The Melbourne Cup is the largest betting event in Australia meaning it is essential for everyone having a bet on the race to understand what odds are and know what odds mean when related to betting.
Each horse in the Melbourne Cup will have its own odds depending on what people have bet on and what the bookmaker you are betting with thinks is the horse most likely to win the race. You have probably seen Black Caviar throughout her career, if you have you would have seen her odds around $1.05 to $1.10 in most races. This means a $1 win bet on Black Caviar at $1.10 will get you back 10cents. ‘Not a lot aye’
Special Offer: Best Odds on the Melbourne Cup
The odds reflect what the bookmaker thinks her chances of winning are, because Black Caviar was $1.10 they believe she is almost impossible to beat. On the other side of the scale if a horses odds are $101 then a $1 bet would return you $101. Being such long odds the market believes the horse has a very little chance of winning the race.
The beauty of odds is that a horse does not know what price it is paying in the market. This is where punters need to do their own research to find a horse who they think has a good chance of winning at the longest possible odds. You can do this by reading page about Melbourne Cup form guide which gives you information on how to pick a horse. The idea is to select a horse with a good chance of winning that is at the biggest odds possible, as you want to win big!
It is essential to get the best odds when betting on the Melbourne Cup you can do this by signing up to Sportsbet or Luxbet who provide the best odds available on the race. We also recommend that you bet tote odds and not fixed odds unless backing a favourite, more often than not tote odds will pay more. You can learn more about tote and fixed odds below.
Tote odds are based off of the TAB’s tote pool. This odds will fluctuate until jump time. The tote is split into three different regions: Vic Tab, NSW Tab and Tattsbet. Depending where you place your bet will determine which odds you should base your selections off. Although by using to Sportsbet or Luxbet you can receive the best of all three totes on the Melbourne Cup.
Fixed odds are quite simple. When you place a bet the bookmaker will have the odds displayed for each runner. At the time you place the bet those are the odds you will receive if your horse wins. This can be a good method of betting on a race if you are betting on a horse who’s odds are shortening although in Melbourne Cup betting we recommend you take tote odds as fixed odds are usually a lot less.
Race 7 Melbourne Cup 2012 Betting Odds
Flemington Racecourse Race 7 – 6/11/2012
Special Offer: $500 FREE BET – Luxbet (Tabcorp owned)
Special Offer 2: $450 FREE BET – IASbet (Recommended Bookmaker)
Special Offer 3: $500 FREE BET – Sportsbet (Recommended Bookmaker)
*Last updated 7:37am Tuesday 6th November
*Fixed Odds provided by Sportsbet and are subject to change