Point of Law wins Melbourne Cup as McManus breaks even on $1m bet
McManus lost $1m on Hopewell Rock but won $1.99m on Point of Law, breaking even.
Point of Law took out the 2026 Melbourne Cup, leaving billionaire JP McManus contemplating a tie instead of a wipeout. McManus had wagered $1 million on Hopewell Rock, the race favourite, hoping for a $9.6 million payout.
The horse finished ninth. McManus had placed a $235,000 bet on Point of Law at $8.50 odds, and the colt's victory netted him $1.99 million, nearly breaking him even on the day.
Trainer Ciaron Maher completed an historic feat, winning the trifecta with all three placings: Point of Law first, Zahrann second, Juja Kibo third. While McManus escaped the day level, punters who followed him into Hopewell Rock suffered heavy losses, including one who lost a $500,000 bet that would have paid $5.63 million.
- $1 million on Hopewell Rock
- McManus bet on favourite
- $9.6 million
- Expected payout
- $1,997,500 payout
- Hedge bet won
- $8.50
- Point of Law odds
Why it mattersA $1m bet on a single horse can wipe you out or, with clever hedging, save you. Even billionaires face the same odds.
AustraliaMelbourne Cup betting captures Australia's imagination each November, and these kinds of dramatic multi-million-dollar wagers show how a single race can make or break a betting day.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
