The Melbourne Cup, often referred to as "the race that stops a nation", is not just a sporting event but a significant financial phenomenon. The 2024 Melbourne Cup, scheduled for Tuesday, November 5, is already generating buzz among global investors and racing enthusiasts alike.
Latest Markets on the Field
The latest markets have seen some interesting shifts. The TAB has listed Via Sistina, the Cox Plate-winning mare, as the outright favourite at $4.50, but her odds have since drifted to $6 due to uncertainties about her participation. This has opened up opportunities for other contenders like Buckaroo and Land Legend, both trained by Chris Waller, who are now equal favourites at $5.50. The Irish raider Jan Brueghel, trained by Aidan O'Brien, was also a strong contender, but has been withdrawn due to veterinary concerns. (Updated: Via Sistina has been scratched)
Late Scratchings
One of the most notable late scratchings this year is Jan Brueghel. After compulsory CT scans at the University of Melbourne Equine Centre, an expert panel of international equine surgeons and imaging specialists deemed the horse at heightened risk of injury. This decision, while disappointing for Coolmore Stud, underscores the importance of prioritising animal welfare in the sport.
Key Horses and Their Origins
The 2024 Melbourne Cup field is a mix of local and international talent. Here are some of the key contenders:
Via Sistina (Australia) - The Cox Plate winner, trained by Chris Waller. (Updated: scratched)
Buckaroo (Australia) - Second in the Caulfield Cup.
Land Legend (Australia) - Third in the Caulfield Cup.
Okita Soushi (Australia) - Winner of the Moonee Valley Cup.
Circle of Fire (Australia) - Winner of the Sydney Cup.
Jan Brueghel (Ireland) - Withdrawn due to veterinary concerns.
Absurde (France) - Trained by Willie Mullins.
Vauban (France) - Also trained by Willie Mullins.
Sea King (Japan) - Competed in the Caulfield Cup.
Warp Speed (Japan) - Competed in the Caulfield Cup.
Onesmoothoperator (UK) - Winner of the Ladbrokes Geelong Cup.
Financial Impact
The Melbourne Cup is a major economic driver, with millions expected to be spent and earned on the day. The race boasts a prize pool of $8.56 million, making it one of the richest races in the world. Beyond the prizemoney, the event generates significant revenue through betting, tourism, hospitality, and media rights. It is estimated that over $1 billion is wagered on the Melbourne Cup each year, with a substantial portion coming from international bettors.
The hospitality sector also sees a boom, with VIP and corporate packages, dining experiences, and exclusive marquees attracting high rollers and celebrities from around the globe. The influx of visitors boosts local businesses, from hotels to restaurants, and creates a ripple effect throughout the economy.
The 2024 Melbourne Cup is set to be a thrilling and financially impactful event. With top contenders from around the world and a massive prize pool, it continues to draw global attention and investment. As the race day approaches, all eyes will be on the track, and the financial stakes will be as high as ever.
Gamble responsibly. If you or someone you know needs help, please visit the National Gambling Helpline or call 1800 858 858. This article provides general information and does not constitute financial advice. Always consult a professional advisor before making investment decisions.