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Paddy Power expands jump racing presence at Cheltenham

Bookmaker Paddy Power has renewed its association with Cheltenham Racecourse by becoming the naming sponsor of the second day of the Open Meeting at the English horse racing venue.

Under a three-year deal to secure the title of Paddy Power Open Saturday, the Irish company will also continue to sponsor Friday's Handicap Chase as well as Saturday’s showpiece Gold Cup.

Additionally, utilities specialists Murphy Group will sponsor the Grade Three handicap chase on the Saturday of the November 15-17 event.

The overall prize fund on offer at the Open Meeting at Cheltenham will increase by six per cent for 2013 to £743,000 (€887,000/$1.2m). The Paddy Power Gold Cup winner will secure £160,000.