Why ITV don't show the last two races at Cheltenham

It's that time of year again where horse racings fans up and down the country open their wallets and indulge themselves in the Cheltenham Festival.

Around 250,000 people will descend on the Gloucestershire course, with the festival dating back to 1860. Those who aren't lucky or fortunate enough to get a ticket will tune into ITV's four day coverage of the world famous event, with some people even known to take time off work so that they can follow every step of the action in what is one of the biggest weeks in the UK's annual sporting calendar.

In millions of households around the country, fans will tune in to join host Ed Chamberlain and his expert team of experts including former jockeys AP McCoy and Ruby Walsh and former horse breeder and trainer Francesca Cumani to hear their tips for the day in each of the festival's seven races. But one question continues to be one most punters lips: Why do ITV only show five of the seven races each day at the world's most glamorous horse racing extravaganza?

The answer is quite simple really, broadcasting regulations don't allow them to televise any more. Racing TV, which was launched in 2004, exclusively holds the rights to the two final meetings of the day, which take place at 4.50pm and then again at 5.30pm. Formerly known as Racing UK, the channel is part of the Racecourse Media Group Ltd and also has a total of 34 racecourses among its shareholders.

Racing TV hold exclusive rights to all of the country's most renowned racetracks, including each of the five courses in Scotland: Ayr, Hamilton Park, Kelso, Musselburgh and Perth. It is one of the two major horse racing television channels in the UK, rivalled only by Sky Sports' dedicated racing channel.

On the whole, Racing TV