Step 1: Choose an online bookmaker Use one of the below bookmakers to place a bet on the Melbourne Cup, each of the bookmakers are highly recommend and offer better odds than the TAB. They are quick to register on and you can start betting within 2 minutes. The BEST Online. Melbourne Cup betting online Without doubt the best way to get a finger into the Melbourne Cup pie is to go with a Melbourne Cup betting online site recommended by BettingOnline.nz. This allows you to skip the queues, the crowds, the litter and the waiting times.

It's the biggest race on the Australian sporting calendar but who'll take top spot? Here are your latest best bets to take the top prize.

Picking a winner is never easy.Source:Getty Images

Melbourne Cup day is the biggest day of the year for betting.

Even people who don’t usually gamble will slap down a bet or two on the race that stops the nation.

However, we know for things can get confusing when it comes to actually placing a bet.

But fear not because we have prepared an explainer of some of the most common bets so you don’t look out of place when you head to the TAB.

WIN OR PLACE

This is one of the most straightforward bets you can choose, so if you want to keep things simple go for one of these.

In this type of bet you pick a horse and are betting it will win or place in the race.

With a Win bet you simply pick the runner you think will finish first in a particular race. If your hose finishes first then you win.

So if the odds for the horse are $15 and you put on $10 for the win, you’ll get $150 back if it finishes first.

With a Place bet you choose a runner and if they finish first, second or third then you get to collect your win. You get a dividend for third place in a race with eight or more runners.

The payout is slightly less than a Win bet but you have more chance of winning.

EACH WAY

An Each Way bet is a combination of both a Win and Place bet

So if your horse comes first you collect a dividend for both the Win and Place bet.

If your runner comes second or third you only collect money for the Place bet.

QUADDIE

In this type of bet you must chose winners for four different races nominated by the TAB.

You can select any number of possible winners for each race. The number of horses you pick will determine how much you pay.

Quaddie dividends are for a $1 unit.

For example, if you wanted to pick three horses in the first leg, seven for the second, one for the third and four for the last leg then that comes to 84 possible combinations.

To receive 100 per cent of the dividend then it will cost $84 for the one unit.

TRIFECTA

In this type of bet you will choose the horses that will come first, second and third.

The horses you choose must finish in the correct order for you to collect your payout.

If you want a higher chance of winning there is an option to box your Trifecta, which means you will win if your three horses come first, second and third in any order.

However, depending on how many horses you box, this option costs more than the standard $1 unit.

FIRST4

This bet is the same premise as the Trifecta but instead of picking the first three horses, you must pick the first four.

Again, in order to collect your payout your chosen horses must place first, second, third and fourth in the correct order for a $1 unit, or you can box the horses like in the Trifecta above.

QUINELLA

For this bet you choose two horses to place first and second in a particular race.

Unlike a Trifecta or First4 your horses can place in any order so long as they are the first two to cross the finish line.

EXACTA

Similar to the quinella, but you must choose the first two across the line in the correct order.

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Picking which horse you like is hard enough, let alone actually betting on them.Source:Getty Images