We have gathered Melbourne Cup tips to help you bet on the Melbourne Cup and win big when betting on the race. Below are the seven best strategies when betting on the race. You can also use The Tip Analyser for more help.

1) Fixed Odds

Fixed Odds are the most popular type of betting odds offered on Melbourne Cup day. Fixed Odds means the price is set and will not change.

Check out some of last years lucky Melbourne cup winners. 

The best way to bet using fixed odds

You should try to find an overpriced horse a few days before the race. Online bookies will change their fixed odds when betting markets open, which is a few months before the race begins.

Certain horses may be overpriced and then have their odds reduced.With proper research, you can find high odds and lock in a price before it drops.

2) Exotic Bets

Exotics is a popular strategy in horse racing. It carries more risk than Fixed Win and Trifecta betting, as you must select multiple horses.

The risk is greater, but your payout will be higher if you are successful.

The best way to bet using exotics

You should place bets that are relatively small.

Do research on the houses ahead of time, such as looking at the results of the Geelong Cup and Caulfield Cup, which is annually held before the Melbourne Cup.

Once you have done your research you can place an exotic bet.

Here is an example: If you believed that Spanish Mission and Twilight Payment was going to place first and second, you could make an Exacta bet.

3) Boxed Exotics

Boxed exotics are less risky than exotics, but still more risky than single bets. When an exotic bet is boxed, it means you pay a bit extra, but the horses you bet on can finish in any order. You can add as many horses to your bet as you would like.

The best way to bet using boxed exotics

You should only wager small amounts and include all the horses that you think stand a chance of being the Melbourne Cup winner.

4) Tote Bet

There are three major Totalisers (TABs) in Australia, and if you place bets on these three TABS, then the Tote Odds are calculated for each horse and the pool of bets are divided.

Tote Odds are calculated according to favouritism and reflect how popular a horse is. Horses with the lowest Tote Odds will have more money bet on them.

The best way to bet using Tote Odds

Wait to bet on the underdogs until right before the race starts. Tote Odds reflect popularity, and not true odds of a Melbourne Cup victory, so, therefore, betting on underdogs means your payout will be better.

Just track the odds, as the horse may increase in popularity the closer it comes to the race.

5) Starting price

When betting on the Melbourne Cup field, Starting Price refers to the final price of a horse when the markets close. It reflects the price from bookmakers and is calculated by the Australian Price Network.

The best way to bet using Starting Price Odds

Look at the Melbourne Cup favourites and pick a horse that started out low, but ended with a higher Starting Price.

Although this is slightly risky, because the Starting Price increased due to the bookmaker thinking the horse won’t win, it can still offer a good payout if your suspicions are correct.

6) Top Flucs

Apart from Fixed Odds, prices on horses change leading up to the Melbourne Cup. These price changes are called fluctuations.

Top Fluc betting is when you can get the highest fluctuation on your horse right before the Melbourne Cup starts. It ensures that you get the highest price for your horse.

The best way to bet using Top Fluc Odds

Look out for a horse that will not get a lot of bets before the race. Top Fluc odds are not very popular, so you will have to look for an online betting site that offers these odds.

If you are placing bets right before the Cup starts, Top Fluc is your best bet.

7) Multi Betting

A multi bet is the combination of different single betting strategies. Bettors can formulate their own bets, and receive a fairly high payout (especially when compared to placing several single bets).

With a Multi Bet, all your outcomes may have to come true in order for you to win money.

The best way to bet with Multi Bets

You should look at Melbourne Cup history and combine bets on your favourites as well as the underdogs. It is a great way to combine different outcomes and bet on them.

Multi bet odds are lower, but your payout can be quite high.

Final Thoughts

There are several excellent strategies when getting involved in Melbourne Cup betting, and it is up to you and your research to find a bet type that works for you.