Melbourne Cup 101 Needed

maiuspala on 05/11/2017 - 11:45
Last edited 05/11/2017 - 12:16 by 1 other user

Hi guys,

I have been living in Australia for a few years now and haven't watched or taken part in "the race that stops the nation".
This year I am planning to go to Randwick racecourse and place a bet.
I started reading about betting, but it was too complicated, too many options.
I have no delusional idea of becoming a master better over the weekend, but would at least like to know the basics - what to look for, what's the etiquette, etc, there is still real money involved.

Hope to get some tips from the more experienced ones.

Thanks!

Entertainment

Comments

  • [Deactivated] on 05/11/2017 - 11:59
    +1

    I think if you are around friends or workmates, don't be the person to sweat your loss too much. The main race is probably a terrible investment, so don't tie your social or professional standing to it. If you win, you'd reasonably be expected to shout drinks anyway. Accept it as a silly, once a year lose-lose situation. It's probably just an excuse to get drunk.

  • John Kimble on 05/11/2017 - 12:14
    +1

    There are plenty of guides online. Macquarie Bank releases a tipping guide each year too (although I don't think they've won in the last couple or so).

    In the past I would spend days reading through guides and making spreadsheets, betting a couple of hundred dollars on various combinations trying to get a big trifecta or first four. It never came off.

    There are 24 horses, so the odds are just so much more against you compared to an average weekend race (which is hard to win in the first place).

    These days I just don't bet. If I was to bet, it would just be a few dollars on office sweeps, a few dollars on each way bets and a few dollars on $1 mystery trifectas and first fours.

    My only tip would be not to tip the favourite (guess which horse will win now! haha).

  • BensonP on 05/11/2017 - 12:18
    +1

    Expect to lose, so if you win, it feels better. Not the other way around.

    Considering you're a rookie, I'd stick to simple 'Win or Place' bets. Or 'Each Way' (Win OR place - If you choose each way on a horse that wins, it will pay out both Win and Place dividend.)

    Exotics like Exacta (Picking first and second in the correct order), trifecta and quaddies, are extremely hard to pick. That's why the reward is so high.

  • Baysew on 05/11/2017 - 12:31
    +9

    Melbourne Cup 101 Needed

    This year I am planning to go to Randwick racecourse

    Best to go to Flemington racecourse

    • maiuspala on 05/11/2017 - 18:27

      Why would You prefer that one over Randwick?

      • John Kimble on 05/11/2017 - 18:36

        He's joking. That's where the race is held in Melbourne.

  • try2bhelpful on 05/11/2017 - 12:52
    -2

    This is the time of year professionals avoid. The bookies are tied up with a bunch of noobs who have no idea what they are doing.

    • havebeerbelywillsumo on 05/11/2017 - 14:01
      +3

      I'll correct this for you

      This is the time of year professionals love with a bunch of noobs who have no idea what they are doing.

      The professionals are not at the track (the absolute worst place to be nowadays, sadly - somewhat alleviated by having a smart phone) waiting in a queue, they are sitting in front of a PC betting online or by phone………if they are professionals it is less likely they will be using a local bookie because likely the pro will have had their accounts closed as they are winners.

      Runners per race is higher so more complexity, bewdy. Betting pool sizes are higher with more "mug" money from those noobs, bewdy.

    • lubos on 05/11/2017 - 14:52
      +1

      Actually, this is the race where you can actually make the easiest money if you know what you are doing.

      Every Melbourne Cup has its favorite horse which gets all the hype. As more people bet on that favorite horse, bookies will be forced to constantly offer lower odds to balance their books. So all you have to do is to bet on the favorite horse ahead of time at more favorable odds and then make a bet against this same horse on the day of the race. You end up winning no matter the results. I've done it.

      The problem is, you can pull arbitrage like this only on this specific race which attracts a lot of "dumb" money.

      As for professional punters, they never use local bookies because odds are poor. They trade bets between themselves and other bookmakers in some betting exchange who are placing bets to hedge their positions. In exchange, professional punter will get fair odds.

      Anyway, Melbourne Cup is a handicapped race. It makes the race even more unpredictable. Any horse that makes it to starting line can win. There have been some surprises in the past years because of that.

  • peterpeterpumpkin on 05/11/2017 - 13:13

    Welcome to Australia! For a Melbourne Cup newbie wanting to know what it's all about I'd recommend this SBS news piece:
    http://www.sbs.com.au/news/thefeed/story/melbourne-cup-alcoh….

  • [Deactivated] on 05/11/2017 - 13:29

    and if you do win cash in before posting it online. Lol http://www.smh.com.au/digital-life/consumer-security/woman-w…

  • myusername on 05/11/2017 - 13:49
    +1

    put $2 on every horse

    • [Deactivated] on 05/11/2017 - 15:35

      How would you make more than $48 from this?

      • lubos on 05/11/2017 - 17:46

        There will be a few horses in the race with odds higher than 24. All you need is one of those horses to win (not impossible) and you will turn profit.

  • havebeerbelywillsumo on 05/11/2017 - 13:50
    +2

    "I started reading about betting, but it was too complicated, too many options"……………then expect to lose, it IS complicated, it is a betting area that a hard working few can win at (3% of participants approx)because of that very complexity.

    Bet win only…NOT the place, place has a poor return rate for various reasons esp if you're tied to one TAB (as you will be on-course) ie have 2 win bets on 2 horses instead of betting 1 win. 1 place on the same horse.

    The MCup has the insides analysed out of it so IMHO it is extremely rare that a rough (big odds) horse will salute, stick to those $26 win and under.

    Bet early esp on the cup. Treat it all as a day out where bets are part of the expenses, don't worry about the "complications", you can't learn to be a winning punter in a few hours of swotting, it simply isn't like that.

    "what to look for, what's the etiquette, etc"

    There is no etiquette, it is every person for themselves….bar one thing do NOT make your choice as you're actually placing your bets, timewasters in queues are despised.

    "what to look for"…if it can be easily seen or is obvious then there will be no value in it.

    ********** Do NOT use your credit/savings card or smartphone to withdraw extra funds for betting during the day.

  • Scab on 06/11/2017 - 08:32
    +1

    Horse racing is cruel, don't support it.

    • [Deactivated] on 06/11/2017 - 17:16

      All the unsupported racehorses in the UK ended up in lasagne. If you like lasagne, you should declare your conflict of interests.

  • Chubbsmcfatflabs on 06/11/2017 - 11:24

    Do something else productive with your money. Theres no bargains in gambling..

  • John Kimble on 07/11/2017 - 09:11

    Here is a summary of the Macquarie Bank Tips: https://www.businessinsider.com.au/melbourne-cup-tips-macqua…

  • John Kimble on 07/11/2017 - 21:16
    +1

    So, how did you go? I hope you didn't use the Mac Bank tips :/

    • maiuspala on 08/11/2017 - 05:44

      Placed a bet twice, won once. Used my gut feeling. All in all pretty happy that i went. Had a nice time.
      Thank You guys for the tips and insight!

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