Australians Still Betting Big On Melbourne Cup, Despite Many Saying They’re Losing Interest In Race

Australians opportunity they are losing liking successful nan Melbourne Cup and nan animal use run against it has ne'er wavered, but nan magnitude of money gambled connected nan title has hardly changed since nan pandemic.

Wagering turnover connected nan Melbourne Cup has fallen only somewhat from nan $221m recorded successful 2020 to $214m past year. The five-year mean spend, according to Racing Victoria figures, remains $220m.

The magnitude of money being gambled connected equine racing successful Australia wide has fallen sharply, however, presenting a situation to nan semipermanent sustainability of nan industry.

In Victoria, nan magnitude of money gambled connected equine racing fell by 10.2% past financial year. This followed a 4% driblet a twelvemonth earlier. Wagering turnover dropped from $9.1bn successful 2022 to $7.9bn past financial year, according to Racing Victoria.

Rather than blaming declining interest, Racing Victoria has cited cost-of-living pressures, higher liking rates, a inclination towards gambling connected different sports, a “reduction successful advertizing and customer promotions” and much regulation.

Similar declines person been reported successful New South Wales, wherever wagering gross has dropped by 9.6% successful 2 years. In 2023, Racing NSW reported gambling turnover of $335m. Last year, it dropped to $302m.

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But nan Melbourne Cup continues to promote gambling from group who person small if immoderate liking successful equine racing beyond nan day.

Charles Livingstone, a gambling interrogator astatine Monash University, said nan cup was “an arena for group who don’t cognize thing astir horses” and a money-spinner for bookmakers.

“This is for illustration nan expansive last – it’s a awesome trading opportunity,” Livingstone said. “It gives nan gambling companies an opportunity to seduce group who wouldn’t usually stake to download their app.”

“If you’re a young bloke who downloads it for nan cup, they’ll astir apt understand you for illustration athletics and commencement giving you incentives to bet connected nan AFL, cricket and tennis.”

Racing Victoria and Racing NSW person blamed a diminution successful wide gross connected bookmakers offering less “free bet” promotions. The maneuver was condemned by a parliamentary enquiry into gambling harm much than 2 years ago.

In Victoria, nan number of “free bets” offered connected equine racing fell by almost 10% betwixt July and November past year. This reduced nan magnitude of money wagered connected free bets from $184.6m to $166.7m.

Despite this, nan margins of bookmakers accrued past twelvemonth from 14.2% to 15.4%. Racing Victoria attributed this to less favourites winning.

“We were fortunate to person benefitted from stronger than mean wagering usability gross margins, which drove beardown title fields merchandise interest income and offset nan turnover decline,” Racing Victoria’s main executive, Aaron Morrison, said successful nan group’s latest yearly report.

Product interest income refers to nan stock of money Racing Victoria receives from bets placed connected nan sport.

In August, nan Dublin-based gambling elephantine Flutter said Australia “continues to acquisition a softer racing market, which is expected to proceed successful nan adjacent term”. The company’s financial study said nan broader sports marketplace – including AFL and NRL – had shown “continued growth”.

Flutter’s connection to nan US Securities and Exchange Commission said Sportsbet had reduced nan money it spent connected promotional offers, but made them much targeted. It referred to nan alteration arsenic “optimised generosity”.

Gambling elephantine Entain besides reported “continuing softness successful nan underlying market” successful Australia, wherever its subsidiary brands Neds and Ladbrokes reported a 7% driblet successful maturation during six months to June 2025.

Racing bodies person invested important clip and money into appealing to a younger assemblage to revitalise outpouring carnivals. This has included partnerships pinch unrecorded euphony festivals – including nan promoter Live Nation APAC.

Racing Victoria reported a Derby Day crowd of more than 86,000 connected Saturday, which was a 5.5% summation connected nan 2024 tally.