SBC News Half a billon Melbourne Cup Carnival represents 'make-or-break' territory for Australian bookmakers

Half a billon Melbourne Cup Carnival represents ‘make-or-break’ territory for Australian bookmakers

Australian sports betting industry stakeholders are gearing up for a market breaking half-a-billion’ Melbourne Cup Carnival week (4-11 November).

Flemington Racetrack is certain of sell-out crowds each day, as its showpiece Carnival takes over Australian sports commentary, context and debate.

Carnival week is ‘make-or-break’ territory for Australian bookmakers. Last year it was reported that Australian betting giant Tabcorp, had signed-up approximately 60,000 new accounts between Carnival opening and closing period.  

All eyes will be on a much anticipated ‘Emirates Melbourne Cup’ run on Tuesday 7 November. Known as ‘the race that stops the nation’, the brutal staying handicap (run over 3,200 metres) has a prize-pool of AUS $6.25 million, making the Melbourne Cup the world’s second richest racing event.

Australian news sources have reported that this year’s Carnival will be worth a minimum AUS half-billion $ in wagering, with a projected $100 million (£60 million) to be staked on Tuesday’s Melbourne Cup.

Bookmakers’ will hoping to maintain their recent Melbourne Cup winning momentum against punters. Entering race week, 2016 champion Almandin is current race 7/1 favourite, followed closely by British stud Marmelo at 8/1.

Playing a high-stakes game, bookmakers’ will be keeping a close eye on popular home runner Humidor current third race favourite at 10/1.

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