It is the race that stops a nation, and as such, the Melbourne Cup is always the most popular race betting wise, with some freakishly large pools and sums from everyday Australians looking to bet on the great race.
It’s the race where the once a year punters, or people who don’t bet at all, have a keen interest on the race. But there are many types of betting options on the race and for most punters, they aren’t sure how those options work. Here is a guide on the key Melbourne Cup betting options.
The most popular option is the win bet. This option sees you pick a runner and if it finishes first, so do you. Given there are 24 runners in a Melbourne Cup every year, the odds are quite huge, usually $7 the field for the race, so if you do back the winner, you’ll be sure to get great value.
Next best is the place bet. This option sees you pick a runner and it has to finish in the top three to get a collect. Again, as said before, with 24 runners, even the place odds are great compared to everyday fields given how open the race is. For example, the 2017 Melbourne Cup winner Rekindling paid $15 for the win but for the place paid upwards of $5. Some betting agencies even pay a place dividend fourth but you’ll have to speak to your betting agency.
The other two bet types are for the thrill seekers, starting with the Trifecta. This means you have to get first, second and third in correct order to get a collect. It’s very difficult to do but if you are to be successful, it’ll be your shout. The best option of tackling the trifecta is via flexi, where you can take multiple runners in each position, bettering your chance of winning, but the winning percentage of your bet will come down.
The first four is the big daddy of pay days for punters. You have to get first, second, third and fourth in order to collect. Similar to the trifecta, it’s hard to do, but if you nail it, you could nearly go into retirement. Some remarkable stories have been told re first four wins in the Cup, usually along the lines of country folk who never bet but have a sneaky first up and end up winning high five figures or sometimes seven figures.