One of the most famous and eagerly anticipated horse races held in Australia is the Melbourne cup. As with any horse racing event Mel cup betting is also awaited by punters all over the world. It is a 3.2km handicap race of horses that is held every year in November on its first Tuesday. It is organized at the Flemington race course which will be packed with more than a hundred thousand spectators on the D-day. The horses will be running for prize money of $3.3million. Even the tenth place will get prize money of $115,000. The total money pool will be more than 6 million dollars.

The betting

Mel cup betting will start days before the event and there will be an array of wagering going on. Details of the horses and the jockeys who take part in the event are discussed and special books are printed for that occasion. Many experts will offer advice and reviews. A lot of discussion will be going on about the favourites and the amount of money put on each horse.

One of the most famous and exciting form of betting is the ‘All-in’ betting. As the name suggests, there are only two outcomes in this; a win or a complete washout. This is done long before the tournament starts. Bookmakers offer extravagant odds and there is a high amount of risk involved with it. It will remain to be seen if the stallion you have wagered on will feature in the final run or not. If it does not, obviously you will lose everything.

Online betting

Like the others, Mel cup betting is also available online. Websites offer exclusive columns on upcoming events and the most popular odds. You can avail reviews of all the stallions and jockeys who are participating in the event. For an indication of how the performance might be, people prefer The Caulfield Cup and Cox plate. As mentioned before, ‘All-in’ betting is also available and the odds offered can differ from one site to another.

An Aussie tradition

The Melbourne Cup has become an Australian tradition. Aussies are renowned to love a good punt and it is no different in the case of this particular event. There will be a palpable frenzy in the atmosphere during the lead up to the event. Websites and the bookmakers will be flooded with wagers. If you are in Australia during this period of time, you can definitely make out that the event will take place without anyone saying so. Such is its popularity.

On the D-day, most people will drop all their work to catch-up with this legendary event. The event has such a fan following that it is a public holiday in Melbourne and various other parts Down under.

The wins and losses

The total Mel cup betting purse can never be estimated as the betting is very wide spread and unbridled. It is rumoured that people have become millionaires on a single bet. The same way, there have been instances of people losing everything! There might be any number of wins and losses on the betting front but the sport of horse racing definitely emerges a winner due to The Melbourne Cup.