Melbourne Cup Betting 2023 – Odds & Tips

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Last Updated on: 23.02.2023

Known as the race that “stops a nation”, the Melbourne Cup is fast approaching. The prestigious Australian flat horse race takes place on the Flemington Racecourse. Below you will find everything you need to know about this year's flat race event.

Tournament Structure for the Melbourne Cup

The Lexus Melbourne Cup is run over a distance of 3,200 metres, and is predominantly held on the first Tuesday in November.

Races and starting times will be added closer to the start of the event.

Most schools and businesses stop for the majority of Cup Day, as the public tunes into the race on TV and radio; hence why it is known as “the race that stops a nation”.

Hundreds of thoroughbreds are nominated for the Melbourne Cup. Various acceptances lead up to the race, whereby connections pay a fee to continue with their mission to make the field at the Melbourne Cup. That is determined by horses who have already won worldwide group races of longer than 2,400 metres. Nominated horses are balloted out based on past two years’ prize money, previous wins and placings, as well as allocated handicap weight.

The Flemington racecourse has been home to the Melbourne Cup ever since the inaugural event back in 1864, which is part of this old race’s charm. The racecourse circumference is 2,312 metres, and the surrounding areas bring up the total to 1.27km. The Melbourne Cup barrier draw is on Victoria Derby day at the beginning of November. On Derby Day, the Lexus Stakes provides another opportunity to qualify for entry into the Melbourne Cup.

The VRC customarily announces the last Melbourne Cup field and the barriers at no later than 5.30 pm. There are hundreds of nominations for the Melbourne Cup every year; however, only twenty-four runners will make it to the final field, so the majority of horses nominated won't get the chance to start in the race.

Best Betting Sites for Melbourne Cup

  • Live streaming of Melbourne Cup
  • Melbourne Cup live odds
  • Rewards4Racing points provide horse racing discounts

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  • Reputable bookmaker for horse racing
  • Great in-play markets for Melbourne Cup
  • Reliable source for news and tips

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Paddy Power
  • Worldwide streaming of Melbourne Cup
  • Odds on entertaining and unusual bets
  • Free bet if acca selection lets you down

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  • Melbourne Cup best odds
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Melbourne Cup Betting Odds, Promotions, Tips & Predictions

To help with betting on Melbourne Cup, we have shared with you the latest odds and our predictions heading into this prestigious race. You will also find decent odds in the Betfair exchange horse racing section while wagering on the Melbourne Cup.

Make sure you get the latest information on Horse Racing Racecards & Results by checking our updated racecards for the day.

Melbourne Cup Betting Odds 2022

Odds will be added closer to the event.

Melbourne Cup Tips & Predictions 2023

Predictions will be added closer to the event.

Melbourne Cup Betting Promotions 2023

  • If you’re looking for early odds horse racing and a good promotion to match, then let’s point you in the direction of Betfair, where you can land a £20 free bet.
  • Similarly, Paddy Power has a competitive £20 free bet which you can retrieve if your initial wager loses.

5 Reasons to Bet on the Melbourne Cup

  • The Melbourne Cup is the richest two mile handicap as it carries a total prize fund of just shy of $8million.
  • This event is the ultimate test of stamina, and a Bart Cummings-trained horse called Kingston Rule obliterated the competition setting a course record of 3:16.30 minutes back in 1990.
  • This race has been run for over 150 years, and there have been 11 horses that have won the Melbourne Cup and Caulfield Cup double.
  • It is the race that “stops the nation” with schools and businesses closing so people can take in the action.
  • Makybe Diva is one of three multiple winners of the Melbourne Cup, triumphing three years on the trot between 2003 and 2005.

Melbourne Cup Betting Sites With Live Streaming

Below are the best sites for live streaming the Melbourne Cup.

Popular Melbourne Cup Betting Markets

The Melbourne Cup attracts considerable betting activity, exceeding other horse racing events in Australia. Although betting turnover decreased slightly (about 15%) in recent years, mostly due to the global financial crisis, it actually reached record levels for the 2020 event despite the pandemic. The following are some of the most common markets for betting on horse racing, and not just the Melbourne Cup itself.

Straight-Out Winner Betting

A straight-out win bet on a horse at the Melbourne Cup is extremely popular among punters. If the horse doesn't win the race, then you lose the bet. Win bets pay out more than simple place bets (see below); however, they only pay out for the first place in the race.

Place Bet – First Three Positions

A place bet is when you wager on a horse to end up in the first three places at the Melbourne Cup. Place bets typically pay one-quarter of the odds of a winning bet. Such wagers are hugely popular at the Melbourne Cup since casual punters appreciate that the odds of collecting are far superior to straight-out betting odds.

Each-Way Betting

People often mention backing a horse each-way. That terminology essentially means betting on a specific horse to win the race or place highly. If you place a £10 each-way bet on a horse at the Melbourne Cup, it costs you £20, since you are putting £10 on a horse to win and another £10 on the horse to place in the race. Should your horse win, then you get paid both ways; but if your horse finishes among the places, you only get paid at the terms your bookie set pre-race.

Quinella Betting

A quinella is when you place a bet on the two horses you believe will win the race and come home in second. It won't matter which order the horses come in, as you still receive your payout dividend. A quinella bet is the most straightforward and simple of all the multiple bet types available at the Melbourne Cup.

Trifecta Betting

Another common type of multiple bets at the Melbourne Cup are the trifecta bets. A trifecta is when you place a stake on the horse you believe will end up running in the first three placed at the race. It is a lot more challenging to win a Trifecta bet, although the payout dividends are far superior to quinella bets. A trifecta bet starts from as little as £0.50 and may even be part of a boxed bet, where horses can run in any order; or straight out trifecta bets, where horses need to run in their chosen order.

History of the Melbourne Cup

The Australian Melbourne Cup has become a premier horse race with three-year-old horses racing a distance of 3,200 metres, and it has a chequered history dating back to 1861 after it was conceived by the VTC (Victoria Turf Club). The inaugural running of the race was in November and attracted many top rated horses, including the winner, Archer, from New South Wales.

Only a handful of horses have won the race more than once. With an increase in weights and adverse conditions, only an exceptional horse can win the Melbourne Cup.

The graceful Makybe Diva bucked the trend with three victories at the Melbourne Cup. Archer was another notable champion, winning the first two editions of the Melbourne Cup. Australia’s most well-known horse – Phar Lap, won the cup in 1930, cementing his place in Australian folklore.

The inaugural Melbourne Cup had a prize pool of 710 pounds; however, the prize money has now ballooned to over $8 million, making it one of the world’s richest horse races and the richest two-mile handicap. The Melbourne Cup takes place at the Victoria Racing Club, and is undoubtedly Australia’s most popular televised event every year.

Recent Melbourne Cup Winners

2022Gold TripMark Zahra
2021Very ElleegantJames McDonald
2020Twilight PaymentJye McNeil
2019Vow And DeclareC. Williams
2018Cross CounterK. McEvoy
2017RekindlingC. Brown
2016AlmandinK. McEvoy
2015Prince of PenzanceM. Payne
2014ProtectionistR. Moore
2013FiorenteD. Oliver
2012Green MoonB. Prebble
2011DunadenC. P. Lemaire

Melbourne Cup Key Stats

  • There’s a whopping prize of $8 million.
  • The racetrack is 3,200 metres long.
  • It is the most prestigious Australian race.
  • It first started in 1864.
  • The race’s most successful ever horse is Makybe Diva, who won it on three occasions.
  • Bobbie Lewis is the most successful Melbourne Cup jockey having won the event four times.

Upcoming Sporting Events

Similar Races to the Melbourne Cup

  • 14th-16th June 2022, Royal Ascot – Held over five days in Berkshire, England, Royal Ascot includes eight Group I races, and the Gold Cup is the centerpiece of the event.
  • 25th March 2023, Dubai World Cup – Taking place traditionally on the last Saturday of March, the World Cup comprises of nine races, with only horses that are three years or older able to compete for the top prize.
  • 6th May 2023, The Kentucky Derby – One of the world’s finest races, the first leg of the Triple Crown has a large prize purse of $2,000,000.
  • 20th – 24th June 2023, Royal Ascot – Held over five days in Berkshire, England, Royal Ascot includes eight Group I races, and the Gold Cup is the centerpiece of the event.

Melbourne Cup Betting FAQs

Among the many online bookmakers that offer betting markets for the Melbourne Cup, we recommend Betfair, Paddy Power, and 32Red.
You can watch the Melbourne Cup on Sky Sports.
The 2023 renewal of the Melbourne Cup gets underway on Tuesday, 7th November at the Flemington Racecourse in Victoria, Australia, and it sees the four-day carnival begin in earnest.
There are 24 horses in contention at the Melbourne Cup. Hundreds of horses are nominated for the race every year, based on the unique balloting system. After handicapping, the number decreases to 24 after the Lexus Stakes, Derby Day running.
Yes, many reputable online bookmakers will have a live streaming platform, including William Hill, which has its own dedicated William Hill TV channel. You can therefore catch the action if you have a registered account, and you will be able to do so with a mobile device.

ThePuntersPage Final Say

The Melbourne Cup is the most anticipated horse racing event in the Australian calendar. Millions of punters watch the event, with online bookies providing attractive odds and betting markets. You can also watch the Melbourne Cup this November via streaming services from online bookmakers, enhancing your Melbourne Cup betting experience. Which horse will win this year? Only time will tell!