First and foremost, you need to get a thorough understanding of how betting works. The individuals who organize bets are known as ‘bookies’ and the establishments that hold different horse betting are referred to as ‘books or sportsbooks.’ You need to select one of these to get involved in a bet. Carry a thorough research on the different bookies and books that operate in Australia and that hold bets on the Melbourne cup.
Next, you need to select a certain amount of money that you want to use in the bet. If you are betting for the first time, then it is best to allocate a small amount of money, so in case you lose the bet, you won’t suffer a tragic financial loss.
After doing that, you need to select a horse that you want to put your bet on. For doing that, you need to carry some research on the 24 Melbourne cup horses that will be running in the Melbourne cup field on the Melbourne cup day. Find out their physical strengths, shortcoming, their past performances and their odds of winning this race. While doing this, make sure to read as much as possible on the Melbourne cup odds that are provided by the experts on different blogs and websites related to this event. These articles will give you an insight into the chances of winning of each horse and will facilitate you in selecting a suitable horse.
Now, that you have a basic understanding of how to participate in horse betting, you should start carrying your research now and then wait for the Melbourne cup results.