Melbourne Cup meeting turnover down

An estimated three million-plus Australians placed their Melbourne Cup day bets with TAB on Tuesday.

Tabcorp’s wagering business, TAB, held $160.7 million in turnover on the 10 races at Flemington and $106.0 million on the Lexus Melbourne Cup through TAB.

TAB turnover on the Melbourne Cup meeting was down 5.9% on last year. Excluding the Melbourne Cup, turnover on the meeting was down 1.5%. Total starters at Flemington were 142, compared to 148 last year.

It should be noted that many factors influence racing turnover and turnover figures from a single race or meeting are not necessarily indicative of the broader wagering market.

Vow And Declare’s final TAB fixed odds price was $11 having opened at $51 when official nominations were announced.

Tabcorp Managing Director – Wagering & Media, Adam Rytenskild, said: “We’re proud to be at the heart of today’s Melbourne Cup experience. We’re also thrilled an Australian horse won the Cup, with more than
three million Australians enjoying the day with TAB - in our app, at the track and at 4,400 TAB venues around the country.

“TAB has been more innovative than ever this year, with ground-breaking initiatives such as TAB Winning Moments zones at Flemington, and the digitally-activated Venue Mode in retail venues, providing customers
unique content and offers.

“TAB’s Melbourne Cup activity is a huge operational effort. At peak times, our systems processed 108,000 bets per minute and we will take more than 15 million bets throughout the day.

“TAB is standing out in the market by creating awesome experiences and delivering incredible value for customers however they chose to engage with us.”