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New Zealanders break betting records with Melbourne Cup expenditure

New Zealanders break betting records with Melbourne Cup expenditure

Kiwi punters showcased their unwavering enthusiasm for the Melbourne Cup earlier this week, proving it’s the race that stops two nations.

On Melbourne Cup day, the New Zealand TAB – the country’s sole betting agency – reported a remarkable total turnover of $28.4 million on all racing, marking a 10 percent increase from the previous year’s figures. In the Cup race itself, New Zealanders bet a staggering $13.4 million, reflecting a 14 percent surge from the previous year.

The Melbourne Cup, an iconic 3200-meter race, attracted significant attention, with the New Zealand TAB processing a remarkable 6,850 bets per minute at one stage.

The winner of the 2023 Melbourne Cup, Without A Fight, was a top choice among Kiwi punters. One individual placed a substantial $10,000 wager on the winning horse at fixed odds of $7.50, resulting in a return of $75,000.

As part of the TAB’s boosted odds promotion, two significant bets of $5,500 and $5,000 were made on Without A Fight at odds of $9, yielding impressive payouts of $49,500 and $45,000, respectively.

New Zealand TAB paid out $10 million in winnings on the Melbourne Cup race.

The First4 dividend offered $332,291, and even smaller stakes in this category translated into significant winnings. One account holder placed a modest $5 First4 bet, which turned into an impressive $106,333 return. Another account holder’s $10 First4 wager resulted in a payout of $63,135.

The most substantial First4 payout came from the Johnsonville TAB in Wellington, where a $40 investment turned into a hefty $112,979 return.

While some punters opted for high-stakes bets, others demonstrated that even the smallest investments could lead to life-changing wins. A $2 First4 bet at Levin Sports Bar turned into an astonishing $39,875 payout, while a $4 First4 bet at the Grand Slam Sports Bar in Auckland rewarded one fortunate punter with $56,489.

Cameron Rodger, New Zealand’s managing director for Entain – the betting giant that entered into a strategic partnership with TAB last year – expressed his delight at the continued enthusiasm of Kiwis for Melbourne Cup day.

“On the back of The Everest in Sydney in mid-October doubling in turnover, and the recent injection into stakes and other initiatives within New Zealand, we’re seeing record numbers engaging with the racing industry through TAB,” Rodger enthused.

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