Contains commercial content

Melbourne Cup Odds

Find out all you need to know about Melbourne Cup odds. The Melbourne Cup is the biggest horse race in Australia, and it is one of the biggest live events in world horse racing, too.

“The Race That Stops a Nation” at Flemington in Melbourne is spectacular. From when the final field barrier draw, right up to race day, this event full of history packs a punch. Check out what Melbourne Cup odds are about, including win odds, each-way odds and trifectas to help you with your predictions for the big race.

Content Index

About the 2022 Melbourne Cup

The Melbourne Cup is the most famous horse racing event in Australia. Bettors know it as “The Race That Stops a Nation”. Betting horses doesn’t get more competitive than in this race. Melbourne Cup odds are a huge deal within the worldwide horse racing industry, including live betting.

The race itself is over 3200 metres or two miles. It is the richest handicap race of this distance and one of the richest turf events overall within horse racing. The total purse is A$8 million.

Horses defying the Melbourne Cup odds and winning write their names into horse racing history. Great names such as Makybe Dive, who won it three times, and last year’s winner Verry Elleegant are huge names in the sport.

Melbourne Cup day is part of the Spring Carnival. It’s held at Flemington Racecourse and has a long history dating back to 1861.

Supporters keenly watch everything about the race. Not only do they watch the Melbourne Cup odds live a year in advance, but even the final field barrier draw is a huge deal as the starting gates can offer advantages or disadvantages when betting horses.

The 2022 Melbourne Cup is on Tuesday, November 1, 2022. When we know the final field on Saturday, October 29, the barrier draw will be conducted.

Melbourne Cup Winning Odds

Melbourne Cup Odds

Before betting horses in the race, you should understand what Melbourne Cup odds mean. In horse racing, the odds are the return you should expect to get if your horse was to win. The odds reflect the amount of money you bet on the horse. 

In fractional form, the odds express the amount of profit you can gain versus the amount bet. For example, a horse winning at 5/1 means that for a NZ$10 stake, you would win NZ$50 plus your NZ$10 back.

Melbourne Cup odds change according to how popular runners are and how much bettors stake. If many people are betting horses, then their odds will contract. This is typical in all racing.

Winning Odds

When betting horses simply to win, odds may be in fractional or decimal format. Major online bookmakers will offer Melbourne Cup odds in fractional format, though they may offer alternatives, while tote organisations such as the NZ TAB will offer decimal odds.

If you back Hitotsu to win at 9.00 decimal odds, remember they include a NZ$1 stake. So, if the bet wins, you would get that dividend back multiplied by however much you stake. A NZ$10 bet at 9.00 would return NZ$90.00 total.

Fractional win bet odds do not include the stake. A successful NZ$10 bet on Manobo at odds of 20/1, for example, would return NZ$210 in total (20 x NZ$10 + NZ$10 stake).

Each-Way Odds

If you make an each-way bet in the Melbourne Cup, remember that this is essentially two bets in one. This means you pay double the stake. An each-way bet is both a win bet and a place bet on the same horse.

A NZ$10 each-way bet on Stay Foolish at 14/1 costs NZ$20. If the horse wins, you win both the win bet and the place bet (1st, 2nd, 3rd). If the horse places, you win only that portion of the bet. Each-way terms will usually mean bettors can get the place portion of the bet at 1/4 of the win odds.

If Stay Foolish was to win, the bet would work out like this:

  • Win: NZ$10 @ 14/1 (10 x 14/1 + 10) = NZ$150.
  • Place: NZ$10 @ 14/1 (1/4 odds) (10 x 14/4 + 10) = NZ$45.
  • Total return = NZ$195

If the horse doesn’t win but places, you will only get back the NZ$45. In cases where the horse finishes outside of the places, no returns are due.

Trifecta Odds

The trifecta is a difficult bet to win. This is especially true when betting horses in the Melbourne Cup. The bet involves punters picking the first, second and third horses home in the correct order.

This bet isn’t available until we know the final field. At that point, punters can try to use not just form but also the barrier draw to try and seek out betting advantages.

If you believe you can pick the 1-2-3 in the right order, go for it. This is a tremendously difficult bet to win but comes with huge dividends if you are successful.


There’s nothing quite like the Melbourne Cup. This is a racing event full of history, and when we know the final field on October 29, the barrier draw will be conducted and betting moves up a notch. When betting horses in the Cup, remember your different choices, including win bets, each-way bets and the tough but rewarding trifectas.


We answer your top Melbourne Cup day and Melbourne Cup odds questions.

🏇 Who is the favourite to win the Melbourne Cup 2022?

With the New Zealand TAB, Hitotsu is at the top of the Melbourne Cup odds at 9.00. Incentivise and Verry Elleegant are next at 11.00. Much will depend on form, fitness, and the final field barrier draw at Flemington before we see who is the favourite on the day.

🏇What were the odds on the Melbourne Cup winner in 2021?

Verry Elleegant won the 2021 Melbourne Cup to make horse racing history at odds of 18.00.

🏇 Where is the Melbourne Cup held?

Melbourne Cup day takes place at Flemington Racecourse. The top horse racing venue is in Melbourne and hosts some of the best live action in the world.

🏇 When is Melbourne Cup day?

Melbourne Cup day is live on TV on Tuesday, November 1, 2022.

18+ | Please play responsibly | Terms and Conditions apply | Commercial Content