On Melbourne Cup Day, Australians spend an average of over $180 per person, as punters and companies across the country prepare for one of the greatest social events of the year.
According to a new study by Finder, the average amount spent on the Melbourne Cup is $179, with $88 going to betting and the remaining $91 going to entertainment, fashion, or dining.
Of course, this is an average figure, so those on the turf at Flemington may be outperforming those watching the race in their pyjamas at home.
While some people might recover their race-day investment with a hot pick, others discover that the only thing they get out of a successful Cup day is a headache and weary feet.
According to the calculations, the same $88 spent on betting would be worth roughly $106.92 in a year is invested in the ASX 200, or $274 if invested in Bitcoin a year ago.
Taylor Blackburn, a personal finance specialist at Finder, said the key to any American gambler is to understand your risk.
“While a lucky few may bet on a winner, much of the money wagered on the Melbourne Cup will go to bookies and gaming companies,” Mr. Blackburn added.