Why Melbourne Cup was a winner for bookmakers

Why Melbourne Cup was a winner for bookmakers

Tuesday, November 3, 2015 Totally Gaming
Betting companies were boosted by a shock victory and raised turnover

Bookmakers in Australia are celebrating the victory of 100-1 outsider Prince Of Penzance in today’s (Tuesday) Melbourne Cup horse race.

With increased betting reported on the race, operators feared a victory for favourites Fame Game or Trip To Paris – with Ladbrokes admitting that they stood to lose AUS$2m (€1.3m/$1.4m) on a win for the former.

The Totalisator Agency Board (TAB) said that AUS$54.3m was wagered on the race in New South Wales, a year-on-year increase of 4.3 per cent, while Victoria pooled AUS$40.7m and an increase of almost 8 per cent. In total more than AUS$141m was wagered on the entire Flemington card across New South Wales, Victoria and the Australian Capital Territory.

Ladbrokes said that its turnover on the day was almost three times greater than 2014, with spokesman David Williams adding that it was a major breakthrough for the company’s Australian operation.

“Jockey Michelle Payne has helped to give us a result well beyond our hopes and expectations,” Williams said. “With almost three times the levels of betting interest compared to 12 months ago we had to pray that things would fall our way and they did so superbly. 

“We're trying to make a big splash in Australia; Melbourne Cup day went a long way to delivering what we wanted.”

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