With the Melbourne Cup drawing near, punters all over the world are looking for the best bets to place. This race is a bettor’s love. With so many markets available, from straight wins to prop and exotic bets, there are many ways to win big. But that’s not all. Instead of wagering on bookies sites where odds can be low for the favourite horses, you can opt for a Melbourne Cup sweep.

A sweep is a chanced-based betting model where players draw random horse names from the Melbourne Cup field. The prize money is divided among the participants whose horses finish first, second, and third. In some cases, the last horse can also get a share of the prize money. 

During the Melbourne Cup sweepstakes, the winner will take 60% of the total money contributed, the second place will take 30%, and the third place will take 10%. If the last place is also awarded, it will take 5%. 

This guide will discuss how a Melbourne Cup sweep can be done among friends or any of your circles.

Organizing the sweep

The most important step in a Melbourne Cup sweep is how you organize it. Whether you want to play it with friends, colleagues, or people you meet at the carnival, there are specific guidelines that you should adhere to. These include the following:  

• Try to get 24 participants 

The Melbourne Cup comprises 24 horses. Therefore, to have a balanced Cup sweep, it’s best to try to have 24 members so that everyone draws one horse from the sweep. This ensures everyone has an equal chance of winning, which is 1/24. Additionally, it makes the stake division more manageable. However, it’s not a set-in-stone guideline, but it’s up to you then how you can make the game fair and square based on the number of participants.

Agree on how much money you’re going to contribute. The amount can be as low as AUD$1 or as high as AUD$10, depending on what the members are comfortable with.

• Set deadlines

If anyone wants to join your Cup sweep pool, they should join within a specified time. It will give you enough time to collect the money, write down the horses’ names, and allow people to pick their horses. The ideal time is to make the draw before the Cup Carnival. You can check online resources like the Racenet Melbourne Cup racing carnival guide to know when the festival starts and set your deadline, preferably before the first day. 

Additionally, having a deadline will also allow you to plan for and join other sweeps, as well as discover and dive into other betting platforms, such as horse racing betting exchanges. That way, you won’t have to worry about missing out on potential wins.

• Decide on how to divide the prize 

While there are common guidelines on how the prize money should be divided, you may create your own division within the sweep pool. For example, instead of awarding the first three winners, you can instead award the first five or include the last horse. 

Alternatively, you can also change the percentage that the winner gets, say, from 60% to 55%. The most important thing is to ensure you agree on how the prize money will be divided before collecting the money. Remember, the sweep, above anything else, should be designed to work for every single participant.

• Choose a convenient time to draw the horses

After you’ve collected the money from the participants and agreed on how it will be divided, you can now choose a convenient time to draw the horses. This can be done before the race starts or some days in advance. 

It’s best practice to have all the members present when drawing the horses. This way, each participant will feel they have an equal chance, and there’s no case of bias. You can also do the draw after members understand the form of the horses, so they know what chance they have at winning the sweep. Online channels like https://www.youtube.com/@Racenet_AU can be a godsend in terms of information regarding Melbourne Cup form indicators.

• Ensure everyone understands the rules before the race

Finally, ensure that everyone in the sweep understands the rules you’ve created, such as when the draw will happen, how the horses are drawn, how the prize money will be divided, when it will be divided, and any other relevant details.  

You should also go over the rules verbally with the members and have them sign a form indicating that they understand and agree to the rules of the sweepstake. This will protect you and other members from any disputes that may arise after the race.

Conclusion 

A good sweepstake should have guidelines and rules that determine how the prizes will be divided when the draw will happen, among other details. By following this guide, you can organize exhilarating Melbourne Cup sweeps as you enjoy the race. At the end of the day, the most important thing is you all have a good time!