Punter to turn $8k into $1m as Melbourne Cup’s biggest bets revealed

While most of Australia will be hoping for their horse to win, at least one punter’s life could change as the Melbourne Cup kicks off.

While Australia will stop for the 2024 Melbourne Cup, at least one punter will be more nervous than anyone else as they try to turn an $8k bet into over $1 million.

The cash is flowing in for the race that stops the nation with punters putting their money where their mouth is as they hope to strike it rich.

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In what has been called a fairly weak Melbourne Cup field, it likely means the race is wide open with a chance a roughie could come from the clouds to claim the $1.1m prize for their connections.

Incredibly, in the 164 year history of the race, only 34 favourites have gone on to win the race, while the last time a roughie worth over $101 won was Prince of Penzance in 2015, one of four times a roughie at odds that long have won the race.

In fact, the average price of the winning horse since 2000 is $17.

And one punter is betting one of the outsiders has a red hot chance in 2024.

PointsBet reportedly took an $8000 bet on Positivity, whose odds were at $126 at the time. Since then, the Andrew Forsman-trained four-year-old Kiwi mare has firmed into $61.

It means the punter could take home a whopping $1,008,000.

While it’s ranked 17th in betting, it’s as good a chance as any.

If you want value, Manzoice is the only horse left at $101. Photo by Scott Barbour/Racing Photos via Getty Images

With TAB reporting a majority of money coming in for the $7 favourites Vauban and Buckaroo as well as Onesmoothoperator one step back at $7.50 before every other horse out past $10, there’s plenty of value still to be had.

It’s far from the only giant bet.

Tom Waterhouse laid down $133,000 on Chris Waller’s Buckaroo, which could net him $1m, while two other punters could take home $500,000 and $200,000 if the favourite wins.

Waterhouse also has money on Zardozi at $12 odds with a chance to win $300,000.

Professional punter Kingsley Bartholomew will take home half a million dollars if another Waller-trained horse Interpretation takes home the cup.

There can be only one winner. Photo by Vince Caligiuri/Getty Images

But there is plenty more money riding on the race with one punter putting $5k on Just Fine at $51 in a bid to collect $255k with the TAB.

Other bets at TAB have $10,700 on Onesmoothoperator at $9 ($96,300), $9k on Absurde to win at $11 ($99k) and $7500 on Land Legend to win at $17 ($127,500).

At Ladbrokes, another punter has $2450 on Just Fine at $46, which could earn them $112,700. Just Fine has now firmed into $34.

Okita Soushi has $5k on it at $21 — a $105k bet. It’s now at $13.

Another punter has $1500 on Sea King, who was at $101, which would mean a $151,500 payday. Sea King has firmed into $14 since.

Whatever happens, there will be plenty of disappointed punters — and some very happy winners.

Originally published as Punter to turn $8k into $1m as Melbourne Cup’s biggest bets revealed