Melbourne Cup Betting Guide

2024 will see the 164th iteration of the iconic Melbourne Cup, which remains the biggest Australian horse racing event. The 2023 race was also watched by 1.68 million people, representing a 12% increase compared to the previous year (1.5 million).

Given the appeal and popularity of this race, it should come as no surprise that Melbourne Cup betting is also widely practised in Australia. But what are the key wagering strategies here, and how can you place a Melbourne Cup online bet ahead of this year’s renewal?

This guide will answer these questions while reviewing the types of free bet offers and promotions that are synonymous with the Melbourne Cup.

What Is the Melbourne Cup?

The Melbourne Cup is a Group 1 Thoroughbred race held annually at the Flemington Racecourse, while it’s known as the richest two-mile handicap in the world. To this end, the race’s prize fund peaked at $8.41 million in 2023.

The so-called “race that stops a nation” was first run in 1861 and has since secured its legacy as a key component of Melbourne and Australian culture. The first race took place on November 7th, 1861, where 17 runners competed for a prize of 710 gold sovereigns (£710).

One of the world’s few major handicap races, the Melbourne Cup also has a hugely positive impact on the Victorian economy. It creates significant employment opportunities, for example, while driving increases in tourism and retail spending.

How to Bet on the Melbourne Cup

Before we take a more analytical look at the Melbourne Cup, we will look at how you can place an online bet. Here’s our step-by-step guide on how to bet on the Melbourne Cup in 2024.

1️⃣Choose Your Preferred Sportsbook: When it comes to the range of available Melbourne Cup bets and the available odds, not all sportsbooks have been created equal. So, compare the Betsquare website and our comprehensive reviews to identify your best site.

2️⃣Register for an Account: Next, you must register at your chosen bookie. This will require you to provide personal information such as your name, date of birth and physical address. You’ll also have to secure your account with a verifiable email, unique username and secure password.

3️⃣Credit Your Account: Once your identity and account have been verified, you can complete your first deposit. Just make sure that this meets the site’s minimum deposit limit and the T&Cs associated with a particular bonus (if applicable). Also, make sure you’re depositing using an eligible payment method.

4️⃣Place Your First Bet: You can now start engaging in Melbourne Cup betting! Simply access your chosen site’s horse racing and Melbourne Cup betting markets before analysing the odds and building your bet slip. 

Melbourne Cup Bet Types

As we’ve touched on, you can access a diverse range of Melbourne Cup bets and markets online. Some of these are more popular than others, of course, while there are more advanced wager types for experienced punters. Here’s our summary of the most widely executed Melbourne Cup bets.

 

Win Bet	The most popular and straightforward wager type requires you to pick the eventual winner of the race.
Place Bet	A ‘Place’ bet compels you to pick a horse you think will finish in the top three. You may find bookie promotions that payout when your horse is in the top four, too.
Each-Way Bet	An ‘each-way’ bet requires you to split your stake between two potential outcomes: a win and a placed finish. Your unit bet will be split evenly between these outcomes, with this wager increasing your chances of banking some type of return.
Quinella Bet	In this instance, you’ll wager on the horses you think will finish first and second. However, they can finish in either order. You can pick up to 3 or 4 horses with this type of wager.
Exacta Bet	An exacta bet also requires picking the horses you think will finish in the top two. In this case, however, you’ll have to pick the runners in the correct order.
Trifecta Bet	This extension of the Exacta bet requires you to pick the Melbourne Cup top three in the correct finishing order.
Double Bet	The Melbourne Cup is part of the Melbourne Cup Carnival. So, you can also place ‘Double’ bets that pick the winners of two different races. ‘Running’ doubles let you select the winners of two successive races.
Treble Bet	This wager is structured like a double, but it asks you to predict the outcome of three nominated races.

Melbourne Cup Betting Tips and Strategies

The 2024 Melbourne Cup will take place on Tuesday, November 5th, but some of the leading sportsbooks have already published their ante-post odds. So, let’s take a closer look at the most prevalent historic trends and Melbourne Cup betting strategies that can inform your picks.

Look Beyond the Favourite

During the last 20 renewals of the Melbourne Cup, the starting favourite has only prevailed on three occasions (15%). The last favourite to triumph at Flemington was Fiorente in 2013, while last year’s frontrunner Vauban (who’s trained by Willie Mullins) ultimately placed 14th in a field of 23.

So, you should thoroughly analyse the entire field before engaging in Melbourne Cup betting. Also, consider the impact of handicapping and how runners have fared historically when carrying a particular weight, as this will often put the starting favourite at a significant disadvantage.

Analyse the Most Successful Trainers

Some trainers fare better than others at certain tracks and in specific races. For example, Robert Hickmott has fielded two winning runners since 2004, including Almandin in 2016. He has also earned three placed finishes during the previous 20 Melbourne Cup renewals.

Interestingly, Joseph Patrick O’Brien has an even better success rate in the Melbourne Cup during this period. He has also fielded two winners (Rekindling in 2017 and Twilight Payment in 2020) from a total of just 10 entries, while 50% of his runners have placed over the last 20 years.

Which Jockeys Have Fared Well at the Melbourne Cup?

On a similar note, it’s important to appraise competing jockeys and their previous track record at Flemington. Interestingly, Mark Zahra rode ‘Without A Fight’ to victory in the Melbourne Cup last year, recording his second victory in just six attempts. He has also placed a further two times since 2004.

Kerrin McEvoy has also ridden two winners during the last 20 Melbourne Cup renewals (Almandin in 2016 and Cross Counter in 2018). He has also ridden a further seven placed finishers in 17 outings, so he has a success rate of 52.94% in the race.

Be sure to analyse the relevant trainer and jockey partnerships ahead of the 2024 Melbourne Cup, as some may be more fruitful than others.

Understand Track Conditions

One of the best Melbourne Cup betting tips is to study the historic track conditions at Flemington in November. Interestingly, eight of the last 10 race renewals have been run in good track conditions, with the only exceptions occurring in 2018 and 2019 (when the going was soft).

So, we recommend that you check the competing runners in 2024 and their form in specific track conditions. For example, ante-post favourite Calandagan has only recorded one of his three career wins in good or good-to-firm going. In contrast, Giavellotto prevailed impressively in such conditions in the G2 Boodles Yorkshire Cup Stakes back in May.

Where to Bet on the Melbourne Cup

You’re probably ready to place your first Melbourne Cup bet online at this stage! However, you’ll first need to determine how and where to bet on the Melbourne Cup, and there are several options in this respect. 

When betting online, Betsquare has reviewed and ranked the best sports betting sites in Australia. Two market leaders include Crownplay and Bet and Play, while global operators such as Play Up, Unibet and bet365 also accept players from Down Under and offer a vast selection of horse racing betting markets.

You can also place in-person bets on the Melbourne Cup. There are several physical bookmakers located around the Flemington course, although they don’t offer the same variety of odds as online sportsbooks. You can also wager at TAB locations, which belong to Australia’s Totalisator Agency Board and operate both on and offline.

Benefits of Online Betting for the Melbourne Cup

In addition to unlocking a much broader selection of odds and wagering lines, online betting offers numerous advantages to punters. But which of these are the most compelling?

• Enjoy Greater Convenience: Placing a Melbourne Cup bet online certainly provides a more convenient wagering experience. After all, you can use online odds comparison sites to check prices across a huge range of bookies before placing bets within a matter of minutes. What’s more, you can do this regardless of your physical location.

• Combine Betting with Live Streaming: A growing number of online sportsbooks also offer live streaming. Take Unibet, for example, which streams up to 40,000 live events each year, including high-profile horse races like the Melbourne Cup. Live streaming enables you to bet on the action as it unfolds and make more informed race-day picks.

• Access Free Bets and Promotions: Often, online bookies use free bet offers and promotions to incentivise new customers and signups. Such bonuses unlock a predetermined amount of free play, whether this takes the form of a free bet or first deposit match. You may also access unique offers that apply solely to Melbourne Cup betting.

Melbourne Cup Betting Promotions and Bonuses

As you can see, different types of Melbourne Cup betting promotions and offers are available. These may be applicable to new or existing customers, while they also adopt slightly different formats. Here’s an at-a-glance summary of the most popular Melbourne Cup betting bonuses!

 

Free Bet Offers	This bonus comprises a free bet offer that’s contingent on you depositing and wagering a fixed amount. You’ll usually have to wager at minimum odds, too, while using your free bet within a finite period.
Deposit Matches	This will see a sportsbook match your first deposit up to a specified value. Reload bonuses can also match later deposits. Higher wagering requirements are usually applied to this bonus structure.
Enhanced or Guaranteed Odds	Bookies offer enhanced or guaranteed odds on specific events, such as the Melbourne Cup. They help you to maximise your potential returns across multiple markets.

Final Thoughts

So, there you have it: our comprehensive guide to Melbourne Cup betting. Ultimately, the Melbourne Cup remains Australia’s most famous and culturally significant horse race, and it draws runners, riders, and trainers worldwide.

To wager successfully on the Melbourne Cup, you must understand the full range of available markets. It’s also important to analyse the trend factors related to your preferred markets before accessing the best possible real-time odds.

Regardless of your chosen betting lines and picks, try to ensure that your picks are as informed as possible. This is key if you’re to make the most of the Melbourne Cup, while it also helps you to bet responsibly and within your means at all times!

FAQs

Before we go, we will answer some of your Melbourne Cup betting FAQs. Let’s get into it!

What is the best bet for the Melbourne Cup?

Ultimately, picking the winner of the Melbourne Cup is the most popular bet. This can also unlock highly competitive prices when you bet early due to the sheer number of potential winners in the field. Place and each-way bets are also highly recommended, as they cover a higher number of potential outcomes and increase your chances of banking some type of return.

Can I bet on the Melbourne Cup from outside Australia?

You can indeed! Sportsbooks from across the globe will provide coverage of the 2024 Melbourne Cup, including internationally renowned operators such as Unibet and bet365. You’ll also be able to access a broad selection of betting markets alongside special odds promotions, free bets, and generous deposit matches. Live streaming may also be available at some sportsbooks. 

What should I consider when choosing a bookmaker for the Melbourne Cup?

Once you’ve checked to see that a sportsbook is licensed to operate in your jurisdiction, your next step is to review their available Melbourne Cup bets. Then, compare their published odds and see if the site offers enhanced or guaranteed pricing in relation to the Melbourne Cup. You should also check each site’s full selection of real-time bonus offers, as this may unlock additional free play and eligible free bets!