Attendees can also try their luck at Coral’s branded high striker. Depending on their strength they’ll get a free bet worth £5 or £10. Those who successfully hit the bell will receive the top prize of £20.
The activation, which was masterminded by creative agency Space, is being advertised via series of circus-themed projections across Cheltenham's city centre.
The Cheltenham Festival culminates with the Cheltenham Gold Cup. This year, 200,000 racegoers are expected to attend the four-day event.
Jason Nicholas, managing partner at Space, said: "Cheltenham is a highlight of the racing calendar with a circus-style atmosphere of its own. We wanted to reflect that with activity that was fun and in the spirit of Cheltenham, as well as helping Coral to really make its mark and stand out amongst the competition noise."