Melbourne Cup

Best Melbourne Cup Betting Sites 2024

You may be a serious veteran or just a casual punter, but one thing is certain, the Melbourne Cup is the thoroughbred racing event to wager on! The “race that stops a nation” is available on all popular online betting sites and choosing the bookie that's right for you may be easier said than done.

In this brief, New Betting Sites will guide you through your Melbourne Cup wagering journey on the most important aspects of this world-famous event. We give trusted recommendations so you can safely place your wager on the Melbourne Cup.

Keep scrolling if you want to know everything from where to bet, why to bet, and how to bet on the Melbourne Cup.

More on The Melbourne Cup

This event, also known locally as “the race that stops the nation”, is the richest two-mile turf race and one of the most prestigious racing events in the world.

The Melbourne Cup has a long tradition and is Australia's most famous annual Thoroughbred horse racing event and is a race that only lasts for approximately three and a half minutes!

The first Melbourne Cup race was held in 1861 and was originally run over two miles (3.219 km) but was later shortened to 3,200 metres.

The Melbourne Cup starts at 3pm on the first Tuesday of November and is conducted by the Victoria Racing Club on the Flemington Racecourse in Melbourne.

Every year, 24 horses will take to the track at Flemington and betting sites in Australia offers futures bets on winners’ months before the field has even been decided.

Below, we provide more details on the nitty-gritty and “need to know” of the Melbourne Cup to get you in on the action.

Why You Should Bet on Melbourne Cup

If you are wondering whether it’s a good idea to bet on the Melbourne Cup, here are a few good reasons to have a look at:

You stand to win your share of huge prize pools.
It's more enjoyable to watch the Melbourne Cup when you have a horse in the race.
Compete against friends and family and share your inside info.
FOMO is real and placing a small wager on the race won't break the bank.

Betting on the Melbourne Cup should be for fun above all else. Don’t bet on the event expecting to win or because you need to make up for a recent major loss. Bet on your own terms, be sure to set realistic boundaries, and never bet with money you cannot afford to lose.

How to Bet on Melbourne Cup

If you have chosen an online betting site that is easy to use, has great odds, offers a variety of betting types, has exciting bonus offers plus a bunch of additional features and stats to help you make informed bets, you’re halfway there.

If you’re not sure about how to bet on the Melbourne Cup 2022, NewBettingSites offers this step-by-step guide through the basics:

Step 1: Choose a betting site from one of our recommendations on our Best Melbourne Cup Betting Sites and register your free betting account.
Step 2: Make your deposit in the “Account” section.
Step 3: Find “Melbourne Cup” in the racing section.
Step 4: Search the market with the best betting odds representing the horse of your choice and select your betting type.
Step 5: Enter your stake and select “Place Bet”.

Before you place your bet, do a bit of research about the horses running in the Melbourne Cup. Your bookie should provide a guide that includes recent form, betting tips and other useful info that will influence the outcome of a chosen thoroughbred.

Betting Big with Bookmakers On The Melbourne Cup

There are a lot of betting types you can choose, and we elaborate more on that below under our section on Melbourne Cup Betting Types. Popular Melbourne Cup bets include Win and Place, Quinellas, Exactas, Trifectas and Firs 4s which might pay out a lot of money.

It’s quite common for corporate bookies to cut off successful punters and cap bets that are made by serious, professional punters. The Melbourne Cup, however, is synonymous with big bets placed all year round and particularly heats when the Melbourne Cup nominations are released.

With each sportsbook, the betting amount varies, but the industry standard is about $0.50. Betting wagers can vary from as little as $0.01 and as much as $1.

Comparing Odds For The Melbourne Cup

They usually display odds in a decimal format like 5.00, for example, and are an easy-to-understand mathematical equation. It’s as simple as multiplying this number by your stake to calculate your return.

If you place a $5 bet on a horse paying 5.00, you will receive 5 x 5.00, which equals a return of $25.

Next to each horse on any market, the dollar terms state the price of the horse (for example, $2.00, $4.50, $10.00, $41.00, etc).

The number represents a dollar expression of what the market thinks is the horse’s chance of winning the race.

By dividing any horse’s price into a 1, you get the percentage chance they give the horse to win. Here are a few examples to clarify:

1 / $2 = 50%

1 / $4.50 = 22.2%

1 / $10 = 10%

1 / $41 = 2.4%

To go a little further, with a 2/1 shot of winning, for every 1 unit (or dollar) you bet, you will receive 2 units if you win (plus your initial stake). So, a $10 bet will give you a $30 return.

Similarly, with a 7/2 shot of winning. For every 2 units you bet, you will receive 7 units if you win (plus your initial stake). So, a $10 bet reaps a $35 return. You can go more in-depth, but this illustration covers the basics.

Melbourne Cup Betting Promotions

A recent change in the Australian legislation prevents online bookmakers from offering punters any kind of inducement or incentive for signing up and betting.

However, bookmakers can still (legally) offer Melbourne Cup promotions and betting specials for existing customers.

As soon as you have registered with the bookmaker of your choice, you will have access to the bonus offers, promotions, and specials they have available to you as a valued customer.

The best time to place a bet with an online bookmaker is during the Melbourne Cup Carnival, as it is fast, easy, and packed with bonus offers to take advantage of across all our recommended bookmakers.

Read up on our reviews on the latest Sportsbook Referral Codes for more information regarding Melbourne Cup betting deals.

Melbourne Cup Betting Types

Here is a simple definition of betting terms when betting on the Melbourne Cup:

Win: Put your money on the horse you think will win the Melbourne Cup.
Place: Pick a horse that you think will finish in the top three.
Each Way: Put equal amounts on a horse for the win and a place.
Quinella: Bet on the horses you think will finish first and second, in any order.
Exacta: Bet on the horses you think will finish first and second, in exact order.
Trifecta bet: Bet on the horses you think will finish first, second, and third, in exact order.
First Four: Bet on the horses you think will finish first, second, third and fourth, in exact order.
Quadrella (Quaddie): Pick the winner for four nominated races on the day.
Treble: As above, but for three nominated races.
Double: As above, but for two nominated races.
Fixed Odds/Future Betting: Odds fluctuate right up until the race jumps in line.

Live Streaming the Melbourne Cup

Not all bookies offer this feature for the Melbourne Cup as it’s a race that doesn’t allow in-play betting or cash out tools. The only reason for wanting to watch the Melbourne Cup live is simply because it’s fun!

If you have a few wagers on the line and watch the game live from anywhere in the world, it becomes even more enthralling.

Over 200,000 bettors eagerly flock to Flemington Racecourse each year to experience the “race that stops the nation” first-hand, and watching the race live is the next best thing to experiencing the action.

Choose between any of the betting sites below that offer Melbourne Cup live streaming:

Ladbrokes
Neds
Dabble
bet365
Betr

Payment Options Available on Melbourne Cup Betting Sites

Popular online betting sites are all well equipped with betting options to fund your Melbourne Cup betting account and offer many ways that Australians to deposit money into their accounts.

Common payment options at Melbourne Cup betting sites include:

Visa (credit/debit cards)
Mastercard (credit/debit cards)
Neteller
PayPal
American Express
POLi
BPAY
Flexepin
Bank transfer (EFT)
Cash deposits (limited sites)

Melbourne Cup Horse Racing Facts/Tips

Several factors will influence the outcome of a race and the best tip to give is to do as much research as possible.

No one can tell you exactly who to bet on for the Melbourne Cup, but we can give you some interesting stats and facts that might give you a better idea of whom to bet on for the Melbourne Cup.

Here are some good to know Melbourne Cup horse racing historical facts:

The present record holder is the 1990 winner Kingston, with a time of 3 minutes and 16.3 seconds.
Only three Melbourne Cup favourites have finished in the top 3 since 2006.
12 of the last 15 Melbourne Cup winners have had odds higher than 10.00.
12 Melbourne Cup winners have also won either the Caufield Cup, Cox Plate, or Geelong Cup in the same years since the year 2000.
The average weight carried by a winner has been 54.5 kg in the last 10 years.
Since 2000, only 3 Australian-bred horses won, while 8 internationally trained horses have won the Melbourne Cup within the same time period.
In Melbourne Cup history, 53 Geldings (castrated male horses) and 19 Colts (male horses under 4 years) have won the Melbourne Cup, while only 13 Mares (adult females) have won so far.
8 Melbourne Cup winners have been stallions (uncastrated male horses) in the last 15 years.
In the past 157 years of history, only five horses have won the Cup more than once, with Makybe Diva topping this list with three victories in total.
Despite the effects of the coronavirus, an amount of $221.6 million was wagered in the year 2020.

Melbourne Cup Betting Overview

The excitement generated by the Melbourne Cup each year, not to mention the worldwide interest, is unparalleled in Australian horse racing. Start by picking between our recommended Melbourne Cup betting sites, fund your account and start doing your research.

Always bet responsibly by monitoring your stakes and enjoy a potentially profitable betting experience safely.

We know the Melbourne Cup as “the race that stops a nation” for a reason, and with our valuable insight, you can get a taste of the betting action today!

Melbourne Cup Betting Sites FAQs

What is the Melbourne Cup?

This is Australia’s most famous annual Thoroughbred horse racing event and is conducted by the Victoria Racing Club on the Flemington Racecourse in Melbourne. It’s a 3200-metre race for thoroughbreds, three-year-olds over and is a world-famous favourite for punters to wager big money on.

How to bet on the Melbourne Cup online?

Instead of heading to your local TAB retail outlet, you can bet online, it has never been easier! You can decide to use your desktop or install an app from one of our top Melbourne Cup betting sites and bet on the go, as long as you have an internet connection.

How to place a bet on the Melbourne Cup online?

Betting on the Melbourne Cup is easy online, as long as you choose the bookmaker that is right for you and we invite you to choose one of our Best Melbourne Cup Betting Sites. Sign up with a bookmaker that has an extensive range of products and features, make your first deposit, and place your bet online.

How much should I bet on the Melbourne Cup?

This is a personal decision and is based on what you can afford to bet on, and your knowledge of the Melbourne Cup. The race is one of the biggest days for punting in Australia, so it’s best to familiarise yourself with the history of Melbourne Cup wins and do as much research as possible before wagering your bet.

What is the biggest single win in the history of the Melbourne Cup?

The latest single biggest pay-out reported on the Melbourne Cup was a straight first-four bet in 2019. The punter scored the correct combination with his four selections, winning an incredible $793,814 from his $10 bet.

How do odds work for the Melbourne Cup?

They usually display the odds in a decimal format, for example, 5.00. This means that if you had bet a $5 bet on a horse paying 5.00, you will receive 5 x 5.00, which equals a return of $25.