It is run over a distance of 1 mile (1,609 metres) at Doncaster in late March or early April.
It is traditionally the feature event on the first Saturday of Britain's turf flat racing season.
It usually takes place one or two weeks before the Grand National, and for betting purposes the two races form the Spring Double.
The company started a new period of sponsorship in 2006 which ran until 2014, and from 2015 to 2017 the race was sponsored by the bookmakers Betway.
The names of the winning horses from 1926 (King of Clubs) to 1937 (Marmaduke Jinks) are used in the Waddingtons board game Totopoly.