The Melbourne Cup is one of the oldest and most popular sporting events in Australia, and it is also a major betting event. It’s also a favourite choice for bettors that want to have the best chance at winning from a wide variety of betting markets. Of course, with all the different wagering options on offer, setting a budgeting limit can be difficult.

We’re here to help by providing a simple guide to betting on the Melbourne Cup while on a budget.

Top Tips For Melbourne Cup Betting On a Budget

Here are some tips on maximising your chances of winning when betting on the Melbourne Cup:

  • Do your research: Most experts recommend doing adequate background research before putting any money down. The more that a punter knows, the more likely they are to put their money into a wise bet. This ultimately leads to smarter spending and less money lost overall.
  • Look for value bets: Don’t just bet on the favourites. Look for horses that are priced at a good value and that have the best chance of winning.
  • Use betting systems: There are a number of betting systems available that can help you maximize your chances of winning. Some popular betting systems include the Martingale system and the Fibonacci system. It’s important to try and adapt to the betting situation as you see fit.
  • Bet on multiple races: Don’t just bet on the Melbourne Cup. There are a number of other races on the day that you can bet on. This will help you to spread your risk and increase your chances of winning.

The Types Of Bets

Another way to successfully budget when betting on the Melbourne Cup is by diversifying the betting range. The more diverse you have in action at any one time, the more likely you are to find more consistent success. Try the following:

  • Accumulator bets: Accumulator bets are wagers placed on multiple races. If all of your selections win, then you will receive a payout in return that’s based on the Melbourne Cup odds on offer. However, if any of your selections fail to make it, then you will lose your entire wager.
  • Each-way bets: Each-way bets are bets on a horse to finish first or second. These bets are more expensive than win bets, but they offer a great chance of returns.
  • Exotic bets: Exotic bets are bets on more than just the winner of a race. For example, you could bet on the first three horses to finish in a race, or you could bet on the horse that will finish first and second.

Melbourne Cup betting remains a fan favourite for millions of bettors around the world. Enjoying this beloved pastime using a budget will create an enjoyable environment where you always stand the chance of winning. A budget is the first step to finding success when wagering on the Melbourne Cup online or when using an app, and once you have one up and running you’ll be saving tons of your own money.