Melbourne Cup Betting holds firm despite fading interest
Elle
Nov 14th 2025
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People in Australia seem to be gradually losing their interest in horse racing in Melbourne Cup Betting. But, the way they placed their bets on the Melbourne Cup betting speaks a different story. Even with the increasing number of voices raising the issue of the mistreatment of animals and the drop of total money bets on horse racing, the turnover of the race which is the biggest in the country remains almost unchanged.
Racing Victoria‘s data indicate that the amount of wagering money spent on the Melbourne Cup betting dropped marginally from $221 million in 2020 to $214 million last year. The average over the last five years is $220 million, which means that although a few Australians may be abandoning horse racing as their usual recreational activity, the Melbourne Cup betting is still going strong in terms of the responsible betting volume.
But if you think about it beyond the glitz and glam of the first Tuesday in November, the general story for horse racing is not that bright. In fact, the total amount wagered on horse racing in Victoria went down by 10.2% in the last financial year after it had already dropped by 4% the year before. The wagering turnover decreased from $9.1 billion in 2022 to $7.9 billion, showing a decline that the industry insiders are attributing to the cost-of-living pressures, higher interest rates, and fewer marketing incentives from bookmakers.
Similar trends have emerged in New South Wales, where betting turnover dropped from $335 million in 2023 to $302 million last year, which is a 9.6% decrease over two years. The changes in the industry have been recognized by the local authorities, with Racing Victoria explaining that the decrease is not due to less enthusiasm for the sport but rather to the overall economic situation and the tighter regulation of gambling promotions.
While responsible betting on horse racing has fallen, the Melbourne Cup betting continues to attract casual punters, many of whom only bet once a year. Gambling researchers suggest that the Cup serves as an entry point for many Australians who may not participate in racing throughout the year. The tradition of office sweepstakes, Cup luncheons, and the cultural appeal of the race keeps the event relevant, even as its audience shows signs of fatigue.
The exhaustion, to a large extent, can still be seen there of the downfall in attendances and people watching the race on TV. The number of individuals going to Flemington has decreased from more than 120,000 in the first years of the 2000s to around 91,000 in 2024. The crowd of people watching from home has also reduced drastically, the number of viewers has dropped from over three million to about 1.35 million in 2022. These statistics are an indication of a change in the way the Australians relate to the race that was once capable of halting the entire nation.
Animal welfare issues have been one of the major factors shaping public opinion about the sport. Activist groups have kept up their attacks on the Melbourne Cup betting, citing the harm and death of horses in previous races. The problem has led those people who normally watch the race to protest it by stopping their viewership and the expression “Nup to the Cup” being used more and more by people on social networks. In spite of such feelings, wagering statistics reveal that the occasion continues to attract a considerable monetary involvement.
Notwithstanding, bookmakers are also affected by the changes in the environment. As rules have been getting more stringent and limitations on advertisements have been increasing, the industry has had to change its marketing tactics. The margin of winners has also slightly increased, going from 14.2% to 15.4% in Victoria, which indicates that bookmakers are trying to compensate for the drop in turnover, according to industry data.
The dynamic between consistent Cup wagering and the general fall-off has the furrowing of a relief mixed with some concern for the horse racing industry. While the Melbourne Cup betting continues to be a major source of money it would be foolhardy to think that the sector could survive solely on the energy of one event. If there are no more people who will place regular bets on minor races and regional tracks they will be in a position to maybe disappear thus loss of opportunities for trainers, jockeys, and racing staff.
It mainly depends on whether the industry is willing to adjust to the changing needs of the audience and the new economic situation. It is most notably a fact that young Australians have changed their views on gambling and the welfare of animals, and these changes may affect the future of the sport. To keep up with the latest trends, the authorities in charge of the racing have to figure out different methods to draw in the audience while still observing the issues of gambling and maintaining moral standards.
The Melbourne Cup betting is still very much a crucial event on the Australian calendar, a tradition that goes on to bring together families, offices, and bettors. However, the show that is the Melbourne Cup betting covers up the story of a racing industry that is dealing with financial challenges and changes in people’s morals and opinions. While betting on the Cup may still be going strong, the overall narrative of the Australian horse racing industry is that it is surviving carefully and reluctantly.
