How to Bet on the Melbourne Cup

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2. Deposit funds into your account:

In the top right-hand corner, you’ll see your account balance sitting at $0.00

Tap on this, and it will bring up an option to Deposit Funds

Choose from the preset deposit amounts (or enter your own) – the minimum amount you can bet is $1

3. Navigate to Race 7 at the Flemington Race Track

Picklebet and other top betting sites make it easy to find, with a dedicated ‘Melbourne Cup’ tile on their homepage.

3. Decide What Type of Bet You’d Like to Place

There are multiple options for placing a bet on the Melbourne Cup online, including:

• Win betting – Pick the horse you think will win the race
• Place betting – Pick a horse you think will finish in the top 3
• Each-Way betting – Combine a win and place a bet on one horse
• Exotic bets like exactas, quinellas, and trifectas offer big returns but are more difficult to predict.

To keep things simple, we’ll just focus on placing a win bet.

4. Select Your Horse

Tap or click on the first price next to the horse’s name – this is the current return the bookmaker is offering for every $1 you bet for that horse to win. The smaller the amount, the more likely the bookmaker feels that the horse can win, whereas the opposite is true – if a horse has a large amount next to its name, like $151, the bookmaker doesn’t give that horse much of a chance of winning the Melbourne Cup based on past performances.

This will bring up your Bet Slip, where you can choose how much you’d like to bet on this horse to win the Melbourne Cup.

5. Enter Your Stake (How Much You’d Like To Bet)

Enter the amount you’d like to bet on your chosen Melbourne Cup horse.

You’ll notice there’s an option to tick ‘Each Way’ – this gives you the option of splitting your bet into two bets – the first being for the horse to win and the second being for the horse to finish second or third. Learn more about each way betting.

The bottom of your bet slip will show you the total amount you’ve chosen to bet, along with the estimated returns if your horse wins.

Once you’re comfortable with your selection, select ‘Bet Now’.

6. Check Your Account

If your selected horse wins the Melbourne Cup, your winnings should be visible in your PlayUp account balance a few minutes after the race is over. From there, you can choose to withdraw your funds into your bank account after verifying your identity.

Melbourne Cup Key Betting Information:

• Date: Tuesday, 4th November 2025
• Melbourne Cup Race time: 3pm local time in Melbourne (2pm in Queensland, 12 noon in Western Australia, 2:30pm in South Australia)
• Distance: 3200 metres
• Field size: Maximum of 24 horses if ballot exempt; otherwise, up to 23 runners
• Popular Betting types: Win, place, each-way, exacta, quinella, trifecta
• What Channel Is the Melbourne Cup Televised On? Channel 10 has the broadcast rights in 2023
• How To Watch The Melbourne Cup Live: Channel 10 is the only place to watch the 2023 Melbourne Cup live.
• 2024 Melbourne Cup Favourite: Circle Of Fire $11
• Melbourne Cup Public Holiday: The Melbourne Cup is only a public holiday in Victoria – no other Australian states observe a public holiday for the great race.
• Radio Stations Broadcasting the Melbourne Cup: ABC local radio, the Racing and Sports Network, SEN Radio, Nine Radio, plus Triple M in Sydney, Melbourne, Brisbane, and Adelaide

Choosing A Horse to Bet On The Melbourne Cup:

If you’re not sure how to pick a winner, we’ve put together some expert tips on how to select the winner of the Melbourne Cup:

• Analyse each runner’s lead-up form in long-distance races of 3000m and beyond to identify stayers.
• Consider barrier draws and weight allocations announced on Derby Day. Inside barriers and lighter weights are advantageous.
• Check for trainer history when targeting the Melbourne Cup specifically. Certain trainers prepare horses for this race.
• Study wet track form – if late showers are forecast, it can pay to study the soft and heavy track form!

Popular Betting Options For the Melbourne Cup

Win Bet

The most common betting option. You select the horse you believe will win the race.
If your selection finishes 1st, you collect the winning dividend.

Place Bet

You are betting on your horse to finish in the top 3 placings.
The place dividend is lower than the win dividend.

Each-Way Bet

• This combines a win and place bet on one horse.
• You collect if your horse wins or runs in the top 3.
• Your bet amount is split 50/50 on the win and place.
• Read more about placing an each way bet on the Melbourne Cup

Exacta

• You must pick the 1st and 2nd placegetters in the correct finishing order.
• Payouts are higher than standard bets, but they are difficult to predict.

Quinella

• Similar to Exacta, but your two picks can finish 1st and 2nd in any order.
• Provides better value odds than the Exacta.
• Learn more about placing a Quinella bet on the 2023 Melbourne Cup

Trifecta

• It involves selecting the 1st, 2nd, and 3rd placegetters in the correct finishing sequence.
• Carries high risk but can deliver huge dividends.
• Learn more about placing a Trifecta bet or boxed trifecta on the 2023 Melbourne Cup.

First 4

• Picking the horses to run 1st, 2nd, 3rd, and 4th in a race in the correct order.
• Extremely difficult bet, but can produce huge payouts.

Who Will Win the 2024 Melbourne Cup?

The current favourite for the race is Circle Of Fire, trained by Ciaron Maher, with odds of $11. Crystal Black is also among the top choices, with odds of $15.
The 2023 Melbourne Cup winner, Without A Fight, is currently priced at $21.