Melbourne Cup Odds for 2023

The Melbourne Cup, also known as “the race that stops a nation,” is the most sought award in Australian thoroughbred horse racing. It is the most important betting event of the year, held annually on the first Tuesday of November.


The Melbourne Cup is the premier thoroughbred horse race in Australia, held annually at Flemington Racecourse in Melbourne on the first Tuesday of November. It is the largest betting event of the year in Australia, attracting millions of wagers from across the world on the leading horse racing betting websites.


Melbourne Cup commentator Matt Hill told for Episode 3 of The Knowledge Podcast that he had to “focus so much more” than usual owing to the number of viewers, which should give you a sense of the enormity of this race.

Tips for Betting on the Melbourne Cup


The Melbourne Cup offers the same betting opportunities as other big horse races, such as the Cheltenham Gold Cup and the Grand National. These three forms of wagers are the most prevalent at the annual Melbourne Cup festival:


Every-Way | It is the most popular betting choice for the Melbourne Cup. You bet on a horse to win or place – placings often go down to fourth place, but can go as low as fifth or sixth depending on the bookmaker. If the horse wins, you receive a return on both the win and place portions of your wager. If the horse finishes in the top three, you receive a payout on your place wager.

Predict | This wager is a viable alternative to the win-outright wager, as it entails selecting the finish order of the first two horses. On this wager, you can go each-way (reverse forecast) or select the first three horses in a Trifecta or the first four horses in a Superfecta.

Taking Bets Without | This is a novel market in which bettors may wager on a horse to win as if the favorite was not competing. It is not always available and is most prevalent when there is a big favorite.

Odds Explanation for the Melbourne Cup

The odds for the Melbourne Cup are provided differently to Australian gamblers. Each of the 24 horses competing in the Melbourne Cup will be represented with a monetary value. This means that if a horse is valued at A$5, it will return A$5 for every dollar wagered on it if it wins. To translate this to fractional odds, bettors can divide the A$5 payment into a A$4 profit with a A$1 wager. This corresponds to odds of 4/1.


As an alternative to fractional or decimal odds, the leading online betting services like to present Melbourne Cup odds in this format, as it may be simpler for novice gamblers to comprehend on the day of the Cup. Nonetheless, the majority of internet bookmakers also offer fractional or decimal odds for more traditional gamblers.

Melbourne Cup Prize Money for 2020


Since 2010, prize money for the Melbourne Cup has exceeded AU$6 million, with trophies worth a stunning $250,000 each. In 2020, the overall prize pool for the Melbourne Cup will be AU$7 million, with the following payouts to the first 12 finishers:


Winner receives AU$4 million plus trophies worth AU$250,000.

Second – $1,000,000

Lastly, $500,000

Fourth – $2.5 million

Fifth place – $175,000

Sixth – $1.5 million

Sixth to twelfth – $150,000

The owner of each Melbourne Cup winner earns 85% of the prize money, while the trainer and jockey each receive 10% and 5%, respectively. A bonus of AU$500,000 is awarded to the owner of the winning horse if it also won the Irish St. Leger in September preceding the Melbourne Cup.


The Race That Stops the Country

As discussed above, the Melbourne Cup is the most coveted prize in Australian thoroughbred horse racing and is known as “the race that stops a nation” by the locals. It is a massive horse racing betting event held annually on the first Tuesday of November, which is a national holiday.


On the day of the Melbourne Cup, the Flemington Racetrack is flooded with over two hundred thousand excited gamblers. Close to race time, offices throughout Australia close, and the event is broadcast on televisions at local racetracks.


Almost AU$650 million is staked throughout the four-day Melbourne Cup Carnival, with $350 million wagered on Cup day alone.

A noteworthy aspect of the Melbourne Cup:



Only five horses have won the Melbourne Cup more than once in its 157-year history, with Makybe Diva holding the record with three victories. Rekindled did not return for the 2018 Melbourne Cup, although owner Lloyd Williams was seeking a third consecutive victory with betting favorite Yucatan.

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