Red Splash showed early promise as a steeplechaser and won four times over fences in the 1923/1924 National Hunt season including a race at Cheltenham Racecourse in November. In the spring, he was entered in the inaugural Cheltenham Gold Cup in which, as a five-year-old, he carried nine pounds fewer than his older opponents. Withington had reservations about running the horse in the race as Red Splash had sustained an injury which interrupted his preparation. The likely favourite, Alcazar, was withdrawn on the morning of the race, and his jockey, Dick Rees, was engaged to take the ride on Red Splash. The five-year-old started at odds of 5/1 in a nine-runner field with his biggest rivals looking to be Forewarned, Gerald L, and Conjuror (third in the 1923 Grand National). After leading in the early stages, Red Splash dropped back but recovered to regain the lead at the second-last fence. The final stages saw a sustained three-way struggle as Red Splash fought off strong challenges from Conjuror and Gerald L to prevail by a head and a neck.