Melbourne Cup Betting Tips 2024: Our predictions for the big race

As horse races go, there aren't many that come bigger than the Melbourne Cup and the 2024 event is getting close. It takes place on November 1st. The race attracts horse lovers worldwide and those who want to have fun betting on which horse will win the annual event. The event is one of the most important days on the calendar in Australia, and this year’s event promises to be one of the most exciting yet. As you start thinking about how to place your bets on this year’s Melbourne Cup, here are some tips that will help you come 2024.

Anyway, enough about that, let's talk betting. We've got a range of Melbourne Cup betting tips that are sure to pique your interest.

We'd recommend you check out the Ladbrokes horse racing odds as a first port of call.

Our Melbourne Cup betting tips: Top 3 rated horses

Melbourne Cup betting tips
Win odds*
Place odds*
Bookmaker
Bet here
Deauville Legend
4.80

1.95

Ladbrokes


Ladbrokes horse racing

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Loft
7.00

2.50

Ladbrokes


Ladbrokes horse racing

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Without A Fight
11.00

3.50

Ladbrokes


Ladbrokes horse racing

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*Odds correct at time of publication; please refer to bookmaker for latest prices.

Within the information below, you will see which horses we feel have a fantastic shot at crossing the line in the first position on Tuesday. Of course, these Melbourne Cup tips are not guaranteed by any means, but they have been chosen following plenty of research and analysis. Check them out below.

If you feel like backing any of the predictions we have made, we recommend placing your Melbourne Cup wagers at bet365 ahead of the race. 

Melbourne Cup Roughie Tips

Out of the 151 races, this jockey has placed a favorite; only 34 won for a win rate of 21.7%. Since 2006, only one Melbourne Cup favourites has won the Cup (Fiorente at odds of $7.00 in 2013).

Since 2006, only four Melbourne Cup favourites have finished in the top four (So You Think in 2010, Fiorente in 2013, Hartnell in 2016, and Incentivise in 2021).

The odds are good for a couple of roughies. As we near the race date, we'll be able to give you a more detailed analysis of our roughie tips, but for now, we're keeping an eye on Sheraz, who finished second in the Sydney Cup and then second in the Heatherly Stakes first-up.

Melbourne Cup Quinella Tips

If you are successful in backing the first two horses and they cross the finish line, you will win the Quinella.

The payout is typically smaller than the Trifecta (first three) and First Four, but your chances are much higher. We will provide our Quinella predictions upon confirmation of the field and barrier draws.

Where to Bet on The Melbourne Cup

With some bookies offering multiple places to bet, if you're interested in a horse race where you can bet each way, it's a good idea to make sure the bookies you bet at are also offering extra places.

We're making all our tips on the Melbourne Cup available through the bookies with the best odds at the time of writing.

Dozens of bookies also offer a free live stream of the Melbourne Cup odds and promotion; below are some of our top recommendations.

Sportsbet

Before you make your betting decision, use Speed Maps and the Flucs function on the racecard to view where horses are predicted to finish early on and the ones attracting market support.

The more red flames, the greater the momentum of betting. Additionally, you can now bet live on the Melbourne Cup at Sportsbet.

Neds

With Neds, you can watch the big race live and take advantage of their different markets. Same Race Multi lets you pick the first 4 horses in various orders.

Multiple runners from the same race can be backed at a fixed win price through their Blended feature.

Unibet

If you place a bet on the Melbourne Cup with Unibet, but the starting price is higher than the odds you took, you're guaranteed to get paid out at the starting price if your bet wins.

Melbourne Cup odds

Many Melbourne Cup odds are available throughout the year and before the Melbourne Cup field is officially announced on VRC Derby Day. Regarding betting on the Melbourne Cup's winner, the ‘all-in' or ‘futures' provide generous odds.

Whenever a winning entry is accepted for the Group 1 staying match, the Melbourne Cup odds get stronger. Results from key lead-up races like the Caulfield Cup and Cox Plate also affect Melbourne Cup betting odds before the famous Flemington clash.

In recent years, short-priced horses have had only a fair record in the time-honored clash, with Fiorente (2013) being the only favourite since Makybe Diva (2005). If an upset Melbourne Cup result occurs, there is value in the Melbourne Cup odds and markets for punters.

Melbourne cup betting tips

Tips For Reading The Melbourne Cup Form

Assessing Weight

Melbourne Cup races are handicap races in which horses are weighted based on their performance. The horses higher on the weight scale are deemed to have performed better.

During the 3200m race, weight plays an important role in affecting a horse's ability, so one length of slower time can be achieved with each half kilo onboard.

For example, if a horse carried 52 kg over a 3200-meter race and tried again with 55 kg, we would expect the performance to be six lengths slower with the heavier weight.

Theoretically, a horse carrying 57 kg would need to be at least four lengths superior to one carrying 55 kg.

That said, of course, horses aren't machines. They won't always run the same time or by certain ratings every time they contest a race over a certain distance, but the weight scale can help as part of the puzzle-solving when trying to figure out which horse is likely to win the Melbourne Cup.

Do Barriers Matter?

Until 2021, no horse had ever won from barrier 18, regarded as the hoodoo barrier in the Melbourne Cup. However, Verry Elleegant broke the hoodoo and won from gate 18.

Nine winners have come from barrier 5; from gates 1 to 19, there have been between seven and five winners.

A barrier's advantage or disadvantage should be determined based on the horse's racing pattern and if the barrier is appropriate for it. For a horse that prefers to lead, barriers will not make much difference.

However, horses drawn wide and like to settle midfield may struggle to find a good spot and cover more ground. With 24 horses in the Melbourne Cup, most trainers and jockeys would enjoy drawing a barrier between five and ten.

Melbourne cup betting tips

Alternative bets for the Melbourne Cup

Rather than going for the outright winner of the race, you can always place a series of alternative bets too. We’ve described these alternative bets within this section, and you can generally find these markets at most online bookmaker sites.

  • Each way

This is a hugely popular horse racing bet in general, and basically, it involves placing two different bets. You will win your bet if the horse wins, of course, but you will also win the bet if the horse finishes inside the place positions highlighted by the bookmaker.

  • To place

As the name of this bet suggests, your horse only needs to finish inside the place positions for your horse to win. More often than not, an online bookmaker indicates that in order to class as ‘placing’ in a race, the horse needs to finish inside the top 3.

  • Extra place

If you want to try and play things a bit safer, you can always go for the extra place markets offered for the Melbourne Cup. While the standard ‘to place’ markets require that the horse finishes in the top three, the extra place markets can include a win if your horse finishes in the top 4 or even the top 5.

  • Accumulator

Remember, the Melbourne Cup is just one of many races that are taking place during this festival. With that said, you can combine several bets into the same bet slip by making an accumulator bet. To win this bet, all of your predictions must come true.

FAQs for the Melbourne Cup

What time is the race scheduled to take place?

The Melbourne Cup is scheduled to start at 15:00 local time on the 2nd of November, 2021. It is one of several races that are taking place that day at the Flemington Racetrack.

Are the odds mentioned in this post fixed?

No, the odds that we have mentioned throughout this post are not 100% fixed. In fact, the odds are likely to fluctuate between now and the time of the race. This happens due to the general betting activity on the race and any changes in the estimates of the horse’s performance on the day. For that reason, we’d recommend checking out the latest odds when you can.

Where can I make the bets discussed in this article?

In order to make any of the bets that we have talked about in this post, you will need to sign up with an online bookmaker. We believe that Neds is one of the top bookmaker sites in Australia right now, but you could also check out bet365, Unibet, and Pointsbet if you like.

What are the legal requirements to meet in order to bet on the race?

If you want to actually go ahead and make a bet on this race, you need to be over the age of 18 and be a resident of Australia. These details will be checked by whichever betting site you sign up with.

What is the Best Form Race Leading into the Melbourne Cup?

Historically, the Caulfield Cup was considered the most popular preparatory race for the Melbourne Cup, but that isn't the case any longer. As is true of any event, the Caulfield Cup isn't perfect; out of the 12 years since the Caulfield Cup was inaugurated, only one Melbourne Cup winner competed in the Caulfield Cup.

The Turnbull Stakes and Cox Plate are becoming some of the best pre-run-in races, but you always need to consider international form.

When Do You Get the Best Tips for the Melbourne Cup?

The best Melbourne Cup tips usually come as close to the big day. Thus, all the information will be available: expert pundits can better give their tips for Melbourne Cup based on all the information they have: the field, the barriers, the jockeys, the weather, and the track conditions.

Where Are the Latest Melbourne Cup Tips?

A lot can change in horse racing: the form of the horse and jockey, the weather which impacts how the horses run, and the betting which determines the odds you will receive on your pick. Therefore, you must obtain the most up-to-date Melbourne Cup tips. Remembers: things can change in just a few hours or days.


Gavin is a full-time copywriter based in the UK and has developed in-depth knowledge of the igaming world by working in the betting industry for over five years. During this time, he has written thousands of articles covering various topics, including bookmaker reviews, ‘how to’ guides, bonus comparisons and much more.