A guide to betting
Looking to have a flutter on the Lexus Melbourne Cup or one of the other races during Cup Week? Use this easy guide to betting. It may look daunting at first, but with this basic knowledge you’ll be a pro in no time.
Glossary of bet types
Win: Your horse must finish first across the line. If you win, you will get the odds that the horse is showing to win the race. For example, if you bet $5 on a horse that has odds of 100/1, you will win $500.
Place: Your horse must finish in first, second or third place. The odds are generally a lot smaller, and places will only be paid out down to third if there are eight starters in the race.
Each-Way: A combination of Win and Place bets, this means that your horse must either win or place. For example, a $5 bet each-way is a $5.00 bet to Win and a $5.00 bet to Place, for a total bet cost of $10.
Exacta: Pick the horses that finish first and second, in order.
Quinella: Pick the horses that finish first and second, in any order.
Trifecta: Pick the horses that finish first, second and third in that order.
Box trifecta: Pick the horses that finish first, second and third in any order.
Quadrella or Quaddie: Pick the winners of four nominated races at the same track.
Running Double: Pick the winners of two consecutive races at the same track.
Daily Double: Pick the winners of two nominated races at the same track.
Treble: Pick the winners of three nominated races at the same track. This bet type is not always only available.
Big 6: Pick the winners of six nominated races, typically held at the one track, but can also be split over two or more tracks.
Tote vs fixed odds
After selecting your horse, you will need to choose between placing a bet at the tote price or fixed odds.
Tote price: The tote price is determined by a betting pool containing the spread of individual bets placed on a particular event. The tote price is only revealed after the race and can often change quite significantly in the lead-up to the race. The closer they are to jumping, the more likely the tote price will reflect the eventual dividend.
Fixed odds: Fixed odds allow punters to secure a set price on a runner in a given event. Fixed odds can help astute punters lock in value on a runner they suspect is over the odds and is likely to be the subject of significant support among other punters by the close of betting.
A tip from TAB.COM.AU
How to bet on the Melbourne Cup
As always, there are plenty of options when it comes to betting on the Melbourne Cup. There is the standard tote betting whether it is on the win, place, each way, quinella, trifecta, exacta and quartet. As the Melbourne Cup is the seventh race of the day at Flemington it is also the first leg of the quadrella, and with either race six or race eight, it can be a leg of the running double.