It’s that time again when once a year bettors try to understand the mind-boggling form guide, and even before selecting a Melbourne Cup horse, the question is – how exactly do I place a bet?
Daily Mail Australia has broken down exactly what to do before heading to your local TAB or pub to enjoy a flutter.
And of course, in a digital age, bets can also be placed via the growing range of betting apps that you can download for free on your smartphone, including TAB, Ladbrokes and Sportsbet.
Picking a Melbourne Cup winner is not an easy task with 23 horses in the field (after the late scratching of Future Score) you need a lot of luck on your side.
The form analysts believe the favorite Incentivize ($3) will beat its rivals over 3200 meters, but is very small, with American-bred stallion Spanish Mission ($10) and last year’s winner Twilight Payment ($13) also highly fancied .
Floating Artist ($14) is considered one of the lightweight odds, while stablemate Explosive Jack ($34) is an outsider who has cut his bets in recent days as he gets his favorite dry job.
Gamblers were eager to enjoy every moment of the Melbourne Cup experience (pictured, a gambler runs through the gates of Flemington this morning)
Brett Pebble is firm favorite to win the Melbourne Cup aboard Incentivize (pictured) on Tuesday afternoon
The Race that Stops a Nation isn’t just about horse racing – the holiday is for many a chance to vent in Victoria
Irish keeper Twilight Payment (pictured with jockey Jye McNeil in red cap) goes on the hunt for wins today
The most easily understood bet – but also the most difficult. To calculate how much you can collect, simply multiply your bet by the horse’s odds. So if you bet $10 on a horse at odds of $20, you will receive $200.
You increase your chances if you place a place bet, which pays out if your horse finishes first, second or third. But of course the chances of that happening are much smaller than the chances of winning.
Any way bet
When your horse salutes, stand to both collect the profit and place the dividend. If your whine finishes second or third – you receive the place dividend – but you lose the bet you placed on the winnings.
Given the size of the field, you will still make a good profit with this bet, even if the horse only comes in second or third.
Besides choosing single horses are bets that involve multiple horses. The simplest of these is the quinella, which picks the first two finishers in no particular order.
Similar to the quinella in that you have to pick the first two finishers, but with the exacta you have to get the order right. This is a good bet if you want to win one horse as a star and a few options to finish second.
MELBOURNE CUP 2021 FIELD:
1. TWILIGHT PAYMENT (IRE) G9 Joseph O’Brien 58kg (2)
2. INCENTIVIZE G5 Peter G Moody 57 kg (1.5 kg penalty) (16)
3. SPANISH MISSION (US) H6 Andrew Balding 57kg (14)
4. VERRY ELLEGANT (NZ) M6 Chris Waller 57kg (19)
5. EXPLOSIVE JACKET (NZ) H4 Ciaron Maher & David Eustace 54kg (4)
6. THE CHOSEN ONE (NZ) H6 Murray Baker & Andrew Forsman 54kg (5)
7.DELPHI (IRE) H5 Anthony & Sam Freedman 53.5 (3)
8. OCEAN BILLY (NZ) G6 Chris Waller 53.5kg (13)
9. SELINO (GB)G6 Chris Waller 53.5kg (24)
10. JOHNNY WORD ANGRY (NZ) G4 Denis Pagan 53kg (22)
11. ORDER KNIGHTS (IRE) G7 Gai Waterhouse & Adrian Bott 53kg (9)
12. PERSAAN G5 Ciaron Maher & David Eustace 53kg (11)
13. CARIF G6 Peter & Paul Snowden 52.5kg (8)
14. MASTER OF WINE (GER) G7 Michael, Wayne & John Hawkes 52.5kg (6)
15. PONDUS (GB) G6 Robert Hickmott 52.5 kg (1)
16. GRAND PROMENADE (GB) G6 Ciaron Maher & David Eustace 52kg (21)
17. MIAMI BOUND (NZ) M5 Danny O’Brien 52kg (17)
18. PORT GUILLAUME (FR) G5 Ben & JD Hayes 52kg (23)
19. SHE’S IDEA M6 Bjorn Baker 52kg (20)
20. FUTURE SCORE (IRE)G7Matt Cumani 51.5kg (15) — scratched
21. TRALEE ROSE (NZ) M5 Symon Wilde 51kg (12)
22. FLOATING ARTIST (GB) G6 Ciaron Maher & David Eustace 50kg (10)
23. BIG HOUSE (IRE) G5 Chris Waller 50kg (7)
24. SIR LUCAN (IRE) H4 Gai Waterhouse & Adrian Bott 50kg (18)
Selecting the first three horses across the line is one of the ultimate challenges – but if you’re on the money, you could walk away with thousands of dollars.
You can choose to select them in order, or to make things a little easier, you can ‘box’ your selections – meaning it doesn’t matter which order they end up in, as long as it’s the first three .
This is a very popular bet for the Cup, given the high number of odds and the potential for an instant big return, but the more horses you put in your trifecta, the more it will cost you.
If the trifecta isn’t hard enough for you, the first four bet adds the challenge of selecting which horse will be placed fourth.
Again, you can specify the order, or they ‘box’ all four, the order doesn’t matter, they just need to fill those top four spots.
For those who want to surrender to fate, the TAB offers “mystery” bets that select horses for you and can be any of the above types of races.
While there’s a lot of money being thrown at Incentivise today, don’t despair – the last favorite to win the Melbourne Cup was Gai Waterhouse-trained Fiorente in 2013.
Up to 10,000 fans will line the Flemington circuit, and the mercury rises to 28 degrees in Victoria, with residents enjoying a holiday.
Eager bettors poured through the gates from 10am, with the first race at 10:45am.
As for the jockeys, Damien Oliver (Delphi), Kerrin McEvoy (Grand Promenade) and Glen Boss (Sir Lucan) will all be aiming for their fourth major win in the Cup, with Michelle Payne the last – and only – woman to finish the great race. wins .
She shocked the world after she won by force majeure aboard Prince Of Penzance in 2015.
For many, the fashion effort is more important than the action on the track
Gates open at 10am, with the main race at 3pm over 3200m (photo, bettors along the track in 2020)
A crowd of 10,000 spectators will line the Flemington circuit as Victorian residents enjoy a holiday
Some punters bring their own picnic blankets – with revelers in the general entry areas or on ticketed member seats
Rachel King is also expected to have many admirers when she rides Pondus as the only female hoop.
The barrier from which the horses jump is also important, with barrier five proving to be the most successful, with eight victories after they were first introduced in 1924.
And for the better, horses that start with the letter T have been the most successful in the cup for the past 160 years.
Twilight Payment – who is on the hunt for consecutive Melbourne Cup wins – Tralee Rose and The Chosen One hope to become the 18th T-horse to win the amazing race.
BEGINNERS GUIDE TO PLACING A BET ON CUP DAY
WIN – FINISH YOUR HORSE FIRST
The easiest way to have a point on cup day is to pick the horse you think will be first in the mail.
For example, if you put $10 on a bishop with odds of $15, you’ll walk away with $150 if luck is on your side.
PLACE – YOUR HORSE RUN FIRST, SECOND OR THIRD
If you think your horse has a good chance of running well but may not be good enough to win, you may need to place a ‘place’ bet.
You will then cash in if your horse finishes first, second or third – although the payout will be significantly lower than the winning dividend.
EVERY WAY – TO WIN AND PLACE
By placing an ‘each-way bet’ you can receive both the winnings and the dividend if your horse finishes first.
If it comes in second or third, you will receive the place dividend, but you will lose the stake you placed on the winnings.
THE EXOTICS – HIGHER RISK BUT GREATER REWARD
A quinella bet involves choosing the two horses that you think will finish first and second in any order.
Picking a winner is hard enough, but if you think you know which horses will run first AND second in order, place an exact bet for a very healthy return.
Selecting the first three horses to cross the line is no easy feat – but if you can pull it off, you could walk away with thousands of dollars.
To make things a little easier, you can ‘box’ your selections – meaning the horses can finish first, second and third in any order.
However, this will decrease the percentage of the trifecta dividend you receive.
– FIRST FOUR
The only difference between a trifecta and a first four bet is the addition of the fourth placer.
Again, you can “box” all four of them (or as many as you want) so they don’t have to end in order.
The more horses you choose to box, the lower the percentage of the dividend you will receive.