The Melbourne Cup is one of Australia’s biggest races; in fact, it’s considered one of the 10 ten horse races in the world, depending on who you talk to. People come from all over the world to watch, support, and bet on the Melbourne Cup. With so much going on, it’s easy to get caught up in the excitement as a punter, leading to you making some bets that could be rather costly. So, to ensure you are well prepared for betting on the Melbourne Cup, here are some mistakes you may want to avoid.
- Overconfidence
Like we said, there’s a lot going on at the Melbourne Cup, making it easy to get caught up in the hype. Because of this, we often see seasoned and novice punters getting caught up in the hype and betting solely on the horses that the people most favour.
It’s normal for punters to be biased towards horses they know or that’ve performed well in previous seasons. But, this isn’t an accusation to make bad betting decisions. All your bets should be backed by research, regardless of what your gut feeling is. Consider the odds, barrier draws, and tack conditions among other things. This should help you place a good bet! Plus, you’ll find that with the more research you do, the more confident you will be with your bets.
- Neglecting to do enough research
Talking about research, we often find that punters don’t do nearly enough research to warrant some of the bets they make. Pro punters spend hours on end analysing race data in order to create a unique strategy for the next event. If you’re planning on betting at the Melbourne Cup, then we recommend that you research all the race details you can about previous races so you’re well-prepared for the race. Here are some key aspects that you should research:
- Check how the horse has run in its most recent races
- See if the horse has proven it can handle the long distance
- Look at the weight the horse is carrying and its past performance with similar weights
- Research the jockey and trainer’s current form and Melbourne Cup history
- Consider how the horse performs on different track conditions, based on the weather forecast
- Note the horse’s starting barrier and how it might impact its race
- Don’t forget to assess international horses, as they often come prepared to win
- Only using one bookmaker
Another common mistake that we notice happens is that punters only use one bookmaker. Now, there’s nothing wrong with loyalty, but when it comes to punting, you want to do everything you can to optimise your potential to win a bet. Only using one bookmaker puts limits on that.
What you need to understand here is that bookies don’t all produce the same odds. While they might be similar, they are generally different. The same goes for the betting prices, too. By shopping around with bookmakers, you can get a better idea of the odds for the Cup and potentially find cheaper prices for placing specific bets. So, try not to limit yourself if possible.
- Not studying the bets
A key component for any successful punter is understanding what bets to use and when. Horse racing has a number of different betting types, from straightforward bets like betting on the winner to more complicated bets and everything in between. If you don’t understand the bets and when to place them, you’ll go through your bankroll fast without winning much. Study the betting types when you create your strategy and learn which bets are high risk and which are safer.
- Not setting a bankroll
Speaking of your bankroll, make sure that you create a bankroll (budget) for betting. Sports betting is a form of gambling that can fast become a problem if you don’t participate in it with self-discipline. Having a bankroll ensures that you stick to an amount of money that you can safely spend on punting without financially crippling yourself for the rest of the month. Set a certain amount of money aside and ensure you stick to it.
Find information on the Melbourne Cup
We find that successful punting and research go hand-in-hand. You need to find a reliable source to get information about the Melbourne Cup and other races at Flemington, so you can place wiser bets. If you’re looking for a go-to website for upcoming racing at Flemington, here’s a helpful page from Ladbrokes. It offers you a comprehensive platform to weigh the odds and stay up-to-date with Australia’s latest developments in horse racing.
Final thoughts
We all make mistakes; it’s a natural part of learning. But, if you have the option to avoid making mistakes, wouldn’t you take it? In this case, you do! Consider the mistakes we’ve listed above and make an intentional effort to avoid making them when you bet on the Melbourne Cup. This will keep you on an upward trajectory in this betting season.
