Britain's most prestigious jumps race, the Cheltenham Gold Cup, is without a sponsor as a consequence of the "authorised betting partners" initiative.

Betfred has sponsored the showpiece since 2012 but its association with the blue riband of jumps racing will not be renewed in 2016, nor will its backing of the Group One Sprint Cup at Haydock.

Jockey Club Racecourses, which owns both Cheltenham and Haydock, is supporting the new initiative with bookmakers who can sponsor races if they contribute what is considered "a fair and mutually sustainable funding relationship with the sport".

"As supporters of the authorised betting partners initiative we recognised there may be some effect on current partnership arrangements, but it is essential for British racing is to do everything necessary to secure sustainable funding for the future we want for the sport," A JCR spokesman said.

A Betfred spokesman declined to comment.

Betfair, meanwhile, is the first to use its status as an authorised betting partner and will sponsor the Tingle Creek Chase at Sandown in a two-year deal.