It seems that while it may stops us thinking. In 2007 in the order of $150million was wagered on the race, most of which of course went to the government and the bookies. Frankly - betting on anything is a dud investment, betting on the Melbourne Cup is a real dud - with 24 horses in the race the odds are stacked against you.
Apart from the obvious problem of probability and the well documented social evils associated with gambling, the main problem with the Melbourne Cup is that it hooks into our senses of greed and materialism. Normal, rational- and often godly people suddenly become greedy for the win, desirous of the latest fashion and spend vast amounts of money on over-rated food. (Am I sounding grumpy??)
Can I make a suggestion? As people who are aiming to live godly, content lives, lets say 'No' to the Melbourne Cup. Lets not let it stop us. When the office sweep comes around say a polite 'no thanks'. Perhaps if refusal will make too much of a scene - thats a good thing. Or maybe, buy the ticket, but give the same amount of money to the Christian ministry of your choice - along with any winnings that may come your way.