How to enjoy the Cup safely
On the day we all let our hair down be careful not to let your guard down too.
It’s the race that stops a nation. It may be the Melbourne Cup, but this historic horse race is celebrated from Broome to Brisbane, Darwin to Devonport, and beyond.
Even if you’re not a regular punter, chances are that you’ll be having a small flutter. You may even be going to a cup-themed function – a chance to put on your glad rags, including a snazzy hat, and have a little fun with friends.
(Note: gambling is by no means compulsory on Cup Day; you can have a perfectly good time without it. If you choose to bet, do so within your means.)
The Melbourne Cup sweep is an Australian institution, where players pool their money and are each assigned a horse at random, with payouts for the winner and placegetters (and sometimes a consolation prize for the person who drew the horse that came last).
It can be a lot of fun, and a way to have an interest in the race without having a traditional bet. Of course, it relies on you having a few coins or a small bank note to take part – another good reason to Keep Cash.
If you do decide to bet, and you’re not familiar with the way that’s done these days, then you’ll need to exercise some caution.
If you are at the track – not just Flemington, but one of the many other racecourses that hold meetings on the first Tuesday in November – you’ll have the choice of the bookmakers, who will offer fixed odds, or the “tote”, which pays out on a pool basis.
Increasingly though, Australians are gambling online with betting apps. You’ll have heard of the various companies that offer this service, because they are constantly advertising.
These apps will typically link to your bank account, allowing you to withdraw money to bet (and, less commonly, to return winnings to your account).
If you are unsure about how to set this up, seek advice. In general, you should:
- Check that the operator is legal at the Australian Communications and Media Authority (ACMA) website
- Be aware of the risks associated with overseas betting sites (in short, you may not receive your winnings)
- Opt out of notifications and promotions if you think they will encourage you to spend more than you can afford to lose
- Use the tools on the app that allow you to set spending limits
- Remember that you always have the option to take a self-imposed break from gambling.
This is also a time to be extra vigilant about general online safety. You may receive spam or phishing emails with a Melbourne Cup theme, for example. National Seniors Australia’s Scams Awareness site has useful information about staying safe online.
This article is general information and advice only. Gambling can be addictive, please play responsibly.
Related reading: GambleAware, Commbank
