If you’re keen to place a bet on the 2024 Melbourne Cup – but don’t know where to begin, this QuickStart guide for how to bet on the race that stops the nation is for you!
Also, be sure to check out the GoBet Melbourne Cup tips for trifecta and the first four!
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How To Bet On The 2024 Melbourne Cup Online
1. Open an account with a licensed online bookmaker:
We’ve reviewed 150+ Australian betting sites and think that Picklebet is the best choice for betting on the 2024 Melbourne Cup, given they offer some of the best horse racing betting features of any Australian bookmaker.
It’s free to sign up, and they are fully licensed by the Northern Territory Racing Commission. You can choose to either bet via the Picklebet website on your computer or smartphone – or download the Picklebet betting app.
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Set a deposit limit.
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
Chose from the pre-set deposit amounts (or enter your own) – the minimum amount you can bet is $1
Please remember to gamble responsibly and only bet what you can afford to lose.
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 2024 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 identify.
Good Luck!
Melbourne Cup Key Betting Information:
- Date: Tuesday 5th November 2024
- 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 2024 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—late showers and storms are forecast for the 2024 Melbourne Cup, so it could be a heavy track!
Popular Betting Options For the 2024 Melbourne Cup
Win Bet
The most common betting option. You simply 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 the one horse.
- You collect if your horse wins or runs 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 2024 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
- Same as Exacta, but your 2 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 correct order.
- Extremely difficult bet but can produce very large 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 chances, with odds of $15.
The 2023 Melbourne Cup winner, Without A Fight, is currently priced at $21.
Top Melbourne Cup Betting Sites
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Launched June 2025Use Code: 'BSA'
Launched May 2025Use Code: 'BSA500'
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