Aussies set to spend $351 million on Melbourne Cup

Millions of Australians are preparing to have a punt on the Melbourne Cup, with new research revealing a huge national betting bill despite continued pressure on household budgets. Regardless, Aussies will always have at least a flutter for a bit of fun on the one big Tuesday every year.

The horses haven’t even reached the starting gates, but Aussies are already preparing to spend an estimated $351 million on Tuesday’s Melbourne Cup.

New research from comparison website Finder suggests almost 3.1 million Australians will place a bet on the race that stops the nation, with the average punter expecting to spend $115.

The findings come as household budgets remain under pressure and financial experts question whether gambling has become too deeply embedded in Australian culture.

Finder’s October survey of 1,006 Australians found 14 per cent intend to place a bet on Cup Day, while 86 per cent say they’ll be keeping their money in their pockets.

Men are considerably more likely to have a flutter, with 18 per cent planning to bet compared with 10 per cent of women.

A $351 million flutter

Finder personal finance specialist Taylor Blackburn said the excitement surrounding the Melbourne Cup could make it easy to spend more than intended.

“The Melbourne Cup might be the race that stops the nation, but it shouldn’t be the bet that blows your budget,” Blackburn says.

“It can be tempting to have a punt when everyone around you is talking odds and backing a horse, but gambling is still spending – and there’s no guarantee you’ll see that money again.

“If you’re having a bet, decide what you’re comfortable losing before the race starts and don’t chase your losses if your horse doesn’t come home.”

The research also raises broader questions about Australia’s relationship with gambling.

In Finder’s latest RBA Cash Rate Survey, 28 of the 31 experts who responded to a question about gambling, or 90 per cent, agreed that it holds too big a place in the Australian economy.

Well-known financial commentator and author Noel Whittaker was among those expressing concern.

“The betting agencies are doing their best to normalise gambling for young people, which can lead to serious troubles in later life,” Whittaker said.

Graham Cooke from Aussie Insights was even more forthright, arguing that gambling advertising and poker machines had become far too prevalent.

“Nowhere else in the world is there the prevalence of gambling ads and pokies that we see in Australia. The best thing any Australian government can do to help Australians is dramatically reduce gambling activity,” Cooke said.

Economist Nicholas Gruen from Lateral Economics also questioned the industry’s reliance on vulnerable customers.

“A good deal of the profits made by the industry are a form of predation on those with poor impulse control and susceptibility to addiction.”

Not everyone agreed.

Stephen Koukoulas from Market Economics offered a different perspective, describing gambling as “a leisure activity enjoyed by millions of people”.

Keeping the Cup in perspective

The Melbourne Cup remains an annual tradition, whether it’s a workplace sweep, lunch with friends or a small wager on a horse with a particularly appealing name.

But Finder’s Blackburn said anyone planning a bet should regard it as entertainment rather than an opportunity to make money.

“The safest bet is one you can afford to lose,” Blackburn says.

“Don’t use money set aside for rent, bills or Christmas shopping, and never borrow money to fund gambling.

“Putting that spare cash in an emergency fund to bolster your financial buffer could be a much wiser bet.”

At $115, the average amount Australians expect to wager is hardly insignificant. That money could cover a decent grocery shop, a household bill or a little extra breathing room before Christmas.

With millions of Australians expected to join in the Cup Day tradition, the question is whether the excitement of a three-minute horse race is worth the price.

We asked the Starts at 60 ChatGPT machine to pick the Cup winner

Of course, we couldn’t resist having a little fun ourselves.

With Australians preparing to wager hundreds of millions of dollars, we decided to ask the Starts at 60 ChatGPT machine we call “Charlie” to examine the weather forecast, look over the horse form and come up with five selections for Tuesday’s big race. After all, he’s highly likely to have a lot more logic and luck than me!

The forecast suggests a mild Melbourne afternoon of around 17 degrees, with possible morning showers clearing before the 3pm start. The track could still have some give after recent rain.

Armed with the published form guide, barrier draw and a healthy dose of computer-generated guesswork, here’s what our digital racing enthusiast came up with. (odds are estimates at the time we published this story)

CHARLIE’S TOP TIPS

1. Point Of Law ($6.50) – The machine’s favourite

The Geelong Cup winner has three victories from five starts, carries just 53kg and has drawn barrier nine. The Ciaron Maher-trained contender looks well placed, although his relative inexperience is one question mark. The machine likes his chances.

2. Trustyourinstinct ($7.50) – The appropriately named contender

A proven international stayer with nine career victories and champion jockey James McDonald aboard. Barrier 18 makes things interesting, but he’s shown an ability to handle different track conditions. Besides, surely a horse called Trustyourinstinct deserves a place in an artificial intelligence prediction?

3. Goodie Two Shoes ($31) – The sentimental selection

Last year’s Melbourne Cup runner-up returns for another crack at Australia’s most famous race. Barrier 19 isn’t ideal, but she’s already demonstrated she can handle the demanding 3200 metres at Flemington. Our computer clearly has a soft spot for a comeback story.

4. Sons And Lovers ($26) – The international wildcard

The Irish-trained contender has victories over 2800m and 3000m, along with a favourable barrier three. He’s also shown he can handle softer ground, which could prove useful if Melbourne’s weather decides to misbehave.

5. Knight’s Choice ($34) – The romantic roughie

The 2024 Melbourne Cup winner returns with Robbie Dolan aboard, jumping from barrier two. Can lightning strike twice? Our machine has decided that racing history deserves at least one wildly optimistic prediction.

Charlie’s verdict

Point Of Law to win, Trustyourinstinct to challenge and Knight’s Choice to provide the fairy-tale ending.

Of course, Charlie has never ridden a horse, can’t predict the future and won’t be paying anyone’s losing bets. These are playful selections based on published form and a little guesswork, not reliable betting advice.

But if the machine somehow gets the winner right, we’ll be unbearable in Wednesday’s editorial meeting.

Research: Finder Consumer Sentiment Tracker, October 2026. Melbourne Cup field and barriers: Victoria Racing Club.