Since 1861 the Melbourne Cup has been part of Australian tradition, the annual race which is the richest thoroughbred race in the world as well as the most prestigious is held on the first Tuesday of November each year over a distance of 3200 meters. The event draws international competitors and celebrities that wish to be part of the “Race that stops a nation.” One of the biggest parts of the race is the ‘punt’, a.k.a your bet.