A few weeks from now, Australia’s most prestigious horse competition will kick off and keep everyone’s hearts racing – literally and figuratively.
The Melbourne Cup, also known as the race that stops the nation, is set to gather 24 local and international thoroughbreds to win AUD$4.4 million or a portion of the AUD$8 million total prize pot. As is the tradition, horse racing enthusiasts from all over the world will gather in the state of Victoria to witness the handicap race on Flemington’s 3,200-metre track.
Horse racing enthusiasts are expected to watch the action by buying tickets, watching television or streaming live videos of the event. Many of these enthusiasts will likely bet on their favourites before or during the race slated 01 November 2022. You can get to know the top race performers through watching valuable tips by watching this video:
https://www.youtube.com/c/PuntersAustralia
Whether punting for fun or strictly for the money, here are a few ways to place your wagers on the Melbourne Cup this year.
1. The Melbourne Cup sweep
Choosing a bet may be a daunting task for first-time bettors. If you’re planning to increase your chances of making the right choice, it’s crucial to understand the basics of horse competitions.
If you want to rely solely on luck and have fun, consider placing your wagers as a group via a sweep. Under this betting method, families and friends of up to 24 can pay for a ticket priced anywhere from AUD$1 to AUD$10. The 24 entries represent the total number of runners in the Melbourne Cup finals.
• How the ‘sweep’ works
Each player will be assigned at least one runner, depending on how many there are in the group. For instance, eight bettors will have three horses on each ticket, while twelve punters will be assigned two thoroughbreds for each entry. A Melbourne Cup sweep generator is used in randomly matching bettors and horses, so you don’t have to worry if you don’t know anything about the game.
2. Melbourne Cup fixed odds betting
Odds and skills may not have a bearing on the abovementioned option. But these are crucial if you’re wagering based on fixed odds. This betting method is one of the most popular types, and it typically runs all year round.
Skilled bettors often place their wagers early on to have better odds. Unfortunately, there’s a risk that your bet may not make it into the competition if you bet too early. While the fixed odds market is offered a few months before the match, it’s better to wait a few days before the competition or get regular updates on Melbourne Cup entries to minimise this risk.
In addition, futures betting is a method of wagering that allows punters to predict what happens in the Melbourne Cup. The odds are locked in for the punter once they place their bets, but bookmakers will adjust them depending on several factors, like the amount wagered on a certain runner, injuries or pre-race outcomes.
3. Melbourne Cup straight betting
Straight betting is another easy way to bet on your favourites. If you want to wager for your top horses, choose the win, place and show bets. Picking the ‘win’ bet gets you the prize if your choice is declared the winner while wagering on a ‘place’ bet is only successful if your chosen runner places first or second. You’ll collect money from a ‘show’ bet if your thoroughbred snags any of the top three slots.
4. Melbourne Cup exotic betting and other options
Exotic bets allow multiple horse wagering; as with place bets, you must have a strong conviction on which runners will place in the top spots. Bookmakers offer a wide range of exotic betting types, including quinella, trifecta, standard or boxed exacta and superfecta, to name a few.
Punters can also guess the winner for two consecutive competitions in a ‘running double’ bet for multiple long-running races like the Melbourne Cup. Meanwhile, a ‘daily double’ wager allows you to choose the champion for two non-consecutive events. Punters betting on ‘pick’ wagers must correctly guess the fastest runner for up to six consecutive games. In such cases, they must study the top contenders’ performance history, not just the previous Melbourne Cup winner.
5. Melbourne Cup accumulator betting
Sports bettors may be familiar with an accumulator bet or ‘acca’ as this option is available for basketball, tennis, football, rugby and horse racing punters.
This method refers to a single bet consisting of up to five selections from multiple races. Punters must study each selection to determine the most probable outcome, as they can only collect their prize if they win. An accumulator bet could provide a bigger payout, although the risk of losing is also high.
As with other types of betting, excluding the sweep, punters need to know the Melbourne Cup Order of Entry to bet confidently. According to CDN Racing, 96 have made it to the initial list of contenders, and the final 24 runners will be culled from this group.
Concluding thoughts
Punters can bet using numerous betting types, and bookmakers can be found online or offline. However, not all bookmakers are alike; some may appeal only to a specific group of punters, so comparing offers, odds and returns are best before placing a wager.
If betting online, do your homework and validate the site’s legitimacy. Not all sites that offer online casino games are safe, so ensure your financial data won’t be compromised when you sign up. Speaking of information, being aware of the Melbourne Cup basics is helpful, whether you’re
