An Overview of the Famous Melbourne Cup for First-Time Punters

The gambling industry generates millions of Australian dollars each year, adding to the economy and proving the popularity of sports, gaming, races, and other exciting events. Of these, the Australian thoroughbred horse race is the most popular annual event on which most folks place bets.

But while deciding to place your first bet on the race can be exciting, it helps to know a little more about the world-famous Melbourne Cup betting and the race itself to spike your chances of winning. You will better understand which horse to gamble on, learn quickly, and prepare yourself better for the next.

Also, you can use this knowledge to place successful wagers on other thrilling games, sports, and races across Australia.

About the Cup

The three-thousand-two-hundred-metre race held by the Victoria Racing Club is arguably the most famous and popular one in Australia. It is held at Melbourne’s Flemington Racecourse, and over a hundred thousand people attend each year. Many are dressed in traditional race day attire and other fantastic costumes to make the experience memorable.

The race is always conducted on the first Sunday of November every year and is the richest handicap race worldwide, with prize money in millions. That means that different horses carry different weights, depending on their size and weight, to make the competition even.

Interesting Facts About the Race

The following interesting facts about the world’s most famous horse racing event can make your first wager more exciting:

• It is a traditional event that first began in the nineteenth century, with the first race held in 1861.
• Gambling turnover in 2018 was the highest in the Northern Territory, amounting to over fourteen billion AUD.
• The biggest and boldest punters are almost always from New South Wales, with an average wager of $1,200 – over twenty per cent of the national average.
• Since 1924, no horse from barrier 18 has ever won the cup.
• Michelle Payne is the only female Australian jockey to have won so far. She rode Prince of Penzance to lift the coveted cup in 2015.
• The one-of-a-kind Fashion on the Field event at the course, where attendees show off their attire hoping to grab big prizes, proves it is more than an ordinary race.

Betting Tips

There are multiple ways you can wager on the animal of your choice, such as enjoying early value by betting on the Melbourne Cup favourites via fixed odds or combining underdogs and favourites for a more significant profit. Alternatively, you can back all your top choices for a more substantial win or bet on the underdog right before the event begins and enjoy the best price.

Another way, albeit far riskier, is to bet on exotics, wherein locals place money on multiple horses to end up at the front. Although this is high-risk, the payout can be incredible if the wager is successful.

Bonus Tips

An important tip is to place your bets via reliable Melbourne gambling sites with secure payment gateways and authentic licences. These professionals do not make unnecessary deductions and provide live support during the race to make betting easier for newbies. You can check the competitor names of the site with wager amount details, helping you choose the best option.

Finally, you can also bet on greyhounds, football, cricket, golf, ice hockey, motor racing, and other Australian events through reputable and legitimate sites.