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The Melbourne Cup is undoubtedly one of the most well-known thoroughbred horse racing events in Australia. Horse owners, trainers, and jockeys look forward to the second Tuesday of November for the competition. But bettors also look forward to this event as much as the competitors.
The Australian Gambling Research Centre states that almost a million Australians gambled regularly on horse and dog racing in 2015. In 2014, bettors wagered around AUD$ 300 million on the Melbourne Cup alone. It’s easy to see how the most famous horse racing event in the country has made betting such a popular activity. (1)(2)
Even horse racing fans and regular spectators who don’t commonly gamble can join in the fun by placing a few bets. After the first race, it makes sense how first-timers can get deeper into horse race betting later on. Regardless of experience, there are always tips, tricks, and new information that can help better one’s odds.
- Don’t always bet on favourites
Betting on favourites doesn’t always guarantee a better chance of winning. Even the history of the Melbourne Cup can tell you that this isn’t the best way to place your bets. Over 150 years of the race’s existence, only one out of five winning horses were popular choices to win. Foreign picks tended to be the better performers, so it might be wiser to bet on them instead. (3)
More importantly, because favourites are so popular, the payout is expected to be lower. One way to steer clear of favourites is to bet on horses with a lower price, those below AUD$ 20 on the Melbourne Cup line up and tips. (3)
- Know the basic bets
Placing a bet isn’t always just putting your money on who you think will take first place. While a valid option, it’s not always the most brilliant way to bet on horse racing. There are different kinds of basic bets that you can try out, especially if you want to build a strategy after studying the tips.
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- Win bet – You’re simply betting on a horse to finish first; if it finishes first, you win (4)
- Place bet – You’re betting on a horse to place first, second, or third. If they get any place, you get a share for third place for races with eight or more racers. (4)
- Show bet – Pick a horse to finish on third, second, or first. (5)
- Across the board – Waging on win, place, and show will get you the winnings from all three if it takes first place. If second, you get place and show winnings. If third, you win the show prize only. (5)
- Try out exotic bets
Some bettors stick to basic bets because they’re more straightforward. Exotic bets are more complicated, but they can give the bettor better chances and far larger winnings if there are too many favourites in one race. As investors have learned, betting all on one horse isn’t smart.
- Vertical bets – The five bets below are vertical bets where bettors need to pick the top finishers in the exact order for one race.
- Exacta – First and second place runners in exact order (5)
- Quinella – First and second place runners in any order (5)
- Trifecta – First three runners in exact order (5)
- Superfecta – First four finishers in exact order
- Hexafecta – First six finishers in exact order
- Boxed bet – This can be applied exactas, trifectas, and superfectas so that your selections can finish in any order. (5)
- Wheel bet – You can bet different horses for a single position.
- Horizontal bets – The five betting styles below can help bettors pick winning horses for different races.
- Daily double – The winner of two races (5)
- Pick bets – The winner of a certain number of races from Pick 3 to Pick 12 (5)
- Twin trifecta – Start with a trifecta bet in a particular race; if you win this, you get your share from the pool. Then bet for the second half of the collection and on another trifecta in another race. If you win, you get the other share of the pool.
- Tri-super – Same as twin trifecta, but the first race is a trifecta, and the second is a superfecta
- Twin-super – Same as twin trifecta, but it makes use of two super wagers
Conclusion
When it comes to betting on horse racing, you can play it safe by using basic bets that make it easier to choose from the lineup or expert picks. While having a better chance of winning, the prizes aren’t as high. On the other hand, exotic bets are harder to win, but the prize money is higher. In the end, it’s all about strategizing and a bit of being lucky.
References:
- “Race Betting in Australia,” Source: https://aifs.gov.au/agrc/publications/race-betting-australia
- “Proof Australia Is A Nation Of Punters With A Record $26 Billion Spent On Race And Sports Betting This Year,” Source: https://www.dailytelegraph.com.au/news/nsw/proof-australia-is-a-nation-of-punters-with-a-record-26-billion-spent-on-race-and-sports-betting-this-year/news-story/185afbebc8ddf4858e9e2e528d015d79
- “Melbourne Cup Tips 2021,” Source: https://www.racenet.com.au/melbourne-cup/tips
- “Melbourne Cup 2020 betting guide: How Tn race that stops the nation,” Source: https://www.news.com.au/sport/superracing/punters-life/melbourne-cup-2020-all-the-different-bets-you-can-make-and-how-to-place-them/news-story/d357da210db4a14ac654d4fcd3317d72
- “Betting on horse racing, explained,” Source: https://bet.nbcsports.com/2020/06/14/betting-on-horse-racing/
