Melbourne Cup 2009 - Horse race betting, what are the odds?
The 2009 Melbourne Cup horse race is an Australian tradition. But what are the odds of betting on a winner? Besides the carnival atmosphere, the fascinators and hats, there is another aspect to the Melbourne Cup which keeps people coming back year after year. Horse betting, unlike other, more random forms of betting such as pokies, requires an in-depth knowledge of the sport if one is to increase the chances of backing a winning horse. The condition of each horse prior to the race is the subject of much scrutiny by serious punters, and accomodation in Melbourne sells out fast for the big race day at Flemington racecourse. The winning jockey goes down in history, along with his predecessors, and takes home a considerable winners prize, and the well wishes of every bettor who supported him. What are your chances of backing the right horse?Simple math would tell you that if you were to randomly select a horse in the race, you would have a 1 in X chance of winning, where X is the number of horses in the race. The number of horses in the race can vary, so your chances of winning if picking a random horse can vary too. If, for example, there were 24 horses in the Melbourne Cup, the chances of winning if picking a random horse would be 1 in 24 or 4.16%. Not exactly good odds, but still much better than the lottery! Now lets pretend there were 30 horses in the race. Your odds of winning would slip to 1 in 30, or 3.33%.In reality, most people back what they consider to be the strongest horse. Some also place bets on multiple horses. There is a myriad of different ways to place bets, but the important thing to remember is if you can't afford to lose a bet, don't place it. You have a far greater chance of losing than winning, even with insider tips and the best information available to a seasoned punter. How much is bet on the Melbourne Cup?Each year, hundreds of thousands of people bet on the Melbourne Cup, with over $140 million bet on the race annually.Not the betting type?If the idea of placing bets on a horse doesn't interest you, and you've got some spare cash lying around then why not consider opening a term deposit or online savings account? With the government deposit guarantee there is less risk in these types of investments than before, even during the current global financial crisis.But don't expect a windfall! If you placed a $20 bet on the Melbourne Cup and won $100 for a trifecta bet, that's an $80 gain. To earn that much from a term deposit would require $1,000 sitting in an 8% account for a whole year. Not exactly instant gratification, but a safer bet nonetheless! Compare Term Deposits or Online Savings Accounts |
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