A million to win A$10m is a chunky bet even by Australian standards. After one of the four bookies agreed to lay A$500,000 at 9-1 and another accepted A$30,000, the remaining A$470,000 was laid at 17-2 and 8-1.
For a punter and racing fan following the event from the other side of the world, it was a fascinating glimpse into a very different betting culture, not least on the bookies’ side of the equation.
They are also taking meaningful steps to protect citizens from the dangers of the unregulated market, while ensuring that bookies will lay an advertised price to a reasonable sum.
It is perhaps no great surprise that a lifelong punter and former bookie like McManus was in his element as he experienced Monday’s event for the first time.
The MBL is not the only aspect of Australian gambling and betting culture and legislation that differs markedly from that in Britain.
An essential part of that framework is that lawmakers see and understand the distinction between the most harmful forms of gambling — casino gaming and slots — and betting on sport.
Yet nothing has done more to push racing punters towards the illegal market over the last 20 years than operators’ own use of restrictions and account closures against punters who are — or simply threaten to be — long-term winners.
From 1 January 2027, when the latest legislation comes into force, Australia will arguably be a world leader in gambling regulation, according to reporting on the country’s approach to betting.
“We’ve travelled a long way now,” Byrne said, “and this is the horse, we’ve been studying the form on the way down we’re thinking we might try and beat last year’s record and get us a million dollars win.”.