The Melbourne Cup is Australia’s most famous and prestigious horse race, held annually on the first Tuesday of November. It is the richest two-mile handicap in the world, and draws thousands of people to the racecourse each year. It is also one of the most popular betting events in the country; with millions of dollars being wagered on the race each year.
What is the Total Amount of Money Bet on the Melbourne Cup?
The total amount of money bet on the Melbourne Cup in 2019 was a staggering $266 million. This was a record-breaking figure, and was up 25% from the previous year. The most money is usually bet on the race itself, with $200 million being wagered on the outcome. The remaining $66 million is spread across a multitude of different betting markets and events, such as the Melbourne Cup carnival and other associated races.
Who Bets on the Melbourne Cup?
The Melbourne Cup attracts a wide range of different bettors; from the casual punter to the professional bookmaker. The most popular bettors are the casual punters, who make up the majority of the bets placed on the race. These punters are often drawn to the race due to its prestige and the potential for large payouts. Professional bookmakers also play a role in the race, with many offering live betting and fixed-price betting options.
Types of Bets
There are several different types of bets available on the Melbourne Cup, including:
- Win/Place/Show: This is the most common type of bet placed on the Melbourne Cup, and involves picking the horse that will win, place or show in the race.
- Exacta: This is a bet that involves picking the first two horses to cross the finish line in exact order.
- Quinella: This bet involves picking the first two horses to cross the finish line in any order.
- Trifecta: This bet involves picking the first three horses to cross the finish line in exact order.
- First Four: This bet involves picking the first four horses to cross the finish line in exact order.
Odds and Payouts
The odds and payouts for the Melbourne Cup vary depending on the type of bet placed and the horses involved. Generally speaking, the odds can range from very long to very short, with the payouts increasing as the odds get longer. For example, a bet on the favourite may have odds of $1.50 and a payout of $3, while a bet on an outsider may have odds of $20 and a payout of $40.
Betting Strategies
There are several different betting strategies that can be employed when betting on the Melbourne Cup. Some of the most popular strategies include:
- Favourite: This is the most common strategy, and involves betting on the horse that is most likely to win.
- Outsider: This strategy involves betting on a horse that is not considered to have a great chance of winning, but may offer a higher payout if it does win.
- Boxed Trifecta: This is a more advanced strategy that involves betting on three horses to finish in the top three positions in any order.
- Spread Betting: This strategy involves betting on a range of horses, with the aim of covering all possible outcomes.
Betting on the Melbourne Cup Online
Betting on the Melbourne Cup online has become increasingly popular in recent years, with a range of different online betting sites offering markets and odds on the race. One of the major advantages of betting online is that it is quick and easy to place bets, and there are often bonuses and promotions available to entice new customers.
Advantages of Betting on the Melbourne Cup
Betting on the Melbourne Cup has a number of advantages, including:
- The chance to win big payouts if you pick the right horse.
- The opportunity to watch the race live from the comfort of your own home.
- The ability to bet on a range of different markets and events.
- The convenience of being able to place bets online.
- The potential to take advantage of bonuses and promotions offered by online betting sites.
Disadvantages of Betting on the Melbourne Cup
Betting on the Melbourne Cup also has a number of disadvantages, including:
- The risk of losing money if you pick the wrong horse.
- The potential for betting to become addictive if not done in moderation.
- The possibility of being scammed by an online betting site.
- The chance of being caught up in a betting dispute.
Conclusion
Betting on the Melbourne Cup is a popular pastime in Australia, with millions of dollars being wagered on the race each year. It is important to understand the different types of bets, odds and strategies before placing a bet, and to be aware of the risks associated with betting. With a bit of knowledge and luck, betting on the Melbourne Cup can be a fun and rewarding experience.
References
Australian Racing Board. (2020). Betting Rules & Regulations. Retrieved from https://www.australianracingboard.com.au/betting-rules-regulations/
Racing.com. (2019). Melbourne Cup 2019: Punters bet a record $266 million. Retrieved from https://www.racing.com/news/2019-11-06/melbourne-cup-2019-punters-bet-a-record-266-million
Racing and Sports. (2020). Betting Strategy. Retrieved from https://www.racingandsports.com.au/betting/strategy