Melbourne Cup Odds

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Melbourne Cup Odds Incentivise (Image: Moody Racing Facebook)

Melbourne Cup Betting Odds 2021

Looking for the latest Melbourne Cup odds? See which runners are favoured to win the 2021 Melbourne Cup held at Flemington Racecourse.

The feature race is the highlight of the Melbourne Spring Racing Carnival and is worth $7.75 million with connections of the winner receiving $4.4 million.

Visit the Melbourne Cup nominations and Melbourne Cup Order of Entry page for the list of horses in contention to compete in this year’s Melbourne Cup.

On Saturday, October 30, the Melbourne Cup final field and barrier draw will be announced. Once it is revealed, fixed odds betting will be available. Prior to the barrier draw and final field release, the racing odds on offer will be an All In market.

The Peter Moody-trained five-year-old gelding Incentivise has stamped himself as the horse to beat in the Melbourne Cup. A winner of nine straight races, Incentivise captured the Group 1 Makybe Diva Stakes (1600m) and Group 1 Turnbull Stakes (2000m).

He continues to get better as he steps up in distance and that was evidenced by the fact that he won the Group 1 Caulfield Cup (2400m) by 3.5 lengths.

Incentivise is the $2.45 favourite.

Melbourne Cup favourites have won approximately 23% of the time in ‘the race that stops a nation.’ Will Incentivise be the next Melbourne Cup winner?

The Andrew Balding-trained six-year-old entire Spanish Mission is another leading contender for the Cup. International horses have won their fair share of Cups in recent times.

Three starts ago, Spanish Mission captured the Group 2 Yorkshire Cup (2787m) defeating Santiago. He was then third in the Group 1 Gold Cup (4014m) and second in the Group 2 Lonsdale Cup (3270m) won by Stradivarius.

Spanish Mission is $8.50 to win the Cup.

Defending Melbourne Cup winner Twilight Payment will be in the mix once again. Trained by Joseph O’Brien, the nine-year-old gelding was victorious two starts ago in the Group 3 Irish St Leger Trial Stakes (2816m). He is $12 which is the same quote as Verry Elleegant.

Many punters enjoy deciphering form guides and the Melbourne Cup is no different. Live racing coverage of the race will be on free to air.

See below for the full Melbourne Cup early markets. Melbourne Cup fixed odds betting will be available on Saturday, October 30.

Melbourne Cup Betting Markets

1. Twilight Payment (2) $12
2. Incentivise (16) $2.45
3. Spanish Mission (14) $8.50
4. Verry Elleegant (19) $12
5. Explosive Jack (4) $41
6. The Chosen One (5) $51
7. Delphi (3) $34
8. Ocean Billy (13) $101
9. Selino (24) $101
10. Johnny Get Angry (22) $71
11. Knights Order (9) $151
12. Persan (11) $35
13. Carif (8) $151
14. Master Of Wine (6) $91
15. Pondus (1) $46
16. Grand Promenade (21) $18
17. Miami Bound (17) $151
18. Port Guillaume (23) $151
19. She’s Ideel (20) $91
20. Future Score (15) $251
21. Tralee Rose (12) $16
22. Floating Artist (10) $16
23. Great House (7) $21
24. Sir Lucan (18) $23

Odds correct at 10:50am on 31/10/2021


Favourite to win the Melbourne Cup 2021

Horse Chance of victory
Incentivise 40.82%


How to read the odds and calculate payouts

In Australian thoroughbred racing, the betting odds used by bookmakers are displayed as decimal odds. The most popular horse racing bet is a win bet, so we will focus on that aspect below.

For example, the current favourite Incentivise is paying $5.50 on October 4. That means, for every $1 that is wagered on Incentivise, the payout received will be $5.50.

If the bet was a fixed odds win bet on Incentivise to win the Melbourne Cup with Sportsbet at odds of $5.50, and the stake wagered was $100, then the payout received would be $550 (assuming no deductions). This calculated as follows:

  • $100 x $5.50 = $550

To work out what profit you will make should the bet be successful, you will need to subtract the amount staked.

  • $100 x $5.50 = $550 – $100 = $450 profit


Difference between Tote Odds & Fixed Odds

There is a distinct difference between tote and fixed odds when it comes to betting on racing.

Starting with fixed odds, the price on offer when you place your bet will be locked in. That means if you back a horse at $4 fixed odds, then you will receive those odds regardless of price fluctuations. Deductions for any scratchings will still affect the price unless you placed the bet after all horses have been scratched or there are no scratchings.

Tote odds fluctuate based on the total amount in the pool. This means you won’t know exactly what your payout will be until after the race if your horse is victorious.

Sometimes you will receive better odds by taking fixed odds and other times it will be better backing the Tote.

Exotic betting is also a popular Tote bet type for racing and it is no different for the Melbourne Cup with huge dividends being declared on the race.