Melbourne Cup 2022: Beginner’s guide to betting

If you’re a once-a-year punter whenever the Melbourne Cup rolls around and words like ‘quinella’ and ‘exacta’ mean nothing to you, then this beginner’s guide to betting will make you sound like a pro.

If you’re a once-a-year punter whenever the Melbourne Cup rolls around and words like ‘quinella’ and ‘exacta’ may as well be written in an ancient Latin dialect, then this beginner’s guide to betting will make you sound like a pro.We give you the TAB guide to betting terms and what they mean.

WIN

If the runner you pick wins the race, you win. This is the most popular bet type.

PLACE

Pick a runner and if it finishes 1st, 2nd or 3rd you’ll collect winnings.

EACH-WAY

An each-way bet combines the Win and Place bets. If your runner wins, you will collect both a Win and Place dividend or if your runner finishes 2nd or 3rd you will collect the Place dividend only.

TRIFECTA

You need to pick the first three finishers, in correct order.

QUINELLA

To win you must correctly select the two runners that finish 1st and 2nd in a race, in any order.

Duais will appreciate returning to Flemington where she won the Australian Cup. Picture: Getty Images

EXACTA

An Exacta requires you to correctly select the two runners that finish 1st and 2nd in a race in the correct order.

DUET

The Duet requires you to correctly select 2 of the 3 placegetters in any order. The Duet will pay three dividends for the following combinations: 1st & 2nd, 1st & 3rd, and 2nd & 3rd.

FIRST 4

A winning First 4 bet requires you to pick the first four finishers in a race, in correct order.

MYSTERY BET

The easiest way to have a bet. Mystery bets are computer generated selections.

FIXED ODDS

You will be paid out the odds that you secured at the time of your bet. For example, if you bet $2 on a horse that is $5 on fixed odds, you will get back $10 if your horse is successful.

Numerian is racing well and will make his own luck. Picture: Getty Images

BOX A BET

When you “box” the runners in your bet, you cover all possible combinations for the finishing order. This is available on quinella, exacta, duet, trifecta and first 4.

STANDOUT BET

A Standout is a single runner you pick to come in 1st place, and any of the other runners you select can fill the other places in any order. Available on exacta, trifecta and first 4.

FLEXI BETTING

Flexi betting allows you to take any Exotic bet type at an outlay to suit your pocket - so you can have multiple selections without being restricted by your budget! All you need to do is decide on your selections and the total amount you wish to spend on your bet. Your bet will cost whatever you choose - and if you win, you will receive a percentage of the full dividend. For example, if you box five runners in a trifecta. This would normally cost $60 for a $1 investment. If you decide you want to spend $15, that’s all it will cost. $15 represents 25% of $60, which means if you win, you will receive 25% of the full Trifecta dividend. So if the winning Trifecta dividend is $200, you’ll collect $50.

Originally published as Melbourne Cup 2022: Beginner’s guide to betting