Melbourne Cup Betting Sites

Written by Pavel Kateliev

Pavel Kateliev

Pavel Kateliev is a popular sport journalist, particularly in the fields of football, basketball, tennis, and hockey. He writes daily for Sportingpedia and his work has been translated into at least 20 languages and featured on renowned outlets such as BBC, Yahoo, MCN, Sun, and Evening News, in Italian, English, Spanish, and Portuguese.

, | Updated: January 2, 2025

Find our expert reviews of reputable and regulated Melbourne Cup horse racing betting sites. Each bookmaker has been thoroughly checked by our team with real money .

One of the strictly specific aspects of horse racing is that on-site betting enjoys a continued interest centuries after the pastime became part of people’s lives. What has resulted from the advancement of technology and the advent of the internet is simply that the total number of punters has increased tremendously. Modern online sportsbooks enable wagering on horses regardless of time, place, and location. We have selected for you the best of the best horse racing bookmakers and invite you to familiarize yourself with the most important information about each of them.

Melbourne Cup Betting Sites Ranked by Trustpilot Rating

Comparison of Melbourne Cup Betting Sites

Best Melbourne Cup Betting Sites

1. Everygame

   

   Review

   Licenses

   No official license information

   Min Deposit

   $10

   Min Withdrawal

   $100 - $150

   Withdrawal Time

   * Bitcoin and ecoPayz - 48 hours* Checks (the US only) - 5 business days* Bank wires - up to 15 business days* SEPA - up to 4 business days

   Deposit Methods

   

   Sponsorships

   N/A

   Details

   Live Chat: Yes Email: [email protected] Phone: Scheduled calls only
   

   

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   • Sportsbook, casino, and poker categories
   • US sports coupon
   • Separate welcome offer for North American s
   • Parlay bet promotions
   • $10 minimum deposit
   • One payout per week

   Everygame is a respected gambling brand with extensive experience of over 30 years. It is a preferred platform for lots of American betting enthusiasts as it puts an obvious emphasis on locally popular sport disciplines such as American football, baseball, basketball, and ice hockey. Horse racing is also part of the bookie’s portfolio with the majority of featured races being conducted on US tracks.

   The sportsbook not only enables placing parlay bets but has introduced different promotional incentives to stimulate its clients to use this particular bet type. The first gives free bets in case a parlay loses by exactly one selection while the second awards the punter who enjoys the highest net profit from a single parlay bet within one calendar month. Make sure you read the clearly presented bonus rules and rollover requirements before opting in for any of the bonuses.

   The setup of Everygame’s main betting site is so designed that it enables easy navigation through the different categories with little chance not to find the information you are looking for. We do consider simplicity is an advantage, especially from a rookie’s point of view, so thumbs up for this approach. The overall impression left after reviewing this bookmaker’s offering is pretty good. We would like to see even more diligence regarding horse racing because it is certainly not a question of knowledge or resources on the part of the team.

2. Bovada

   

   Review

   Licenses

   Union of the Comoros

   Min Deposit

   • $10 - Crypto, Player Transfer, MatchPay• $20 - Bank Cards• $50 - Direct Bank Transfer

   Min Withdrawal

   • $10 - Voucher, MatchPay• $250 - Check by Courier• $1,500 - Bank Wire• $10 - All crypto except USDT and ETH• $50 - USDT and ETH

   Withdrawal Time

   • Bitcoin - Up to 24 hours • Bitcoin Cash, Ethereum, Tether, and Litecoin - Up to 1 hour• Check by Courier - Approximately 10-15 Business Days • Bank Wire - Approximately 10-15 business days

   Deposit Methods

   

   Sponsorships

   N/A

   Details

   Live Chat: Yes Email: [email protected] Phone: N/A
   

   

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   • Experienced online bookmaker
   • Designed with US punters in mind
   • Cryptocurrencies accepted
   • Various horse race betting markets
   • Rewards program
   • Not authorized in the DE, MD, NJ, NV & NY states

   We continue our selection of top Melbourne Cup betting sites with another online bookmaker which has proven itself as a -friendly platform for US gambling enthusiasts. We can safely say that Bovada is among the largest and most famous players in the American sports betting landscape even after its formal separation from the Bodog family. In addition to the sports and horse racing section, the brand provides a number of casino, poker, and liver dealer options thus making sure its clients cannot get bored while using the platform.

   Bovada’s online racebook features multiple horse racing events conducted on prominent race tracks mainly in the US, Canada, Australia, and the UK. The number of bet types available depends on the popularity of the particular event with punters being able to place Win, Place, Show, Exacta, Trifecta, Superfecta, Daily Double, Pick 4, and other wagers on major horse races.

   The ed payment solutions are so selected as to satisfy the requirements and preferences of as many US bettors as possible. Punters can fund their balances via the universally accepted Mastercard, Visa, and American Express credit cards, several cryptocurrencies, as well as Zelle, which is a secure US-based digital payments network. The most advantageous transaction method is undoubtedly the cryptos since they allow for fast withdrawals with no upper limit.

3. Mr Green

   

   Review

   Licenses

   UKGC (#039264-R-319432-018) Ireland’s Revenue Commissioner (#1011600) MGA (#MGA/CRP/121/2006) Danish Gambling Authority (#18-0457046) Swedish Gambling Authority (#23Si2199)

   Min Deposit

   $/€10

   Min Withdrawal

   $/€10

   Withdrawal Time

   • Credit/Debit cards - up to 3 days• Bank transfers and Trustly - up to 5 business days• E-wallets and Paysafe wallets - up to 2 hours

   Deposit Methods

   

   Sponsorships

   N/A

   Details

   Live Chat: Yes email: [email protected] Phone: N/A
   

   

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   • Rich sports portfolio
   • Useful educational content
   • 10+ language versions
   • Good selection of horse racing events
   • Free bet club
   • Fast e-wallet payouts

   Mr Green is a trustworthy sports betting brand whose operations are regulated by the most reputable authority bodies in the industry – the UK Gambling Commission and the Malta Gaming Authority. The betting environment’s high level of security provided by the bookie is additionally guaranteed through the licenses issued by the respective institutions in Ireland, Denmark, and Sweden.

   Since Mr Green entered the world of sports betting eight years after its foundation in 2008, it is still better known for its online casino. However, the fancy sportsbook is attracting the attention of an increasing number of avid punters each year, so we would not be surprised if it eventually turns into a flagman of the brand. The sophisticated dark green color is a kind of landmark for the bookmaker that makes it one of the most recognizable players on nowadays online betting scene.

   Although as abundant as they may be, the transaction methods accepted by Mr Green comprise most of the commonly used options, namely credit/debit cards, bank transfers, e-wallets, and prepaid vouchers. Given the many positives this bookmaker comes with, we tend to turn a blind eye on the lack of cryptocurrencies. The only thing that impedes us from giving an excellent rating to Mr Green is the fees it applies to all withdrawals.

4. XBet

   

   Review

   Licenses

   Curacao

   Min Deposit

   • $45 - MasterCard, VISA• $20 - Cryptocurrencies• $100 - Person2Person

   Min Withdrawal

   • $100 - for all payment methods except Bitcoin ($25)

   Withdrawal Time

   For customers with verified s - within 48 hours

   Deposit Methods

   

   Sponsorships

   N/A

   Details

   Live Chat: Yes Us Form Phone: 1-855-219-5809
   

   

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   • Parented by the reputable Betsson group
   • EGR-awarded horse racing operator
   • Several sport-related promotions
   • Bitcoin, BitcoinCash, Litecoin, and Ethereum accepted
   • Extensive help center
   • Generous bonus

   In our opinion, quality is always more important than quantity, and when we come across an online bookmaker that bases its activity on the same principle, we willingly spend more time to familiarize ourselves with its features. Not that Xbet offers a very limited number of sports to wager on, but around 20 disciplines are far from a myriad. However, the selection has been made so that there is a suitable option for both US punters and European betting enthusiasts. The same can be said about the deposit methods that include Visa and Mastercard prepaid, credit, and debit cards, Bitcoin, Litecoin, Ethereum, P2P transfers, MoneyGram, etc.

   If you still hold onto abundance, you will find it in Xbet’s online racebook, especially as regards the offered horse racing bet types. For the most popular races featured on the platform, punters can choose between Straight, Exacta, Trifecta, Superfecta, Daily Double, Pick 3, Pick 4, or Parlays. Once you make your selection, the bookie automatically displays the minimum and maximum bet limits at the bottom of the respective racecard.

   One of the reasons for Xbet falling under the radar of thousands of avid bettors around the globe is that it provides them with a whole selection of bonuses and promotions. The lucrative first-deposit sports bonus, the horse rebate promotion, and the other incentives introduced by the bookmaker are capable of spicing up your time with the sportsbook.

5. Betsafe

   

   Review

   Licenses

   MGA (MGA/CRP/108/2004) Ireland’s Revenue Commissioners (#1011286) Swedish Gambling Authority (#23Si2178)

   Min Deposit

   $/€10

   Min Withdrawal

   $/€10

   Withdrawal Time

   * Bank cards - up to 5 business days* E-wallets - up to 24 hours* Bank Transfer - up to 5 business days

   Deposit Methods

   

   Sponsorships

   N/A

   Details

   Live Chat: Yes Email: [email protected] Phone: +44 808 238 0028
   

   

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   • Great in-play section
   • Horse racing live streams
   • Price boost promotions
   • Several gambling products
   • High withdrawal limit
   • MGA regulation

   Betsafe is a secure gambling platform that offers an abundance of entertaining options for the fans of wagering on sports. Its services can be used via the main betting site as well as the dedicated mobile applications developed for both Android and iOS devices. The sportsbook features a dark scheme with hi-tech graphics and images which give the layout a sense of sophistication. This, combined with the excellent selection of disciplines and the up to 24h payouts, make Betsafe one of the most popular online bookies.

   Despite the huge popularity of horse race betting, there are online bookmakers that have not included the sport in their portfolios or if they have, the event coverage is often poor. Betsafe not only does not fall into any of these two categories but offers one of the most extensive online racebooks nowadays. UK & Ireland, the US, , and Australia are just part of the locations whose horse races are featured. High-definition live streams are available for selected events with the only requirement for punters being to have logged into their s.

   As regards the payment methods you can fund your betting balance with, Betsafe accepts deposits via Visa, Mastercard, Maestro, Skrill, Neteller, Paysafecard, and Trustly. The minimum deposit amount accepted by Betsafe is $10 or equivalent in another currency. Betting enthusiasts are allowed to withdraw up to $50,000 per day unless there is a preliminary exclusive agreement for a larger amount.

6. 22Bet

   

   Review

   Licenses

   Curaçao (#8048/JAZ2017-067) Kahnawake Gaming Commission (#00882)

   Min Deposit

   $/€1

   Min Withdrawal

   $/€10

   Withdrawal Time

   • Cryptocurrencies - 15 minutes• E-wallets - up to 24 hours• Credit & debit cards - up to 7 business days

   Deposit Methods

   

   Sponsorships

   N/A

   Details

   Live Chat: Yes email: [email protected] Phone: +357 99 816806
   

   

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   • Multi-language betting platform
   • Low minimum deposit
   • Fast withdrawal methods
   • Great in-play section
   • Diverse horse racing bet types
   • Dedicated mobile applications

   In less than 10 years on the online gambling scene, 22bet has become an impressively popular betting operator that serves punters residing in more than 100 countries including Canada thanks to the license acquired by the Kahnawake Gaming Commission. Despite the allegations of being too sharp with successful bettors, 22bet maintains a large customer base that praises the abundance of available sports and an almost limitless selection of payment methods.

   Punters who set up s with 22bet can fund their betting balances with credit cards (Visa and Mastercard), e-wallets (Skrill, Neteller, Jeton), online banking services (AstroPay, Perfect Money, etc.), cryptocurrencies (Bitcoin, Dogecoin, Ethereum, Ripple, etc.), and others. No upper withdrawal limit is stated on the website as it largely depends on the payment solution used and the respective country of residence.

   While exploring the horse racing section of 22bet’s website and mobile applications, it made a good impression to us that the bookie is far from offering the Win and Place betting markets only. For some of the major races, quite a few interesting bets can be places such as Match-Ups and Win Without Leaders. As regards the Melbourne Cup, at the time of writing, 22bet accepts the following two bet types – Winner and In Top 4. Clicking on a horse’s name opens a new window with detailed information about the entrant.

7. Betsson

   

   Review

   Licenses

   Malta Gaming Authority (MGA/CRP/108/2004)Swedish Gambling Authority (SGA)Danish Gambling Authority (DGA)

   Min Deposit

   €10

   Min Withdrawal

   €20

   Withdrawal Time

   Bank Transfer: 2 to7 daysCards: 2 to 5 daysE-Wallets: Up to 24hours

   Deposit Methods

   

   Sponsorships

   Atletico NacionalInter MilanOFI CretePremier Padel

   Details

   Live Chat: YesEmail: [email protected]: +356 2260 3300
   

   

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   • Experienced online bookmaker
   • Separate horse racing section
   • Detailed statistical information
   • Fast withdrawals
   • Strict security measures
   • Available in 10+ languages

   Betsson is a trustworthy European bookmaker whose shares are listed on the Stockholm Stock Exchange while its operations are monitored by several reputable authority bodies. Among other products, the brand’s online gambling hub comprises a sportsbook with around 30 disciplines to bet on and a well-organized horse racing section that features both major and less popular races.

   A feature Betsson is highly valued for is the detailed statistical information it provides on all sports, including horse racing. Given the complexity of making the right prediction, it is of great convenience to have useful data on hand. The information related to horse races includes age, weight, and last performances of the horses as well as starts, wins, places, and earnings of the jockeys. What is more, data can be displayed in more than 10 languages which further contributes to making informed decisions by the punters.

   Currently, Betsson gives betting enthusiasts the opportunity to wager on races held in Australia, the UK, South Africa, , Sweden, Norway, Turkey, and Chile. You can find the Melbourne Cup in the Ante Post section where both Win and Place bets are accepted way before the event starts. Placing the cursor over the win odds shows “Fixed odds history”. Thus, the wagering tendencies preceding the next edition of the Melbourne Cup can be seen.

8. Karamba

   

   Review

   Licenses

   UKGC (39483), MGA (MGA/B2B/147/2007, MGA/CRP/148/2007, MGA/CRP/148/2007-01)

   Min Deposit

   €/£/$10

   Min Withdrawal

   €/£/$10

   Withdrawal Time

   Bank Cards: 0-6 business daysDigital Wallets: 0-2 business daysAstroPay: 3 business daysBank Transfer: 2-6 business daysPay4Fun: 0-4 business daysBoleto: n/aPix: 0-4 business days

   Deposit Methods

   

   Sponsorships

   N/A

   Details

   Live Chat: Yes Email: @karamba.com
   

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   • Rich selection of sports
   • Extensive horse racing section
   • Multiple currencies accepted
   • 7 language versions
   • Lucrative odds boost promotion
   • Strong licensing

   Karamba is one of the safest online sportsbooks holding valid licenses by the Malta Gaming Authority, the UK Gambling Commission, and Ireland’s Revenue commissioners. All personal data exchanged through the betting platform is protected via 128-bit Secure Socket Layer (SSL) encryption technology. Some additional verification measures have been introduced to ensure the maximum level of security. The main aspects of the bookmaker’s activity that attract many loyal s are the diverse sports selection and the various instant deposit methods.

   The leading disciplines in Karamba’s portfolio are soccer, American football, tennis, basketball, and horse racing. As regards horse races, they are available for both pre-race and live betting with the regions covered being the UK, Argentina, , Spain, Brazil, , Australia (incl. the Melbourne Cup), and the US (the Breeders Cup Classic). The exact event’s presence may differ depending on the country you are accessing the sportsbook from. As soon as you select a particular horse race you will not only see the entrants with their odds of winning but also information about the track state (standard, good, firm, etc.) and the current weather conditions.

   The team behind Karamba has taken care to provide its ed s with varied payment methods. Cryptocurrency transactions are not accepted but the rest of the transaction solutions are quite enough – credit and debit cards, e-wallets, prepaid vouchers, online banking services, etc.

9. BetOnline

   

   Licenses

   Panama

   Min Deposit

   Cards: $25Crypto: $20Wire Transfer: $500

   Min Withdrawal

   Crypto: $20Wire Transfer: $500Courier Check: $500

   Withdrawal Time

   Wire Transfer: up to 15 daysCheck: Up to 7 daysCrypto: Up to 24 hours

   Deposit Methods

   

   Sponsorships

   Major League WrestlingVantage Tag Systems

   Details

   Live Chat: YesEmail: [email protected]: 1-888-426-3661
   

   

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   • Good coverage of US sports
   • Long list of payment methods
   • Risk-free bets on horse races
   • Horse march-ups
   • Separate crypto bonuses
   • Advantageous betting features

   If you are looking for information on which the best online betting operators accepting US customers are, the name of BetOnline will inevitably appear. We cannot think of another bookmaker that provides such a great number of sport-related promotional offers in addition to a conventional welcome bonus and an exclusive 1st-time crypto bonus. Noth that many global sportsbooks accept such a variety of payment solutions – credit and debit cards, prepaid vouchers, online banking services, cryptos, etc.

   The sports covered by BetOnline include both US-popular disciplines like baseball, American football, basketball, and golf and global favorites such as tennis, soccer, and boxing. Special attention is paid to horse racing as it is separated in an individual section of the bookie’s website. Proof that the racebook is not just one of all the categories on the betting platform is a section called Racebook 101. It accommodates several extremely detailed horse racing betting guides, useful articles about different aspects of the wagering process, and last but not least, track profiles narrating the history and key data of the featured events.

   Just one click on the respective odds adds the selection to the betslip that automatically displays the risk amount and the potential payout. Right below the Bet button you punters have the opportunity to enable two options, Show Confirmation and Accept Odds Changes.

Melbourne Cup Betting Overview

Horse racing is among the sports in Australia viewed and visited by the greatest number of spectators, only behind Aussie rules and rugby league. Gambling related to the discipline is a very popular pastime with billions of dollars wagered every year. The Australian racing calendar is a busy one with over 360 ed race tracks (more than any other country). Known as “the race that stops a nation”, the Melbourne Cup is Australia’s most famous and bet-on horse racing event. With over 160 years of history, the thoroughbred race held each first Tuesday of November has become a natural constituent of the local culture.

Proof of the significance of the Melbourne Cup is the fact that since 1877, the day of the race has been considered an official holiday so that local fans are free to crowd the Flemington Racecourse and cheer the entrants. They have the opportunity to enjoy as many as ten races that take place throughout the day. The distances, the level of the participants, and the prizes offered are different, making the Carnival a celebration for everyone.

Melbourne Cup Highlights

Australia and Melbourne in particular is a region where the saying that betting on horse races is as old as the sport itself applies in full force. The city was founded in 1835 and it was the same year when the first settlers built a racecourse right after constructing their homes. Back then, the track was way too far from its modern outlook – the winning post was marked by a coat stand and bets were in the form of rum bottles. In 1840 the event took on a slightly more formal form after moving to Flemington. During the next two decades, small clubs organized the races until Victoria Turf Club came and took over.

November 7th 1861 was the first edition of the Melbourne Cup with the first winner being Archer ridden by John Cutts. According to a widespread legend told with pleasure by the locals, Archer walked 850km from New South Wales to Flemington to be able to participate in the inaugural race. The horse won his second successive title in 1862 and was considered a favorite in 1963. However, due to a technical delay that had nothing to do with Archer’s owners, the acceptance nomination did not arrive on time. The organizers did not make an exception for the champion and he was not allowed on the track. As a sign of solidarity, many competitors of Archer were scratched from the 1863 Melbourne Cup by their owners. This resulted in the lowest number of participants in the history of the race – seven.

Melbourne Cup Fashion

Not a typical heading for a sports betting article, is it? Well, when the race is as special as the Melbourne cup, things go far beyond horse racing itself. The interest shown by punters, horse owners, and ordinary fans is undeniable and quite logical. However, the glamor and fashion related to the event are a characteristic without which the spirit of the Melbourne Cup just would not be the same.

Pure horse racing lovers probably do not like the fact that nowadays, the audience and its expensive outfit are as much part of the show as the horses that compete on the race track. In 1962 flowers and other accessories were introduced as a means to promote the centennial anniversary of the Melbourne Cup and now, sixty years later, fashion shows and competitions are part of the official event’s program.

There is no formal dress code for the visitors of the Flemington Racecourse but they are politely invited to “dress for a smart occasion”. This does not apply to the of the Victoria Racing Club that is responsible for conducting the event. They need to obey strict rules with some of the funniest-sounding prohibitions being:

• Pants tucked into socks or footwear
• Torn or ripped clothing even if considered ‘designer’ tears
• Leggings worn as pants
• Pullovers or cardigans (without a jacket), rugby tops and football guernseys, even if wearing a tie
• Strictly no denim

Melbourne Cup Special Winners

Regardless of the circumstances, each champion deserves respect and praise for their talent, ingenuity, and effort. However, the history of the most prominent horse race in Australia already exceeds 160 years and it is not possible to tell you fully about all the winners. That is why we have selected a few iconic achievements that have left a lasting mark in the annals of the event.

The youngest horse to win the Melbourne Cup was ridden by… the youngest jockey to win the Melbourne Cup. In 1876, Bresis, a 3-year-old filly won the Cup as well as the VRC Derby and the VRC Oaks within six days. This information alone is impressive enough but adding the fact that the jockey was Peter St Albans, a boy who had not even turned 13 years of age, makes the achievement unique and memorable.

Melbourne Cup Betting Markets

The Melbourne Cup attracts a massive betting turnover each year, noticeably suring any other horse racing event in Australia. According to a report by the Victoria Racing Club, the domestic wagers on the 2021 edition of the Melbourne Cup Carnival amounted to $724 million, which represents a rise of more than 7% compared to the previous year’s figures. The same year marked a record in of US audience watching the race.

Among the variety of betting markets offered by online bookmakers for the Melbourne Cup, 5 are the main bet types used by punters.

1. Win Bet – the simplest and therefore the most frequently placed horse racing bet. Betting enthusiasts need to predict which particular horse will win the Cup. Finishing on any other position or failing to complete the race makes the wager unsuccessful and the stake is lost. Betting on the shortest-odds entrant is often not the right strategy having in mind the only favorite to win the Melbourne Cup within the last ten years was Fiorente in 2013.
2. Place Bet – the perfect option for those punters who prefer betting on one horse but need to reduce the risk level. Here the bet is a winning one if the participant you have placed your wager on ends the race in 1st or 2nd position. The better chance to make a correct prediction correlates to slightly less favorable odds. The payout of a Place Bet is at least one quarter lower than the one of a Win Bet.
3. Each-Way Bet – this is a kind of combination of two standard horse racing bets – a Win Bet and either a Place or Show Bet. If your personal favorite wins the Melbourne Cup, you will be paid for both stakes. If the selected horse finishes in second and/or third place, you will get a return for that bet only. Before placing an each-way bet, make sure you will at least break even if your horse places.
4. Quinella Bet – probably the easiest multiples bet for the Melbourne Cup. Betting enthusiasts need to predict which two horses will occupy the 1st and 2nd position after the final regardless of the exact order. Some online bookmakers offer a version of this horse bet called Boxed Quinella. It allows you to include three or more horses in your bet thus increasing your chances of winning. However, the greater probability of a successful prediction results in a higher wager cost.
5. Trifecta Bet – a very appropriate option for punters aiming at higher winnings and hence the most often placed Melbourne Cup bet involving multiple horses. This is definitely not an easy wager since you need to guess the first three competitors to cross the finish line. Trifectas are offered in either a straight-out (only exact order matters) or boxed (horses can finish in any order) form.

Melbourne Cup FAQ

1. What was the oldest horse to win the Melbourne Cup?

   In the century-and-a-half history of the race, there are only three horses that have won it after turning 8 years old. These outstanding animals were Toryboy in 1865, Catalogue in 1938, and Twilight Payment in 2020. The achievement of the latter is particularly worth noting since the “oldie” recorded the fourth fastest time ever in the Melbourne Cup.

2. Who is the most surprising winner of the Melbourne Cup?

   On the eve of the 2015 Melbourne Cup, nothing foreshadowed that this would become one of the most memorable editions of the race. The favorite, Fame Game performed far below expectations and finished only in 13th place with odds of 5/1. The winner turned out to be the 100/1 avowed underdog, six-year-old gelding Prince of Penzance ridden by Michelle Payne, the fourth to compete and the first to win female jockey. In 2019, the movie Ride Like A Girl was filmed about the life and outstanding triumph of Michelle.

3. Is the Melbourne Cup the richest horse race in the world?

   The Cup falls within the list of the horse racing events with the highest prize funds, however not at its top. As per the latest revealed data, the Saudi Cup is the richest horse race ever held with a purse of $20 million. Top 3 is complemented by the Everest with $15 million and the Dubai World Cup with $12 million.

4. Which is the biggest Melbourne Cup bet payout?

   In 2020, a lucky New Zealand punter pocketed the life-changing amount of $1.16 million. He placed First4 bets for the total amount of $120 and one of the combinations gave a return of $38,939.50 for every dollar wagered.

5. What are the most popular Melbourne Cup bet types?

   As difficult as it is to answer this question, we will still say that Trifecta bets enjoy notable popularity since it gives a chance to win a significant sum event with a not that big stake. This lucrative outcome results from the specificity of the pari-mutuel system combined with the difficulty of making a correct prediction.