Office sweepstakes, boozy lunches and ostentatious headwear - it must be Melbourne Cup.
On Australia's shortest sporting event, now in its 156th year, Australians are expected to drop $140 million.
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As the nation stops on Tuesday, punters will clutch bets and office sweep stubs in the hope of winning big, but one mathematician said Australians would be best served by assuming "the money is lost".
"I've looked at lotteries and horse racing and the system is designed in favour of the bookies, not punters," said Dr Michael Rose, a post doctoral fellow in mathematics at the Australian National University.
"Therefore by mathematical analysis of this I conclude the best way to play is to assume money is lost. Treat it like a movie ticket...you pay a fee to receive a certain entertainment experience."
Dr Rose said there was no real strategy to cashing in on the annual race, but there were ways to avoid splitting your money with other people if you win.
"Some punters offer advice saying don't back the favourite...the fact that lots of people are betting on the favourite will reduce the amount you win," he said.
"So the best advice I can give in regards to maximise your winnings, in the event your horse wins, is to place a bet on one of the top five or six horses, but not the favourite."
The first Tuesday in November may be the one day of the year that most Australians gamble, and yet the nation is considered to be the biggest gambling nation in the world.
A 2010 report by the Productivity Commission estimates that about 70 per cent of the adult population will gamble in some form during a year and on average lose $1500 per person.
![Will you be a happy punter this Melbourne Cup?](/web/20161104134446im_/http://www.smh.com.au/content/dam/images/g/k/p/x/z/9/image.related.articleLeadwide.620x349.gseixs.png/1477959507058.jpg)
Sports betting is the fastest growing segment in the industry, rising at the expense of on-course totalisators at horse races.
Growth in sports betting has been largely been driven by the rising popularity of online and mobile outlets.
![Australians are expected to drop $140 million on the race this year.](/web/20161104134446im_/http://www.smh.com.au/content/dam/images/g/k/p/d/q/c/image.related.articleLeadwide.620x349.gseixs.png/1477959507058.jpg)
For anyone fronting up to a bricks and mortar TAB on Tuesday or simply logging on to a mobile account, Melbourne Cup and horse racing expert Max Hitchins offered a reminder not to be "greedy".
"Invariably what most punters want to do once a year, is to put $10 on the race and win $5000. Unfortunately it just doesn't happen. It's like winning the lottery. We mustn't get greedy."
Mr Hitchins said, instead to think of the race as an easy investment opportunity.
![Jockey Michelle Payne's historic win at the Melbourne Cup last year.](/web/20161104134446im_/http://www.smh.com.au/content/dam/images/g/k/u/p/s/z/image.related.articleLeadwide.620x349.gseixs.png/1477959507058.jpg)
"If you had $100 and you invest it at the bank tomorrow you'll get about two to three per cent on your money. So that's around $2-3 and it will take a year to earn," he said.
"If I can place a bet and get a win $40 or $60 win on the hundred then I think that's a pretty good investment."
A self-described "Melbourne Cup devotee", Mr Hitchins has memorised the first, second and third place-getters for the race that stops the nation, for the last 100 years.
His tips for once-a-year-punters on Tuesday include avoiding the "difficult to pick" exotic bets and trying out the mystery bets at the TAB.
"In the race tomorrow there are a number of longshots that I think have a reasonable shot. One of those is Heartbreak City," he said.
"It's about 18-1 at this stage. I think its a very good each-way bet."
Mr Hitchins said, after an "extremely impressive win in the UK," 18-1 odds on the horse "are just good value."Â
"For me Melbourne cup isn't for money-making, it's just about the sheer fun of the whole thing. If you are totally thinking I've got to win money, perhaps you shouldn't be betting."
The Australian Competition and Consumer Commission's Scamwatch has issued a warning to Australian gamblers to be wary of sports betting scams this Spring Racing season.
In 2016 so far, Australians have lost over one million dollars to con artists pushing sports investment scams, in which victims are convinced to invest in 'foolproof' systems or software that can 'guarantee' a profit on sporting events.Â
"These scams are particularly effective over the spring carnival period as racing fever takes hold," ACCC Deputy Chair Delia Rickard said.
Betting refresher
Win, place and each-way bet
Placing a bet "on the nose" means backing a horse to cross the line before all the rest.
For a safer option, a place bet involves backing a horse to finish in the top three, giving lower odds than those for a win.
An each-way bet combines both a win and a place into one, if you're after a little extra insurance.
Trifecta
The aim of a trifecta is to correctly choose the horses that place first, second and third. You can do this by picking the horses in exact order or through a 'boxed trifecta' of the horses you think will finish top three.
Quadrella
A quadrella or "quaddie" is one for the risk takers. This bet involves choosing the winner of four consecutive races - on Melbourne Cup day this means the final four races of the day. Like a trifecta, a quaddie awards you a certain percentage of the prize pool, depending on how much you spend and how many horses you choose.
First Four
Similar to the trifecta, but with an extra horse increasing the challenge (and odds).
Exacta
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Pick the first two horses in order.
Quinella Â
Choose the first two horses in any order
Duet
Pick two of the first three horses in any order.
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