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Bovada is one of the best known names in the online horse betting business and their experience in the marketplace dates back even further. Bovada has made a name for themselves for fastest payouts in the industry to US players and best customer support.
- full coverage of North American race tracks
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MELBOURNE CUP FORMAT:
The race was originally run at a distance of just over two miles (3,218 meters) but was reduced to an even 3,200 meters (2 miles) when Australia adopted the metric system in 1972. The race is run on a turf course making it one of the richest and most prestigious turf races in the world. The purse on the race is roughly $6 million (US) with over half that amount going to the winner. Melbourne Cup day is a de facto holiday in most of Australia and a legal holiday in Melbourne and other parts of Victoria. The event draws a live crowd of over 100,000 and a one day betting handle of over $140 million (US). Betting on the Melbourne Cup is something that even casual fans and the general public enjoy much in the same way that Americans bet on the Super Bowl and Kentucky Derby.
The overall format of the Melbourne Cup may be unfamiliar to North American racing fans and justifies some explanation. The two mile distance is very long by North American standards and the size of the field is very large as well. The race is now limited to 24 entries but throughout the history of the event as many as 36 horses have entered the race. An important thing to remember about Melbourne Cup betting is that the race is run under a handicap format—horses are assessed an additional weight penalty based on age with older horses carrying more of a weight penalty than younger horses. Additional weight handicaps are assessed based on previous performance though it has been modified somewhat in recent years to not unfairly penalize especially talented horses.