The Melbourne Cup isn’t just a race — it’s a national event. Held every November at Flemington, it’s where seasoned punters and once-a-year flutterers come together for the “race that stops a nation.” But for newcomers, the range of betting markets and jargon can be confusing.
In this beginner’s guide, we break down how to bet on the Melbourne Cup, explain the most common markets in simple terms, and show you how to make smarter picks — even if it’s your first go.
Step 1: Understanding Melbourne Cup Betting Basics
When you open your betting app or site on Melbourne Cup Day, you’ll be met with a wide range of betting options. Here’s how to make sense of them:
Win Bet
This is the most straightforward: you’re backing a horse to come first. If it wins, you get paid out based on the odds at the time you placed your bet.
Place Bet
With a place bet, your horse just needs to finish in the top three. You’ll get a smaller payout than a win bet, but your chances of success are higher.
Each-Way Bet
An each-way bet is a combination of a win and a place bet. You’re betting double (one part on the win, one on the place). If your horse wins, you collect both. If it places but doesn’t win, you still get a return.
Step 2: Exploring Exotic Bets for More Value
If you want to go beyond the basics, exotic bets offer more complexity — and potentially bigger payouts.
Quinella
Pick two horses to finish first and second in any order.
Exacta
Pick the horses to finish first and second in the exact order.
Trifecta
Select the top three finishers in order. Harder to win, but the returns can be massive — especially on Melbourne Cup day.
First Four
Select the first four horses in order. This is the holy grail of exotics and often comes with huge payouts for small stakes.
Boxed Bets
You can “box” your trifecta or quinella, which means your horses can finish in any order. This costs more but gives you more flexibility.
Step 3: Where to Place Your Melbourne Cup Bets
There’s no shortage of online bookies in Australia, but some stand out for Cup Day:
- PlayUp – Competitive fixed odds and easy-to-use interface
- Betfair – Best for value with tote vs exchange comparisons
- Dabble – Social betting features and community picks
- Sportsbet – Lots of Cup Day promos, early odds and tips
- Picklebet – For punters who enjoy fast, mobile-first betting
Tip: Sign up early, as many bookies offer Melbourne Cup bonus bets or enhanced odds in the lead-up to the race.
Step 4: Tips for First-Time Cup Bettors
- Look at the barriers – Inside barriers tend to perform better
- Check recent form – Has your horse been racing well over long distances?
- Watch the weight – Heavier weights can slow horses in big fields
- Stick to a budget – Cup Day is about fun, not chasing losses
- Don’t just pick based on names or colours – It’s tempting, but form matters
Step 5: Bet Early or Wait?
Early betting can offer better odds if you’re backing a long shot. But waiting until race day lets you see final fields, barrier draws, and market movement.
If you’re placing exotic bets, it’s often better to wait until the full field is confirmed and you’ve seen some expert analysis.
Final Word: Make Your First Cup Bet Count
The Melbourne Cup is the perfect starting point for anyone new to horse racing. With just a bit of knowledge, even beginner punters can enjoy the thrill of backing a winner. Whether you’re playing it safe with a place bet or going for gold with a trifecta, Cup Day offers excitement like no other.
Ready to Start Betting on the Melbourne Cup?
Compare the best Aussie bookies, find Cup Day promos, and explore beginner-friendly apps all in one place.
👉 Visit Top Betting Australia – your complete guide to Melbourne Cup betting in 2025.