Melbourne Cup Odds 2024

The Melbourne Cup odds will capture the attention of the Australian public in the build-up to the big race. Whether it’s the one of the favourites you’ve got your eye on or a horse further down in the 2024 Melbourne Cup field, you’ll find the latest odds here.

Latest Melbourne Cup Betting Odds

Plenty of betting sites want to be competitive and offer the best Melbourne Cup odds to their punters. We all know that betting on the Melbourne Cup horses is popular, so it’s the ideal time for betting sites to attract new customers and equally for punters so find somewhere new to bet.

We’ve researched the odds and found bookmakers who each can be relied on to provide competitive Melbourne Cup odds, alongside a positive betting experience. Take a look at the best Melbourne Cup odds for this year’s leading horses, or have a look at the Melbourne Cup betting offers and sites in some more detail.

The odds for every bet can change in the weeks and even days leading up to this high-stakes race so check them regularly in order to make an informed decision when you place your bet.

What do the Melbourne Cup Odds mean?

When you hear people mentioning the Melbourne Cup odds of a particular runner, they’re effectively telling you how likely a horse is to win the race. For example, if you see a betting site offering Melbourne Cup odds of 10.0 or $10 for a horse, it means that the horse is expected to win the race roughly 1/10th of the time. This is a relatively high chance given there are 24 Melbourne Cup runners in total, and so the horse should be considered a strong contender to win the race. On the other hand, odds of 200.0 or higher imply that the chances of winning for that horse are rather slim. This can come in handy when deciding what bet to place. You can find out more about how odds work on our dedicated page.

What affects the Melbourne Cup 2024 Betting Odds?

Interest in the Melbourne Cup may peak in November, but bookmakers know there are also many who follow the future betting fluctuations throughout the year for major racing events. As soon as one race finishes, they come out with Melbourne Cup odds for the next year’s race, so that punters wanting to place an early bet can do so. The amount of money placed on each horse will change their odds, as will their form in the lead up to the race.

Different types of Melbourne Cup odds – Tote vs Fixed odds

When you’re looking for Melbourne Cup odds and watching the build-up to the race, you’ll occasionally hear the tote mentioned alongside fixed odds bookmakers. In Australia, there are several Tote operators, including TAB (Totalisator Agency Board), which is one of the most well-known and widely used tote systems. Punters can place bets through TAB outlets, online platforms, or at the racetrack itself. The tote is a popular betting method for many Australians, alongside fixed-odds betting, and it offers a dynamic and potentially rewarding way to bet on racing events. The key difference between these types of Melbourne Cup odds are explained here.

• Tote odds – Tote, or parimutuel betting is a betting system in which all bets of a certain type are placed together in the same pool on the Melbourne Cup. The bookmaker’s tote odds are an estimation of what they believe you can get based on the total number of bets placed up to that point. You should be aware that these odds can be very volatile, and you effectively do not know the actual Melbourne Cup odds you’ll get until the race has begun and new bets are no longer accepted.
• Fixed odds – Fixed odds are quite the opposite, meaning you know the exact Melbourne Cup odds you’re getting as your bet is placed. This means that not all bettors will get the same Melbourne Cup odds even though they have bet on the same horse because the odds can shift in the race build-up.

Real-time Melbourne Cup odds: Play live

Live betting is also available during the Melbourne Cup which means you can bet while it’s still in progress.

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

Horse races like the Melbourne Cup typically last for only a few minutes so you need to be quick on your feet when placing your live Melbourne Cup bet. If you choose to bet in this manner, you should also be aware that the Melbourne Cup odds you’ll get can fluctuate dramatically and will keep changing throughout the race as the horses change their position.

One of the most important things for live betting on horse racing is factoring in the weather (read more about Melbourne Cup weather conditions). Rain can affect the racetrack conditions significantly so it helps to research how your favourites have fared in various weather conditions when racing in the past before betting.

What were last year’s Melbourne Cup Odds?

As you’ll see from the table below, the horses at the top of the betting market don’t always perform in the Melbourne Cup.

What were the Melbourne Cup Odds of Previous Winners?

As the table below demonstrates, the runner with the lowest Melbourne Cup odds rarely wins the big race.

Other Melbourne Cup Betting Factors

Although the odds are important to consider when determining who to bet on, which bet to place and who to place it with, there are also other things to consider. For example, the history of the horse’s trainer or the jockey that’s riding them. Below you will find the most recent winners and the trainers and jockeys who led them to success, or you can check out our Melbourne Cup Tips to help with your final betting choices.

Melbourne Cup Betting Odds FAQ

Here are a few of the most common questions from those wanting to bet on the race, regarding Melbourne Cup betting and Melbourne Cup odds: