The vexed debate of whether horse racing is a sport or a business is never so sharply in focus than during Melbourne Cup week. For 51 weeks a year, the so-called sport of kings belongs to enthusiasts who like to put their money where their mouths are. Like Manchester United Plc, it’s sport but with heartstrings attached to a business model that is far greater than the sum of its parts.
In the days leading up to the first Tuesday in November, however, racing fans emerge from the woodwork. Flemington itself is awash with the young and the beautiful (some will even watch the cup) and luxury brands clamour to sponsor races. Ask for a coldie at the track, and you’ve as much chance being poured a glass of Champagne as you are a pot of beer.
Another receptacle destined to overflow is the bookmaker’s coffers. If you’re even a partially solvent adult and not having a bet on the Cup, you’re in the minority. TAB, the wagering giant which spans Victoria and New South Wales, expects to hold approximately $87 million on the Melbourne Cup alone. “The Cup is a race that even non-punters will get involved in and that’s why we hold so much on it,” TAB media chief Glenn Munsie told Guardian Australia.
This gargantuan figure does not include monies wagered in other states or with the now-ubiquitous corporate bookie. A sport or a business? Perhaps the lines aren’t as blurred as we thought.
As for this year’s renewal, the line-up is as strong as ever. The field of 24 contains 10 individual Group 1 winners (an unusually high ratio for a handicap event) and a range of form lines that tie in most of the world’s great distance races. If 20 years ago the Melbourne Cup was a race a plodder could win, it is now unquestionably the staying championship of the world.
The reason for that is the influx of foreign bloodstock, either prepared by an overseas trainer or imported to Australia to be handled by a local. In the 2015 Melbourne Cup, 11 entrants call a land other than Australia home, while a further eight started their racing careers elsewhere.
The ruling favourite is Fame Game, who, like the 2006 winner Delta Blues, hails from Japan. His run in the Caulfield Cup, still the most reliable lead-up form, came with a flashing red light tied to the jockey’s skullcap. The entry’s rider, Zac Purton, was grilled by stewards over an apparent lack of urgency to put his mount into the race, before which the pair rattled home to finish sixth. Fame Game is well weighted and well drawn, and a worthy favourite, but represents no value at around $4.
Just about every major racing nation has now taken home the Cup – Germany added its name to the honour roll last year via Protectionist – but the race has thus far eluded England, despite many attempts. Its time will come, and if it’s to be this year the best chance of doing so lies with Trip To Paris. An Ascot Gold Cup winner that displays a surprising amount of zip, the five-year-old ran a slashing second at Caulfield and is prepared by Ed Dunlop, who by now should know what is required to win the race. His greybeard Red Cadeaux has thrice finished second in the Melbourne Cup, and the 10-year-old returns on Tuesday for his fifth attempt. The temptation is to rule out Red Cadeaux, but underestimating this warrior of the turf has burned exotic bettors in the past.
Elsewhere, the race is full of hopes and half-chances. It really is possible to make some sort of case for three-quarters of the field. Our Ivanhowe, third in the Caulfield Cup, has undeniable claims on form and looks a great each-way bet at odds. Of the homebreds, the classy Criterion will be hard to beat if stretching his brilliance to two miles, while Preferment and ex-Kiwi Who Shot Thebarman have been building towards Tuesday and look set to peak from good draws.
The X-factor of the race comes in the form of Max Dynamite, which as an Irish galloper boasting flat and jumps form evokes memories of Vintage Crop, the trailblazing 1993 winner which forever changed the face of the Melbourne Cup. Of the bolters, Quest For More might be worth a small investment if you can forgive his Geelong Cup flop. His previous form bears close resemblance to the likes of Max Dynamite, yet he is 10 times the price.
Horse racing is a multi-billon dollar industry. It’s also great theatre and great sport. Just like last year, millions of Australians will have a bet on the Cup, stop what they’re doing at 3pm and watch two dozen steeds gallop on pristine turf in suburban Melbourne, each horse oblivious to how three fabled minutes on the first Tuesday every November can mean so much to us.
But racing’s challenge is to win over the blasé majority and turn them into year-round patrons. Perversely, though, the public’s apathy works in racing’s favour. It means that events like last year’s cup-day death of Japanese champion Admire Rakti, like last week’s shooting at the home of Racing Victoria chief steward Terry Bailey and the ongoing cobalt scandal, tend to be drowned out by the cheers of Australians who’ve just won their Cup sweep.
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