EVERY year many Aussies place bets on the most famous horse race in the nation, the Melbourne Cup.
But how many people really know exactly what they are betting on, how to get best value for their money or even just how to place their bet?
While APN ARM encourages responsible gambling, here's a guide to help you know what you are doing today when your work colleagues or friends drag you along as they place a bet.
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Here is a look at some of the betting options for the Melbourne Cup, courtesy of the TAB:
Win bet - Self- explanatory, you pick one horse to win the race.
Place bet - A place bet on the Melbourne Cup is one where you pick a horse or horses to finish in the top three.
Each Way - An each way bet sees the punter able to collect dividends on both a win bet and a place bet if your horse wins. If it simply runs a place, you will collect on the place dividend only.
Head-to-head - Allows punters to pick which horse will beat another particular horse within the race.
Quinella - This is where you pick two horses to finish first and second, in either order.
Exacta - Similar to a Quinella, only you must pick the first two horses in order.
Trifecta - The punter has to successfully pick the first three horses to finish the race in order.
Boxed Trifecta - Similar to the Trifecta, only you do not have to pick the top three in exact order.
The Quaddie - This is where the punter correctly selects the winners of four races.
The BIG6 - Similar to the Quaddie, but instead the punter must pick the winners of six races.
To place a bet, simply visit your nearest local betting agency and fill out a betting card, or you can place a bet over the phone with a range of betting companies.
If you are placing a bet, it's important to know how much you want to put on.
For example, if you bet on a horse that is paying $1.01 and bet correctly, you will receive $1.01 in winnings for every dollar that you placed on that result.
Therefore, a correct $10 bet on a horse paying $1.01 would return you with a dividend of $10.10.
Happy betting and good luck with all your tips today.
If you have a gambling problem, or know someone who does, call Gambling Help on 1800 858 858.
DON'T MISS your local paper for all the latest tips on the Melbourne Cup and pick up tomorrow's paper for all the coverage of the top local events.