The race is for novice hurdlers, and it is scheduled to take place each year during the Cheltenham Festival in March.
It is the first event on the opening day of the Festival, and its start is traditionally greeted by the "Cheltenham Roar", a loud cheer generated by the crowds of onlookers.
The race was originally called the Gloucestershire Hurdle, and it used to be split into two or three separate divisions.
The Irish trainer Vincent O'Brien recorded ten victories in the race during an eight-year spell in the 1950s.
Its present title was introduced when Waterford Crystal started to back the race in 1978.