What crisis? We’re going to bet $160 million on the Melbourne Cup

Australians are expected to splurge more than $160 million betting on the Melbourne Cup this afternoon, despite signs that the economy is headed for the glue factory.

Australians are expected to splurge more than $160 million betting on the Melbourne Cup this afternoon, despite signs that the economy is headed for the glue factory.

Gambling giant Tabcorp, which operates the Victorian and New South Wales totalisator system, is expecting punters to wager around $150 million on the race that stops the nation, while betting in other states with bookmakers should take the total to well over $160 million.

With all likelihood, Australians will be able to afford a punt today. Just half-an-hour before the big race starts at 3pm AEST, the Reserve Bank of Australia is expected to announce a cut in official interest rates of at least 0.5%.

So who will the smart money be on today?

Here at SmartCompany we’re favouring British import Mad Rush just in front of Irish stayer Septimus and Australian hopeful C’est La Guerre. But Aunty B is putting her money on Ice Chariot. Aunty says she likes the name, and says the silks very smart too. 

Michael Horne, racing manager at Darwin-based bookmaking firm Bestar, favours Septimus, and picks C’est La Guerre and the Bart Cummings-trained stayer Viewed.

Professional punter Sean Bartholomeusz is very keen on lightweight chance Babaricus and Bart Cumming’s other runner, Moatize.

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