Melbourne Cup betting is something that most Australians and other racing enthusiasts indulge in every year with some of them placing heavy wagers and others trying their hand at small bets. The Melbourne Cup is an annual thoroughbred horse race event that takes place on the Flemington Racecourse in Melbourne, Australia. It is held on the first Tuesday of November every year at 3.00 p.m. Such is its popularity that it is declared a public holiday in Melbourne and in most other parts of Australia. Life seems to stop in Australia and the only topic of the day is this race. Time seems to stop even for Australians living abroad who stop whatever they are doing to follow this race.
Race enthusiasts plan their Melbourne Cup betting well in advance by studying the statistics of the competing horses and the jockeys. They take various factors into consideration and consult the race books that are published for the particular race before arriving at a well-thought out decision regarding the horse that they would like to place their wagers on. Most of them are into heavy betting, and as such, they have to study all factors carefully.
However, there are many others who merely like to gamble and make their choice on a random basis or on other considerations that have no bearing on the capability of the horse or its jockey. These considerations include the colour of the jockey’s clothes or a favourite number. Some people choose a horse for Melbourne Cup betting just because they like its name or the name of the jockey or for no reason at all hoping that their choice might turn out to be the winner. Experienced betters advise that it is advisable to stick to your gut feeling and to study the past performances of the horse before placing your wager.
Melbourne Cup betting can be done at a local TAB venue but the latest and most convenient way of placing a wager is to find a website and bet online. Horses and betting agencies from around the world come for this race. If you bet on one horse, you would only have a 1 in 24 chance of choosing the winner and as such your odds for winning will improve proportionately to the number of horses on whom you place your bets. Placing small bets just for the fun of it is a nice pastime but if you are into heavy betting, you should be prepared to bid farewell to the money that you have bet because at the Melbourne Cup race anything can happen. The chance of losing is always more than the chance of winning.
Types Of Melbourne Cup Betting
Most people indulge in all betting at the Melbourne Cup races with punters. It enables the better to bet on a competing horse at inflated odds. The salient feature of this type of betting is that there is a chance of losing the entire betting amount if the horse on which the bet is placed might not compete at the last moment. This is also known as pre-post betting. Eachway bets can also be placed on early betting markets for the Melbourne cup. Some online betting sites also provide fixed odds betting for next year’s race immediately after the previous one is run and won. The Melbourne Cup betting proceeds slowly until early August when indications regarding which horses will participate are made available.
The Melbourne Cup racing event is not only about people making Melbourne Cup betting but it is also an event where the high society of Australia flaunt their latest designer clothes and make sure that they are noticed.