Verry Elleegant ridden by James McDonald wins the 2021 Lexus Melbourne Cup at Flemington Racecourse. Video / Trackside
Bookmakers across Australia did plenty of business today as Verry Elleegant took out the 2021 Melbourne Cup.
Verry Elleegant was among the top 10 favourites heading into the race but still a long way off the ridiculously short-priced Incentivise.
Earlier in the week, it was reported bookies were facing a A$50 million (NZ$52m) black hole if Incentivise won the race, having reached Phar Lap-esque odds before drifting slightly to $2.90 at race time as punters flocked to support him.
Sportsbet was convinced Incentivise would reach the post first after he stormed to victory in the Caulfield Cup last month. So a couple of weeks ago, the bookmaker delivered an early payout to punters backing the horse to win the Melbourne Cup, costing it $5.6m.
Verry Elleegant, ridden by James McDonald, crosses the finish line to win the 2021 Melbourne Cup. Photo / AP
Sportsbet famously paid out early on Labor to win the 2019 federal election — only for Scott Morrison and his Liberal government to sweep to power.
But the $5.6m they coughed up ahead of time for Incentivise at the Melbourne Cup easily eclipsed the $1.3m paid out in the political market two years ago.
Incentivise couldn't manage the prestigious Caulfield Cup-Melbourne Cup double, running second behind Verry Elleegant, with Spanish Mission in third.
It means Sportsbet would have kept that $5.6m to itself, had it not decided to pay out early.
In all, Sportsbet paid out $50m on two horses alone — Incentivise and Verry Elleegant — as the eventual winner, who was well backed by punters, jumped out of the gates at odds of $18.
"The punters came for Incentivise, he started as one of the shortest-priced favourites in Melbourne Cup history, and we were all believers, but wow! What a performance by Verry Elleegant and what a result for punters," said Sportsbet's communications manager Rich Hummerston.
Jockey James McDonald celebrates his win at Flemington Racecourse. Photo / AAP
Punters bet big on race that stops a nation
As usual, money flooded in for the race that stops the nation.
Verry Elleegant, who is the reigning Australian Racehorse of the Year, was coming off a third-place finish in the Cox Plate and drifted out to as far as $20 before settling into $18.
TAB reported trainer Chris Waller's mare had received less than a third of the money that Incentivise had brought in. An hour before the race, Sportsbet said it had taken an $80,000 bet for Incentivise after a $20,000 bet earlier in the day.
TAB also recorded $65,000, $20,000 and $10,000 bets on the pre-race favourite at $2.80, bets of $17,500, $10,000 and $9000 bet at $2.90, and a $15,000 drop when Incentivise was paying $2.45.
But the win so many were expecting never eventuated.
One lucky punter put $5000 on the nose of Verry Elleegant at $16 — walking away with a cool $80,000.
But it was a sad old day for those who had money on the outsiders. One TAB punter put $27,500 over three bets on Ocean Billy for a chance to win $977,000 if the Kiwi horse claimed the win.
TAB had taken bets of $10,420 at $24 on Miami Bound to place, which would have been for a $250,080 return, while another punter put $15,625 on Ocean Billy at $16 for a place and someone else put $14,705 on She's Ideel at $17 for a place.
They all left empty-handed.
Another person saw their shot at $249,960 go up in smoke after a $20,830 place bet on Selino, who finished eighth.
Melbourne Cup final results:
1st: 4-VERRY ELLEEGANT (NZ). 2nd: 2-INCENTIVISE. 3rd: 3-SPANISH MISSION (USA). 4th: 22-FLOATING ARTIST 5th: 6-THE CHOSEN ONE (NZ) 6th: 16-GRAND PROMENADE (GB) 7th: 7-DELPHI (IRE) 8th: 9-SELINO (GB) 9th: 21-TRALEE ROSE (NZ) 10th: 19-SHE'S IDEEL 11th: 1-TWILIGHT PAYMENT (IRE) 12th: 17-MIAMI BOUND (NZ) 13th: 23-GREAT HOUSE 14th: 24-SIR LUCAN (IRE) 15th: 5-EXPLOSIVE JACK (NZ) 16th: 14-MASTER OF WINE (GER) 17th: 15-PONDUS (GB) 18th: 13-CARIF 19th: 11-KNIGHTS ORDER (IRE) 20th: 12-PERSAN 21st: 18-PORT GUILLAUME (FRA) 22nd: 10-JOHNNY GET ANGRY (NZ) 23rd: 8-OCEAN BILLY (NZ)
