America's Cup: Kiwis rated a dead cert, but punters can cash in

Fans of the Emirates Team NZ. Photo / AP

Emirates Team New Zealand are the favourites by 99 per cent, or $1.01, to win the America's Cup, according to TAB odds.

But the real money is to be made in determining the winning race and win margin. Payouts for getting this right are up to $8 on Team NZ, and $9 on Oracle.

Guessing the correct score could also pay handsomely. If Team NZ beat Oracle in race 12 the payout for the day's racing is $1.65 versus $2.10 for an Oracle win. However, for Oracle to win both races it's $3.50 and for a win each it's $4.

TAB yachting bookmaker Kieran McAnulty said a tie which still gives Team NZ the Cup was proving a popular bet because Oracle were now contenders to win any race.

"Now they've improved their boat and their ability to work as a team they may well win the first race and I guess what punters are saying is they're a chance but New Zealand are obviously favourites."

The odds on Team NZ to win each race this week were as high as $1.85 after Oracle's strong comeback, but Mr McAnulty said the Kiwis' dominant win had tipped the odds in their favour.

He said there had been a flurry of betting after Team NZ won yesterday's first race and he expected punters would be lining up this morning to place bets on race 12.

He said there were two motivating factors behind the way the bets were rolling in on Team NZ.

"First they [bettors] think they're going to win and second they want them to win and in an expression of support they're backing them."

A very large bet on Oracle, however, could tip those fluid markets.

The biggest bet remains the $16,000 placed before the match began on Team NZ to win.

Yesterday afternoon the TAB had taken twice as many bets on Oracle to win but Mr McAnulty said it was early days.

There had also been a number of large bets placed on the American boat, including two of $10,000 and one of $14,000.

And punters have been placing wagers of up to $10,000 on a race.