The 2026 Melbourne Cup is scheduled to start at 4am GMT on Tuesday, or 3pm local time in Victoria, but substantial betting activity was already under way during the race’s buildup. Irish owner and punter JP McManus was among those making large wagers at Melbourne’s “Call Of The Card” luncheon on Monday.
The event, which has been held since 1958, attracted a sell-out audience of about 1,000 people. Four bookmakers offered prices on all 24 runners, beginning with the outsiders and finishing with the favourites. When George Boughey’s Hopewell Rock was offered at $10, fellow owner Paul Byrne said he was considering a bet intended to win A$10m.
One bookmaker accepted A$500,000 at 9-1 and another took A$30,000. The remaining A$470,000 was placed at prices of 17-2 and 8-1. McManus and Byrne also backed several other horses, including Joseph O’Brien’s James J Braddock, while McManus wagered on his own runners Trustyourinstinct and Goodie Two Shoes, last year’s runner-up.
McManus, attending the event for the first time, described it as exciting and unlike anything he had experienced in Britain or Ireland. The format also illustrated the contrast between Australia’s betting environment and the experience of many UK and Irish racing fans, whose accounts can be closed or restricted if operators believe they may become consistently profitable bettors.
Australia has an official Minimum Bet Limit for racing. Under the system, operators must accept an advertised price up to a specified liability, currently A$2,000 on a major race such as the Melbourne Cup. The limit is far below the sums placed at the luncheon, but it establishes that bookmakers must offer punters a reasonable opportunity to back a price before changing it.
The policy was visible during Monday’s event, when bookmaker Robbie Waterhouse was occasionally booed after offering a shorter price than his rivals or accepting only part of a requested stake.
Australia’s gambling rules also differ from those in Britain in other areas. Online slot-machine gaming has been prohibited for Australian customers since 2001, and legislation passed by parliament in August is intended to make it harder for Australians to access illegal offshore casinos.
The latest measures are due to take effect on 1 January 2027. They are described as separating the risks associated with casino gaming and slots from betting on sport, while also addressing access to unregulated operators and requiring bookmakers to lay advertised prices to a reasonable level.
The approach could offer lessons for the UK as lawmakers consider a possible replacement for the Gambling Act 2005. In particular, the minimum-bet principle is presented as a way to support regulated betting without encouraging racing punters towards illegal markets through widespread restrictions and account closures.
Sources: The Guardian Sport.