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When it comes to one of the most famous thoroughbred handicap horse races in the world, the Melbourne Cup is the foremost name that comes to the mind of the people. The cup is worth the reward of AUD $ 6 million and the even the losers are not dismayed, since event the participation in this event is quite prestigious. The selection for participation in this event is not easy because of the international character of the race and a tough and long drawn out selection process. Similarly, the Melbourne Cup betting is what the punters look forward to from all over the world.

As the day of the event closes by, the people get more curious about the event and keep a keen watch on the horses, trainers and jockeys, who matter the most in this sporting spectacle. The professional punters place the Melbourne cup bets with great care. By virtue of their experience, they are able to judge the relevance and import of each news item and update before they go ahead to place the Melbourne cup bet. The Melbourne cup betting is the most cherished dream of many Australians since it gives them the chance to earn rich bounties in one go. People have won tens of thousands of dollars by wagering in this event in the past. Due to opportunity to become riches that this event provides, huge numbers of people wait and watch this event closely.  The electronic and the print media dedicate special columns for the news and analysis of this event. The newspapers carry the daily updates on this sport and even on the changing Melbourne Cup betting odds. The people who are most interested in knowing the changing odds on hourly basis, usually get hooked to the internet to get the minute by minute updates on the same.

There are many online sportsbooks who offer not only the information on all aspects of the game but also impart knowledge about the same. However, how to do the Melbourne Cup betting depends much on the experience, research, intuition and wisdom of the people. You can call these as the internal parameters which determine the way people place the Melbourne Cup bets.  At the same time, there are external parameters which also define the way people bet like the peer-pressure, speculations, environment of the surroundings at the Flemington race course and many others.

So, there are a number of pre-wagering factors which influence the Melbourne Cup betting decision. By using the online wagering medium, a person can reduce the influence of the external factors on the Melbourne Cup wagering decisions. He can sit at home or at office or can even get hooked on the internet while travelling and use the online bookies to place the Melbourne cup bets. Another benefit is that the bookies also offer free bets to play and many bonuses for joining. However, most of the free bets offers require you to first place put the Melbourne cup bet for the same amount out-of-your-pocket.