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How to Bet on the Melbourne Cup 2023

Melbourne Cup betting has been tied to the horse racing event since the beginning. Year after year, punters gather round to test their luck and knowledge and see if their favourite will be the one that wins or places in this high-stakes race. However, the sheer amount of Melbourne Cup statistics and information can be overwhelming, especially for anyone just getting into horse race betting.

Hopefully, this guide to how to bet on the Melbourne Cup will give you a clearer insight into the inner workings of this high-stakes Australian horse race and prepare you for placing any bet you might want to place.

Lunar Flare Books Place in Melbourne Cup
RACING MELBOURNE CUP, Horses race past the post on the first lap of Race 7, the Melbourne Cup on Melbourne Cup Day at Flemington Racecourse, Melbourne, Tuesday, November 2, 2021.

Melbourne Cup Betting Guide for Beginners

If you are just getting into Melbourne Cup Betting, it’s good to have a broader perspective of the event itself. So here is a bit of Melbourne Cup history. 

Often called “the race that stops a nation”, the Melbourne Cup is a long-standing tradition. The first race was held back in 1861 and, ever since then, this annual Thoroughbred race has captured the attention of the Australian public like nothing before it. So much so that parts of Victoria have officially made the event a public holiday. Its popularity has set Melbourne Cup day on its course to becoming a national public holiday. This is mostly because many working people throughout the country choose to call in sick either way.

The race itself is a handicap race run over 3200 gruelling metres for three-year-old horses or older. A handicap means that the age of the horse, its past results and the weight of the jockey will determine how much additional weight will be added to a horse before the race. The older and more successful the horse the more additional weight it will carry. The minimum additional weight added is 50 kg. In theory, this is done in order to create a more level playing field. The race usually lasts for about three and a half minutes, which tells a lot about just how big of a test of endurance, speed and strength it is.

Now you are familiar with some of the more general points about the Melbourne Cup history and the race itself. So, let’s look at some other things you should have in mind as a Melbourne Cup betting beginner. If you are looking for some betting tips, read our Melbourne Cup tips.

Melbourne Cup Betting Types

For punters new to Melbourne Cup betting, understanding the differences in Melbourne Cup betting types might be the most difficult thing, especially if they haven’t had much experience betting on horse races in general. That is why we believe that going through this short overview of different types of bets might be very helpful.

Wins, Place bets, Each-way bets, Futures

Win – When it comes to Melbourne Cup betting, this is the most basic type. You simply bet on the horse you think will win and hope for the best.

Place bet – Bet on a horse you believe will finish in the top 3, at lower odds.

Each-way – This is an equivalent of two bets. You bet on a horse either winning or placing in the top three, however, if the horse wins, you get paid for both.

Futures – Futures, as their name suggests, allow users to bet on events that are several months away.

Quinella, Exacta, Trifecta

Quinella Bet – You can bet on horses you think will win and place second, in any order. There are also options available to increase your chances of winning. You can choose one horse you think will finish first and three more you believe might come second. You can also choose four horses that can either come first or second. Of course, the caveat being that your returns diminish proportionately with the number of horses you choose.

Exacta Bet –Similar to a quinella bet, for an Exacta bet, you have to pick horses you think will finish first and second. However, you have to guess the exact finishing order. Additionally, as with a Quinella bet, you can nominate more than one horse for first and second place.

Trifecta bet –It’s just like an Exacta bet, but for the first three places. Again you have to guess the correct order to win the bet.

First Four, Quadrella, Treble, Double

First Four – As its name suggests, you choose horses that will place first, second, third and fourth in the correct order. You can either choose one horse for each place or more than one, as long as you specify in which place you think they will finish.

Quadrella Bet – A quaddie, as it is often called, involves choosing the winner of the last four races of the day, including the Melbourne Cup. You can select as many horses as you want, but the fewer you choose, the bigger the returns.

Treble – The only difference between a treble and a quaddie is the fact that in a treble you choose the winners of the last three races.

Double – The same as above, but for any two successive races of the day.

How do I place a bet on the Melbourne Cup Trifecta?

You can place this type of bet online by heading to your chosen bookmaker’s website, signing up for an account and following the instructions.

Melbourne Cuo Betting

Melbourne Cup Live Streaming

Since the Melbourne Cup keeps growing in popularity, it’s no surprise that audiences worldwide want to have the chance to watch it live. Fortunately, TV networks are listening to the demand and there are now more and more opportunities to watch it (more information to watch the Melbourne Cup live).

In Australia, live streaming will be offered by Channel 10 both on TV and their online service 10 play. Foxtel users will also be able to watch it through the Sky Channel, as well as on Foxtel’s proprietary online streaming service and the Foxtel Go app. Finally, a number of bookmakers will include the race into their live streaming service. However, the service will usually be made available only to customers who have placed a deposit.
Overseas, people living in the United Kingdom and Ireland will be able to watch the match live through Sky Racing and New Zealanders can watch it on Racing.com and Sky Racing. People living in other countries will have to check with their local channels.

Melbourne Cup Live Betting

One of the main perks of Melbourne Cup live streaming is the ability to bet on the horses or jockeys as the action unfolds. While betting early might let you be more organised with your bets, betting live lets you assess how the horses are acting on the track before the race, take the weather conditions into account (read more about Melbourne Cup weather) and means your bet won’t be voided due to any scratchings on the day.

Please note that due to the Interactive Gambling Act in Australia, any form of live betting cannot be conducted online.

Melbourne Cup FAQ

If you’ve got any questions about Melbourne Cup betting or Melbourne Cup Day in general, you can take a look at our FAQs.

This year, the Melbourne Cup will be on November 7th at 3 pm local time. Traditionally, it is held every first Tuesday in November at Flemington Racecourse in Caulfield, Australia.

As we have said, the Melbourne Cup is not an easily predictable event, so it is difficult to say. This year’s Melbourne Cup favourite is unknown as we’re still a few months away from the event.

Some of the most important things to look for while researching the Melbourne Cup horses is their age, their ancestry and their performance. The Melbourne Cup horses are three years or older, and a racing horse usually reaches its prime around the years 4 to 5. Although in the Melbourne Cup’s long history, there have also been winners who were as old as 7 and 8.

You will be able to find Melbourne Cup betting promotional offers on the operators’ websites, as the event gets closer. Unfortunately, due to regulations, online bookmakers operating in Australia cannot show promotional offers to unregistered users. On the plus side, articles such as this one can help you by providing you with relevant information and lists of all the active operators so you can get the most out of your Melbourne Cup betting experience.

If you had the impression that there is only one race being held during the event, you couldn’t be more wrong. Part of what makes the race so big is the fact that there are 8 days of events surrounding it called the Melbourne Cup Carnival. Although each of the days is filled with races and events, the main race is held during Melbourne Cup Day. However, another popular race is the Caulfield Cup.

In total, there are ten races held on Melbourne Cup Day. The first race starts at 11 am, while the last one is at 5:20 pm. There are 40-minute breaks between races, with the exception being the Melbourne Cup itself, with an hour break before and after due to additional formal preparations.

Due to the safety limit, the current maximum number of horses allowed to participate is 24. However, in the past, there have been races with more participants, the largest one having as many as 39 horses racing in 1890. Check here the odds for the top 23 Melbourne Cup horses

For those wanting to get an early start on betting on the 2023 Melbourne Cup, you can already start placing your bets today. There will be more bet types available as the big day approaches, but most bookmakers will already have future bets available online.

You can find our free guide with all our best betting tips in our Melbourne Cup tips article.

For more information on horse racing betting, you can read our complete horse racing betting guide and learn more about the famous horse races to bet on all over the worlds.

18+ | Please play responsibly | What’s gambling really costing you? | Terms and Conditions apply | Commercial content