The Melbourne Cup isn’t just a horse race — it’s the biggest racing day in Australia, and for many people it’s the only time they have a punt each year. If you're new to betting or only have the occasional flutter, this guide will walk you through the basics so you can enjoy Cup Day with confidence.
Understanding the Main Bet Types
The simplest way to bet on the Melbourne Cup is to back a horse to Win or Place.
- Win: Your horse must finish 1st.
- Place: Your horse can finish 1st, 2nd, or 3rd (sometimes 4th in bigger fields if the bookmaker offers it).
If you're unsure, a Place bet is a safer starting point. The odds are lower than a Win bet, but you have more chance of collecting.
Another beginner-friendly option is an Each-Way bet. This is really two bets in one — one part goes on your horse to Win, and one part on it to Place. If it wins, you collect both. If it runs a placing, you still get a return on the Place portion. Many Cup-day punters choose this option for peace of mind.
Doing Some Basic Form
You don’t need to be a racing expert to do a little research before placing your bet.
Have a quick look at things like:
- How the horse has been running in recent races
- Whether it has experience over long distances
- The jockey and trainer — big-race success matters
- Barrier draw (wide barriers make the run harder, but not impossible)
Most betting sites and racing pages include a simple race preview on Cup Day, or of course, you can check out our runner-by-runner Melbourne Cup preview right here on Before You Bet. We look at every horse in the race and dissects their chances — well worth a quick read before you pick your horse.
How Much to Bet
If you're new to betting, it’s smart to start small. The Melbourne Cup is unpredictable — even favourites get beaten — so don’t feel pressured to stake big amounts. A simple $5 or $10 bet can make the race just as exciting.
Betting Safely and Staying in Control
Cup Day is about fun and tradition — not chasing big wins.
Tips for beginners:
- Decide how much you're happy to lose before you bet
- Stick to your limit, win or lose
- Remember it’s entertainment, not a shortcut to profit
If you don't want to bet real money, many people simply run an office sweep — a fun and low-pressure way to get involved without learning odds or betting systems.
Where to Bet on the Melbourne Cup
There are lots of betting options these days. For most beginners, the easiest way is online with established and trusted Australian bookmakers such as:
- Ladbrokes
- Dabble
- PlayUp
While they are all good choices, Dabble makes things super easy as you can follow our Before You Bet account and just copy our Melbourne Cup tips with a single click!
Or you could try a a brand new sportsbook for something different:
- BetReal
- Millennial Bet
- NinjaBet
These sites offer simple betting interfaces, tips, guides, and secure transactions. They also will offer plenty of Melbourne Cup promo offers which will give extra value back to punters throughout the day. Definitely try to make the most of those promotions as they are designed for recreational punters like yourself.
On the Day: Final Tips
- Watch the mounting yard or pre-race coverage if you can — commentators often provide useful final pointers.
- Odds can move, so place your bet when you’re comfortable rather than waiting for the last second.
- Enjoy the build-up — the Melbourne Cup is as much about the atmosphere as the race itself.
Betting on the Melbourne Cup doesn’t need to be complicated. Start small, stick to simple bet types, pick a horse you like (a bit of form, a bit of instinct — even the name!), and enjoy the ride. Win, lose or photo-finish — you’ll be part of one of Australia’s great sporting traditions.
