The first Tuesday in November is the day that even those Australians who rarely gamble will make a wager. In Melbourne, Cup Day is the highlight of the Spring Racing Carnival and the hats will be out in force. The first Melbourne Cup was run in 1861 at Flemington racecourse and has continued ever since, through wars and depressions. That famous American Mark Twain watched the race in 1895 and afterwards wrote, “ Nowhere in the world have I encountered a festival of people that has such a magnificent appeal to the whole nation. The Cup astonishes me.”

Australians may love the Melbourne Cup - the nation virtually comes to a standstill while the horses gallop over the 3200 metres - but gambling on horse racing plays only a minor rôle in their betting habits. The average A$17 (US$12.7) spent every week by Australian households is far more likely to be wagered on the lottery, football pools, and pokies as well as at casinos. According to recent figures, a total of A$17.4 billion (US$13 billion) was bet in 2004, an increase of 5.5%.

This year’s favourite to win the Melbourne Cup, according to the tipsters, appears to be Makybe Diva followed by Pacific Dancer. Should the favourite win, the Australian bookmakers will face a massive payout. Apparently one punter has placed a A$1 million bet with Sportingbet on Makybe Diva to win the race for the third time in succession. In the 144-year history of the race, no horse has won the Melbourne Cup three times and Makybe Diva is only the second horse ever to try. Can she do it? Many Australians will be betting that she can. (E-11.01.05)

[Makybe Diva raced her way into Australian folklore with an unprecedented third Melbourne Cup at Flemington and was immediately retired from racing]

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