How to Bet on the Melbourne Cup for Beginners

01Step 1: choose a licensed bookmaker

In Australia you can bet with the TAB (in-store, via the app or online) or with any licensed corporate bookmaker — Sportsbet, Ladbrokes, bet365, TABtouch, Neds and others all operate legally under state licences. Signing up takes minutes: you'll verify your identity with a driver's licence or passport, set a deposit limit (do this first — it's a legal requirement and genuinely useful), and link a payment method. Read our bookmaker reviews to compare sign-up offers, app quality and market variety before choosing.

02Step 2: understand the odds

Australian racing uses decimal odds: $5.00 means a $10 bet returns $50 including stake, or $40 profit. Shorter odds ($3.00) mean the market rates the chance highly; longer odds ($21) mean an outsider. The Melbourne Cup market is famously open — favourites often start around $8–$10, and recent winners have paid $91 (Knight's Choice, 2024), $17 and $15. Compare fixed odds across bookmakers on Cup morning; prices can differ by a full point on the same horse.

03Step 3: your first bet — win or place

Keep it simple: a win bet pays if your horse wins; a place bet pays if it runs first, second or third. A $10 win bet on a $10 chance returns $100. First-timers often like an each-way bet (half win, half place) on a horse at $15 or longer — if it places but doesn't win, you still collect. Decide your budget before Cup day and stick to it: the Cup is entertainment, and the sweeps and exotics are there if your horse runs last.

04Exotics: quinella, trifecta and the Cup quaddie

Exotics combine horses for bigger returns. A boxed quinella (first two in any order) on two horses costs $2 and is the perfect beginner exotic. A boxed trifecta (first three, any order) on three horses costs $6. The Melbourne Cup quaddie — the last four races at Flemington on Cup Day — is the nation's biggest betting pool of the year, regularly paying five and six figures to winning $1 units. Flexi betting lets you take a percentage of bigger combinations for a few dollars.

05Betting on Cup Day itself

On Tuesday, the field is set, barriers drawn and markets liquid. Check our Melbourne Cup page for the final field, current fixed odds and scratchings, then lock in your bet before the 3:00pm race. If you prefer to bet in person, TAB agencies and pubs with the Sky Racing channels take bets right up to jump time. Settle in by 2:45pm — you don't want to be queueing when the field loads.

Frequently Asked Questions