Betting the Melbourne Cup can be fun, exciting, and in some cases highly profitable. When it is run Tuesday 3rd November 2015 at Flemington Racecourse, the “Race that Stops a Nation” will invite one of the biggest volumes of bets for a horse race in the world. And it’s certainly th biggest betting event in Australia. Millions of dollars will be wagered and won on this one exciting two-mile race. Want to get in on the action? Then you need to know about the various Melbourne Cup betting options available to the everyday better.
Picking a Winner
The simplest and most straightforward wager is simply to select the horse you think will win the Melbourne Cup. This is known as a “win bet”. Depending on the odds you get, you can make anything from a tiny profit to a huge jackpot betting in this manner.
But there are other types of straightforward betting you can make on the Melbourne Cup:
Win – By far, this is the most popular wager, especially among new horse race fans. In a win bet, you simply put your money on the horse you think will win the race. To get the best odds, it often pays to look at online sports betting sites.
Place – This wager is a great way to minimize your risk. To win a place bet, the horse you choose has to finish either first, second or third.
Each-Way – An each-way bet is essentially a combination of a win bet and a place bet on a single horse, with both bets being of equal size. While the payout isn’t as big, it’s the best option for punters wanting to minimize their risk.
Exotic Bets on the Melbourne Cup
Many newcomers to horse racing stay away from exotic bets because they don’t understand how they work. But if you take the time to learn about them, exotic bets offer one of the most exciting and potentially profitable ways to enjoy the Melbourne Cup.
Here are some of the most popular exotic wagers and how they work:
Melbourne Cup Quinella – In this wager, you pick the top two winners of the race in any finishing order. Typically, punters will choose the two favorites when picking the quinella, but you can choose from many other combinations if you want.
Box Quinella – This is when you pick more than two horses to finish first or second in the Melbourne Cup. The more horses you select in your “box”, the higher your chances of winning. A box quinella essentially is the same thing as making multiple quinella bets, but it simplifies covering every combination of your preferred horses. If you are going to make box quinella wagers, you probably should use an online betting site because they have support staff who can help you if you need it.
Melbourne Cup Exacta – In this wager, you pick the two horse you think will finish first and second in exact finishing order. While it’s harder to pick than a quinella, the payout on an exacta is much higher.
Box Exacta – A box exacta allows you to choose a field of two or more contenders, covering every exacta combination of those horses.
Melbourne Cup Trifecta – This is when you pick the first, second and third place finishers in exact order. In the Melbourne Cup, this can be difficult to do, so you might consider boxing your trifecta instead.
Box Trifecta – In this wager, you pick any number of horse from three to the field limit, then cover bet on each trifecta combination of those horses.
Melbourne Cup First Four – This is when you pick the first four finishers in exact order. The odds of winning this are astronomically high, but so is the payout. Most punters usually will box their first four.
**Box First Four – Pick a number of hours from four to the field limit, then bet on every First Four combination.
When making both straightforward and exotic bets on the Melbourne Cup, it’s useful to use online betting sites such as Ladbrokes and Sportsbet because they can provide the support and information you need to improve your chances of winning.