Many people will be looking forward to betting on their favorite horses during the Melbourne Cup 2016. For beginners, this gives them a good opportunity of learning what betting on horse races is all about and whether they stand a chance of winning some money. There are two main categories of wagers you will find during the Melbourne Cup 2016. These include exotic wagers and straight wagers. If you are a beginner, it is highly recommended that you stick to straight wagers and only go for exotic wagers after you have had some deep understanding of horse racing betting. Straight wagers will be available during this event and the advantage of choosing them is that they are cheap and simple.
With straight wagers, your work will simply be to pick a horse you think will come in the first, second or third place. The advantage with straight wagers is that the minimum amount you can place at any track is $2. On the other hand, exotic wagers give you the chance of making multiple wagers on multiple horses in just one wager. This means that if you have the Melbourne Cup Bonus, you will have to use the whole bonus to place a single wager on multiple horses. It is not ideal to place bets on exotic wagers because your chances of winning them are very slim compared to straight wagers.
In addition, exotic wagers are expensive and require that you have some advanced degree of knowledge and skill in picking horses and their respective races. The advantage with exotic wagers is that their payoffs are greater if the odds are on your side. Before you use your Melbourne Cup Bonus Bet to gamble on exotic wagers, first research on the different horses available for a particular race to determine whether several horses can help you win big money.