Melbourne Cup Odds

Half of the fun attributed to the popularity and glory of the Melbourne Cup is betting on Melbourne Cup favourites. Even months before this exciting race day takes place, both TABs and online bookmakers are offering the best of their odds on the announced racers and mounts, which leads to mass betting activities that are probably the most numerous when it comes to the Melbourne Cup. 

It doesn’t really make a difference whether you are a serious, professional punter or just a casual one, exploring the odds for the Melbourne Cup and deciding which horse to back should always be your choice – it’s an entertaining activity to kill time which can turn out profitable if you got your predictions right. 

On our Online-BettingAUS site, you can get acquainted with the Melbourne Cup field and odds and the available betting markets provided by some of the most prestigious online bookmakers in Australia. 

Remember last year when Verry Elleegant scored the victory in the Melbourne Cup and paid AU$18 to win and around AU$5.00 to place? Or when Incentivise paid AU$1.45 to place and ended up in second place?

Numbers matter, so stay with us and revisit the page when November approaches in order to check favourites for Melbourne Cup and start wagering.

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What are Odds?

Some Aussie punters find reading odds puzzling and time-consuming, but this is mostly the case with the ones who bet on horse races casually or are just rookies. In fact, odds aren’t complicated and all and a simple mathematical equation will lead you to what you are interested in – how much is the horse valued by the bookie and your potential payout. 

Odds exemplify the chance a certain horse has to win, place or run in a predicted order during the race, which depends on the type of wager a punter selects. Odds for Melbourne Cup or any other race are usually presented in dollar terms. 

Punters may see a particular number, such as AU$20, next to a horse on an online new betting site, and this represents the market’s opinion of the probability the horse has of winning the race. You can take the number 1 and divide it by the number next to the horse and then multiply by 100 – it will give you another number which is actually the percentage of the chance attached to the horse.

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Look at the following examples of Melb Cup odds.

  • 1 / AU$15 = 6.66%
  • 1 / AU$45 = 2.22%
  • 1 / AU$10 = 10%

As you might have noticed, these are the cup odds Melbourne would be presented for a less-favoured horse because the percentage is rather small; thus, they pay out more. The following examples will show what odds a favourite for Melbourne Cup could carry.

  • 1 / $2 = 50%
  • 1/ AU$1.70 = 58%

If you go for a 2/1 shot of winning, this actually means that for every 1 dollar (or unit) you wager, you will receive 2 dollars (or units) + your initial wager. For instance, if you bet on 2/1 with AU$10, you’ll get AU$30 if your bet is winning. 

Keep in mind that odds may vary at different bookies, and always consider them to be subjective to a certain point.

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2023 Melbourne Cup Odds Explained

The Cup race is so popular that Melbourne Cup odds are omnipresent at several online bookmakers and physical betting shops. Bookmakers provide odds for all the horse participants in the race long before the event is held so that avid punters can indulge in so-called futures betting. 

Odds Melbourne Cup offered at multiple online bookies are carefully deliberated before being presented to the public. The favourite for the Melbourne Cup comes as a result of observing previous lead-up races, horse’s behaviour, last-minute scratches that might happen before the race, or any other unpredicted injuries or activities. 

What every Aussie punter needs to do in order to place a rational bet is always stay informed about the Melbourne Cup favourite odds fluctuations, especially as the big day approaches.

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Melbourne Cup Early Markets

Only days after the ending of the Melbourne Cup race, bookies start to open what is known among punters as all-in or early markets, which allow placing bets for the following Cup. These markets are open throughout the year, but the actual money is deposited just three days before race day. 

This pre-post betting market can actually bring greater payouts because punters can find Melbourne Cup winners odds of AU$20 or above and thus ensure to lock their potential payout at a higher price, which will probably drop prior to the race if a horse is considered as a favourite. 

Come back to our page to check the nominations for the Cup before November, and bet on your favourite for Melbourne Cup at a price better than ever.

green circle, hand with money, hand with stopwatch, rider on a horse