Always remain in control of your time and budget.
Bettors should use responsible gambling tools provided by gambling sites, such as deposit limits, loss limits and self-exclusion among others.
These safer gambling principles should apply whether you are using online bookmakers, slot sites, casino sites, bingo sites, or any other gambling medium.
In the UK, there are a number of gambling addiction charities ready and prepared to help you with counselling, support groups and practical advice on how to help you recover if you do lose control:
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