Bookmakers Relieved with Melbourne Cup Win
The 2015 Melbourne Cup’s winner, Prince of Penzance, has saved bookmakers from multi-million dollar payouts. At odds of 100-1, Darren Weir’s Ballarat-trained six year old bay gelding, Prince of Penzance, ridden by Michelle Payne, became only the fourth winner of the great Australian horse race since it was started in 1861, to win at these odds.
Bookmakers were dreading a win by the Japanese favourite, Fame Game or second pick, Trip to Paris. Ladbrokes said that if Fame Game had won they stood to lose $2 million, but he came in far back in position 13.
“Not only was Fame Game well backed straight out, it was a genuine nightmare for us through multis,” stated Roger Oldridge from Ladbrokes.
“[Prince of Penzance] was undoubtedly a good result for us. It’s fair to say we were riding him home pretty hard when he made his run. We had no live multi collects with Prince of Penzance nor are any running from it into any other features.”
One TAB punter did take home $252,000 on a $2,000 bet on Prince of Penzance placed in a Victorian TAB only 30 minutes before the beginning of the race. Another punter at William Hill Australia won $169,000 on the horse.
“Picking the Melbourne Cup winner is always a challenge, but the punter who picked the Prince of Penzance will go down in William Hill history as an absolute genius,” announced Tim Ashworth from William Hill.
TAB, Australia’s biggest bookmaker reported that in NSW $54.3 million was wagered on the race, an increase of 4 percent from last year, while in Victoria $40.7 million was wagered, an increase of 8 percent from last year. More than $141 million was bet on the Flemington card across NSW, Victoria and the ACT.
April 16, 2017