Understanding horse racing odds is often the biggest issue that new punters face when they’re looking to place a Melbourne Cup wager. However, betting odds are actually pretty simple. To get the best value for money you’ll need to find the best horse racing odds on the market. Shopping around different bookmakers is definitely worth it and could significantly boost on the amount of cash you win. If you want to wager on the Melbourne Cup, but aren’t sure how the odds work, but just read on to learn more.
What are Horse Racing Odds and How are they Decided?
Horse racing odds simply tell you what you would win if you were to bet on a horse. The odds are simple to understand. For example, if you bet $1 on a Melbourne Cup horse at an SP of 3.0, you’d get $3 back if it wins the race. The decimal you see for each Melbourne Cup horse is what you’d get back if you place a $1 bet on them.
Bookmakers use the rating and recent form of each horse in a race to set the initial odds. If a horse has been in exceptional form over its last five starts, it will start at a much lower price than a runner that hasn’t won in five.
The odds then change depending on the number and value of bets on each horse. If a large number of punters bet on the same horse, their odds will drop. More experienced racing fans often prefer betting in the Ante-Post markets in the weeks and months before the Melbourne Cup to try and get better odds.
The bookmakers don’t always get the odds right, so just because a horse is a hefty price doesn’t mean they can’t win. If you look at the recent Melbourne Cup winners, many had big odds. The 2022 winner, Gold Trip, won at an SP of 21.0!
How to Bet on Horse Racing
1. Pick the best bookmaker for you – Picking the right bookie for your Horse Racing wager is the first thing you need to do. Check the offers, markets and odds available at each betting site to find which one will give you the most value.
2. Open an account at your chosen bookmaker – Once you’ve picked your sportsbook, you need to sign up and open an account. You can use one of the links on this page to start the process. You’ll be required to enter your details, set up a deposit method and select a secure password.
3. Make a deposit – In order to place a bet, you need to add funds to your account. You can usually do this by clicking on your account balance and selecting the Deposit option.
4. Head to the horse racing page – The easiest way to find all the horse racing odds your bookmaker has to offer is to open their dedicated horse racing page. You’ll find a link to this page in the main menu.
5. Find a race and horse you want to bet on – Here, you can explore the different markets before making your wager. You can add a single horse to your betslip or build a multiple bet like an accumulator or a lucky 15.
6. Place your horse racing bet – Once you’ve added your horse or horses to your betslip, you need to enter your bet amount. Here is also where you’ll see your potential winnings. If you’re happy with your bet, click Confirm and prepare to watch the race!
Which Bookmakers have Horse Racing Odds?
You’ll find horse racing betting odds available at most online betting sites. The table below features some of the best bookmakers you can use to bet on horse racing.
| Bookmaker | Melbourne Cup Betting Offers | Melbourne Cup 2025 |
|---|---|---|
 | Sign up to bet365 to view Melbourne Cup betting offers | 18+, T&Cs Apply |
 | Sign up to Ladbrokes to view Melbourne Cup betting offers | 18+, T&Cs Apply |
 | Sign up to Unibet to view Melbourne Cup betting offers | 18+, T&Cs Apply |
 | Sign up to Betfair to view Melbourne Cup betting offers | 18+, T&Cs Apply |
 | Sign up to betr to view Melbourne Cup betting offers | 18+, T&Cs Apply |
Horse Racing Live Odds Explained
In-Play betting, a significant advancement in sports betting, allows you to place bets on a sporting event while it’s happening. The live odds, which change rapidly, are a reflection of the game or race’s current status.
Not every bookmaker offers live horse racing odds, mainly due to the pace of horse races at the top level. However, many do offer live betting for the Melbourne Cup due to the race’s immense popularity. Bettors can not live bet online in Australia. Due to gambling laws, punters looking to bet on live odds will have to do so over the phone.
Live Betting Disclaimer: Due to the Interactive Gambling Act in Australia, any form of live betting cannot be conducted online. In-Play betting can only be conducted via telephone.
Horse Racing Odds for Major Events
Throughout the horse racing calendar, there are specific events that punters earmark as occasions when they bet. These events even get mainstream attention, which means that those people that wouldn’t typically bet would also wager their money when these meetings come around. But, what are the biggest events that you can expect to find on the calendar?
Melbourne Cup Betting Odds
The Melbourne Cup is the race that stops a nation. For more information about the current betting odds check our page dedicated to Melbourne Cup odds. The Melbourne Cup is the biggest horse racing event in Australia, and one of the most popular horse races in the world
Grand National Betting Odds
One of the biggest betting events of the year takes place at Aintree in April. There are 40 horses that lineup to take on the four-mile course, and it has been a mainstay on the British sporting calendar since 1839. It is one of the biggest betting occasions of the year with punters around the country looking for horse racing odds today. Click the link to get more information about Grand National odds.
Cheltenham Betting Odds
The week-long festival in March is the four days that most jump racing fans keep an eye out every year. The very best horses meet up for this event and punters track their runners throughout the entire season to get the best possible value. Click the following link to get more information about Cheltenham odds.
Royal Ascot Betting Odds
The flat season takes centre stage over the summer months, and one of the most prestigious events comes from Royal Ascot. A selection of the leading flat horses take to the stage, and the stars come out to witness all the action unfold. Click the following link to get more information about Royal Ascot odds. The British traditions are huge at Royal Ascot, with royal visits throughout the week.
US Triple Crown Betting Odds
Kentucky Derby horse race in Louisville, Kentucky, United States. You can become the Triple Crown winner if your bets win all three horse racing events in the US – Kentucky Derby, Belmont Stakes and Preakness Stakes.
Horse Racing Betting Odds FAQs
Horse racing betting odds are pretty simple. The number you see next to a horse is the amount you’d receive if you placed a $1 bet on that horse. So if a horse has odds of 5.0, you’d win $5 if you put a $1 on it to win.
Betting odds change according to the value and number of bets placed on each horse, team or player. Let’s use the Melbourne Cup as an example. If one horse attracts a lot of bets, bookmakers will reduce their odds. However, if a horse isn’t receiving support at their current price, their odds will drift.
Yes, you can. Sometimes, you’ll even need to swap accounts to get the best value from your bets. It’s always worth checking each bookmaker you’ve got an account with before placing your bets to see which has the best odds.
Some punters prefer this tactic because favourites are just that for a reason. However, horse racing is unpredictable. The betting favourite doesn’t always win. For example, betting favourites have a terrible record in the Melbourne Cup. You need to do proper research before placing a racing bet if you want to land a winner.
