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There is £400,000 in prize money up for grabs on Day 3, with some of the biggest names in racing set to take part.
The festival's showpiece event will see a 27-strong field compete to win the coveted Ayr Gold Cup, and plenty of drama is expected down the straight.
Last year's winner, Captain Ramius, will take part again this year as trainer Kevin Ryan looks for a second consecutive victory.
Other races on Day 3 include the Ayr Silver Cup, the Doonside Cup Stakes, the Mini Ayrshire Handicap and the Firth of Clyde Stakes.
Ayr Gold Cup, 3.50 p.m. BST
Raced over six furlongs, the Ayr Gold Cup is one of the most prestigious flat races on the British racing calendar.
Competed for by horses aged three and over, the festival's showpiece event has total prize money of £155,000—with £96,488 reserved for the winner.
There will be 27 horses in Saturday's race, and with the going currently rated as soft, many jockeys will fancy their chances at Ayr racecourse.
The favourite for the race is Jack Dexter, a four-year-old trained by Jim Goldie and ridden by Graham Lee.
Available at 8-1 with most bookmakers, Jack Dexter is suited to racing on soft ground and more rain could enhance his chances still further.
Goldie, who also has Hawkeyethenoo in the race, is looking to become the first Scottish trainer to win the famous race since 1975.
He will have to beat last year's returning winner Captain Ramius, trained by Kevin Ryan and ridden by Pat Smullen.
The seven-year-old is available at 14-1 with the likes of Paddy Power, Ladbrokes and William Hill.
Other horses to look out for are second-favourite Baccarat, who is 10-1 with SkyBet, and the useful Gabriel's Lad, who is at 12-1 across the board.
Tip: Favourite Jack Dexter will make the most of the wet conditions and come out on top.
Ayr Silver Cup, 2.40 p.m.
A race for three-year-olds and upward and run over six furlongs, the Ayr Silver Cup is the perfect warm-up race before the afternoon's big event with £50,000 in prize money spread out across those finishing first to sixth.
The favourite for Saturday's run is Colonel Mak, a six-year-old trained by David Barron and ridden by Graham Gibbons.
However, it is an unpredictable field, and at least half of the 27-strong lineup could be considered worthy each-way bets.
Others sure to be challenging for the finishing line are Harrison George, who is 14-1 with race sponsors William Hill, and Sir Reginald, who is 14-1 with Bet Victor.
Tip: In-form Clear Spring is a good each-way bet at 20-1 across the board
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