What do horse racing odds mean? A Melbourne Cup guide

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The Melbourne Cup is Australia's most famous horse race. Since 1861, people around the world have revelled in the excitement and action of a full day of racing in Flemington.

For many people, celebrating Melbourne Cup day involves placing a bet on their favourite horse and rider, although many would admit the odds and stats that accompany each race remain a mystery.

What exactly are racing odds? And how can they be used in your favour? Well, today we're lifting the lid on those mystery numbers, so you'll be ready to play the field in November 2021.

Betting odds represent what bookmakers believe is the likelihood of an event or events happening - in this case, it's which horse or horses are likely to win or place in a race. The odds of each horse is decided by bookmakers, who take into account several factors to work out the likelihood of that horse winning.

Obviously, things like form and performance play a role but so do other less obvious factors (yes, I said it). This is where your research comes in - finding out what those less obvious factors might be!

Depending on how much time you have (and how confident you are about your ability to pick the winner), different information will be important. If you're a casual punter and are only looking to place bets on individual races (as opposed to the sweepstake), then it's going to be about finding horses with low odds.

The lower the odds, the more likely a horse will win and place under all circumstances, so they usually make for good picks! It's also worth tracking down low-odds horses that are backed into short prices by bookmakers in order to get better dividends - meaning greater returns on your winnings.

When enjoyed in moderation, placing a cheeky bet can be a fun way to add an extra level of excitement to your race day. If you are putting a couple of dollars on an individual race, any horse with odds of under $5 should be considered as a good pick for a single race bet (i.e win only). In fact if it's less than $4, then that is a really strong pick.

If you want to get more involved in the sweepstakes and think you've got a reasonable idea of form and chances (or have a bit of time to go deep into research), then it's worth considering any horse with odds under $8.

It doesn't mean they will definitely win, but their odds are lower than most and so they have a reasonable chance of turning over.

If you are feeling extra confident, then odds below $6 are actually decent enough to be worth considering in the sweepstakes stakes. However, it should be noted that some bookmakers will have different odds so it's important to work out which bookmaker is offering the best deal overall before committing your money!

While understanding betting odds and when and how to lay down some money might increase your chances of winning, it's important to keep in mind that nothing is a sure thing.

We've all heard stories of Melbourne Cup winners who no one expected to win coming up from behind to claim victory.

Who could forget Michelle Payne who rode Prince of Penzance to Melbourne Cup victory in 2015 with 100 to 1 odds?

This year's Melbourne Cup Carnival is just around the corner, so keep these tips in mind before picking your 2021 winners. Good luck!