Melbourne Cup 2023 Betting

The Melbourne Cup is the biggest prize in Australian thoroughbred horse racing, always run on the first Tuesday in November at Flemington Racecourse in Melbourne. It is the biggest betting event of the year in Australia, attracting millions of bets from around the globe across all of the top horse racing betting sites.

Melbourne Cup commentator Matt Hill - who spoke to Gambling.com for Episode 3 of The Knowledge Podcast - explained how he has to "concentrate so much more" than usual due to the number of people watching, which should give you a good idea as to the magnitude of this race.

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How To Bet On The Melbourne Cup

The Melbourne Cup has the same betting options as other major races, like the Gold Cup at the Cheltenham horse racing or the Grand National. These three types of bets are the most common wagers placed each year during the Melbourne Cup festival:

• Each-Way | It's the most popular Melbourne Cup betting option. You back a horse to win or place - placings generally go down to 4th position, but sometimes 5th or 6th, depending on your bookmaker. If the horse wins, you get a return on the win part of your bet, and the place part. If the horse places, you get a return on your place bet.
• Forecast | A good alternative to the outright win bet, this involves picking the first 2 horses to finish in the correct order. You can go each-way on this bet (reverse forecast), or pick the first 3 in a Trifecta, or the first 4 in a Superfecta.
• Betting Without | This is a new market, where gamblers can place a bet on a horse to win as if the favorite was not running. It's not always available and is most common when there is a very strong favorite.

Melbourne Cup Odds Explained

The odds in the Melbourne Cup are presented to Australian bettors in a different way. Each of the 24 horses running in the Melbourne Cup will be presented as a dollar amount. This means that if a horse is valued at A$5, every dollar you bet on that horse will return A$5 if it wins. To convert this into fractional odds, bettors can split the A$5 payout into a profit of A$4 with a A$1 outlay. This would give odds of 4/1.

The best online betting sites like to provide Melbourne Cup odds in this fashion as an alternative to fractional or decimal odds as it may be easier for a first-time gambler to understand on the day of the Cup. Most online bookmakers will, however, provide all bets in fractional or decimal odds for more traditional bettors too.

Consider these points when plotting your horse racing betting strategy.

The Race That Stops a Nation

As mentioned above, Australia's Melbourne Cup is known to the locals as ‘the race that stops a nation’ and is the most coveted prize in Australian thoroughbred horse racing. It is a huge horse racing betting event, run on the first Tuesday in November each year - a day designated as a national holiday.

More than 200,000 eager bettors flock to Flemington Racecourse on the day of the Melbourne Cup. Offices across Australia stop work close to race time, and throughout the country it is televised on screens at local race tracks.

The Melbourne Cup reaches around 650 million people through its live television broadcast and over the course of the four-day Melbourne Cup Carnival, over AU$650 million is wagered - $350 million of that spent betting on Cup day itself.

Interesting fact about the Melbourne Cup:

In the Melbourne Cup's 159-year history, only five horses have won the Cup more than once, Makybe Diva holding the record of three.

Most Recent Melbourne Cup Winners' Odds

Related Betting Guides

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