Richard Gerlach

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Punters line up every year to bet on the Melbourne Cup, but why do we overstate our odds? Dean Lewins/AAP

For this year’s Melbourne Cup, consider a charity rather than taking on Tom Waterhouse

Steve Easton, University of Newcastle; Adrian Melia, University of Newcastle, and Richard Gerlach, University of Sydney

In the lead-up to next week’s Melbourne Cup, bookmaker Tom Waterhouse is heavily marketing a “$25 million bet that stops a nation”. All you have to do is give him A$10 and if you place the first 10 horses…

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