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Live Trading News > Blog > Horse Racing > Australia > Melbourne Cup: Australia’s Iconic Horse Racing Event
2023

Melbourne Cup: Australia’s Iconic Horse Racing Event

Shayne Heffernan Ph.D.
Last updated: November 5, 2023 8:33 pm
Shayne Heffernan Ph.D.
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The Melbourne Cup, often referred to as “the race that stops a nation,” is one of Australia’s most cherished and iconic horse racing events. This historic race, steeped in tradition, brings together horse racing enthusiasts, fashion aficionados, and the general public for an electrifying day of sport and celebration. Let’s delve into the rich history and enduring traditions that make the Melbourne Cup a significant and unparalleled event in Australia.

Contents
A Brief HistoryThe First Tuesday in NovemberFashions on the FieldThe Iconic TrophyThe “Call of the Card”The Race That Stops a NationThe World’s Richest Two-Mile HandicapA Global Event

A Brief History

The Melbourne Cup’s history dates back to 1861 when the first race was held at Flemington Racecourse in Melbourne, Victoria. The event was initiated by Frederick Standish, the chairman of the Victorian Racing Club, who aimed to create a race that would attract the best horses from around the world. The inaugural Melbourne Cup saw a mere 17 horses competing for a prize of 710 gold sovereigns and a gold watch. The race was won by Archer, cementing his name in the annals of Australian racing history.

The First Tuesday in November

One of the most cherished traditions of the Melbourne Cup is that it is always run on the first Tuesday of November. This unique timing has a profound impact on Australian culture. On this day, the entire nation takes a break to watch the race, whether at the racetrack, in offices, schools, or at home. It’s an event that unites Australians across the country and even captures the interest of those who might not typically follow horse racing.

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Fashions on the Field

The Melbourne Cup is not only about horse racing; it’s also a spectacle of fashion and style. The “Fashions on the Field” competition has become an integral part of the event. Attendees, particularly women, meticulously plan their outfits, including stunning hats and fascinators. It’s a platform to showcase the latest trends and compete for titles such as “Best Dressed” and “Most Elegant Lady.” The fashion parade adds a unique and glamorous dimension to the race day.

The Iconic Trophy

The Melbourne Cup trophy is one of the most sought-after prizes in the horse racing world. Crafted by English silversmith James Steeth, the trophy stands at 34 centimeters in height and is made of 18-carat gold. It features two small, ornamental handles and is capped with a tiny replica of Archer, the inaugural winner. The value of the trophy extends far beyond its monetary worth, as winning jockeys, trainers, and owners cherish it as a symbol of their achievement.

The “Call of the Card”

The “Call of the Card” is a tradition unique to the Melbourne Cup. It’s a high-stakes event that takes place the evening before the race. Bookmakers, punters, and tipsters gather to negotiate odds and place their bets. The event often involves large sums of money changing hands and sets the tone for the following day’s race.

The Race That Stops a Nation

At precisely 3:00 PM on the first Tuesday in November, the nation comes to a standstill as the Melbourne Cup race begins. The streets empty, offices close, and millions of Australians tune in to watch the race on television or attend the event in person. The anticipation, excitement, and energy are palpable as the thundering of hooves fills the air.

The World’s Richest Two-Mile Handicap

The Melbourne Cup is run over a distance of 3,200 meters (about two miles), making it one of the most challenging and prestigious two-mile handicap races in the world. Horses from around the globe aspire to compete in the Melbourne Cup, and winning it is a testament to a horse’s stamina, speed, and endurance.

A Global Event

While deeply rooted in Australian culture, the Melbourne Cup has gained international recognition and appeal. Horses from countries like Japan, the United Kingdom, and France regularly participate in the race. The international flavor adds a unique dimension to the event and showcases the global nature of horse racing.

The Melbourne Cup is more than just a horse race; it’s a tradition that transcends generations and unites a nation. With its rich history, unique timing, fashion extravagance, and international allure, it remains an event that captures the essence of Australia’s love for sport, culture, and celebration. The Melbourne Cup is a testament to the enduring power of tradition and the thrill of horse racing.

Shayne Heffernan

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By Shayne Heffernan Ph.D.
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Shayne Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 40 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.
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