The Melbourne Cup is one of the most iconic horse racing events in the world, with millions of dollars of betting money being placed on the race each year. 2020 was no exception, with an estimated $360 million being bet on the race, making it the biggest betting event in Australia of the year. In this article, we’ll take a closer look at how much money was bet on the Melbourne Cup in 2020, including the details of the total amount bet, the types of bets placed, and the biggest winners of the day.
Total Amount Bet on Melbourne Cup 2020
The total amount bet on the Melbourne Cup in 2020 was estimated to be $360 million, making it the biggest betting event of the year in Australia. This figure is slightly down from 2019, when $400 million was bet on the race. However, due to the COVID-19 pandemic, the Melbourne Cup was held behind closed doors this year, which many believe had a negative impact on the amount of money bet on the race.
Types of Bets Placed on Melbourne Cup 2020
The most popular types of bets placed on the Melbourne Cup are win bets, place bets, and exotics. Win bets are placed on the horse that is expected to win the race, while place bets are placed on horses that are expected to finish in the top three. Exotic bets are placed on multiple horses and can include combinations of win, place, and quinella bets.
Biggest Winners of Melbourne Cup 2020
The biggest winner of the Melbourne Cup 2020 was the TAB, which took in an estimated $200 million from the race. The second biggest winner was the bookmakers, who took in $60 million from bets placed on the race. The third biggest winner was the punters, who took home an estimated $100 million from the race.
Biggest Losers of Melbourne Cup 2020
The biggest loser of the Melbourne Cup 2020 was the bookmakers, who lost an estimated $60 million from bets placed on the race. The second biggest loser was the punters, who lost an estimated $100 million from the race. The third biggest loser was the TAB, who lost an estimated $200 million from the race.
Most Popular Bets of Melbourne Cup 2020
The most popular bets of the Melbourne Cup 2020 were win bets, place bets, and exotics. Win bets were the most popular type of bet, with an estimated $270 million being placed on the race. Place bets were the second most popular type of bet, with an estimated $60 million being placed on the race. Exotics were the third most popular type of bet, with an estimated $30 million being placed on the race.
Biggest Payouts of Melbourne Cup 2020
The biggest payouts of the Melbourne Cup 2020 were for win bets and exotics. The biggest win bet payout was for the winning horse, Twilight Payment, which paid out $5.50 for every $1 bet. The biggest exotic payout was for a quinella bet, which paid out $100 for every $1 bet.
Biggest Winners of Melbourne Cup 2020
The biggest winner of the Melbourne Cup 2020 was the punter who placed a $10,000 quinella bet on the winning horses, Twilight Payment and Prince of Arran. The punter walked away with a whopping $1 million payout. Other big winners included a punter who placed a $50,000 win bet on the winning horse, Twilight Payment, and walked away with a $275,000 payout, and a punter who placed a $2,500 quinella bet on the winning horses, Twilight Payment and Prince of Arran, and walked away with a $25,000 payout.
Where did Punters Place their Bets?
The majority of punters placed their bets at the TAB, with an estimated $200 million being placed on the race. Online betting sites were the second most popular choice, with an estimated $120 million being placed on the race. Other popular betting venues included the trackside bookmakers, with an estimated $30 million being placed on the race, and the pubs and clubs, with an estimated $10 million being placed on the race.
Conclusion
The Melbourne Cup 2020 saw an estimated $360 million being bet on the race, making it the biggest betting event of the year in Australia. The majority of the money was bet on win bets, place bets, and exotics, with the biggest payouts being for win and exotic bets. The biggest winner of the day was a punter who placed a $10,000 quinella bet on the winning horses, Twilight Payment and Prince of Arran, and walked away with a whopping $1 million payout.