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Irish billionaire’s $1m Melbourne Cup gamble badly misfires
Point Of Law has won the 2026 Lexus Melbourne Cup, leaving Irish billionaire JP McManus ruing his mammoth $1 million bet on Hopewell Rock, after the heavily backed horse failed to deliver.
The 75-year-old was in for a staggering $9.6m payout but as the horse that shot to favouritism on the back of his huge wager finished in ninth, McManus looked like he’d be leaving Flemington with significantly lighter pockets.
JP McManus and champion Australian trainer Gai Waterhouse at Flemington on Monday. Getty
However, a savvy contingency plan provided a silver lining for the billionaire.
Among his many wagers on the 2026 race that added up to $2 million, McManus placed a $235,000 bet on the Ciaron Maher-trained Point of Law at $8.50.
JP McManus unloads at Call Of The Card
Racing heavyweight JP McManus has made a stunning splash at the Call Of The Card, backing Hopewell Rock for a potential $10 million return as part of a string of enormous wagers.
McManus, who will be represented in this year’s Cup by Trustyourinstinct and Goodie Two Shoes, was happy to bet around his own runners as he opened his shoulders at Monday’s traditional pre-Cup betting spectacular.
That left him with $1 million invested on Hopewell Rock and a potential collect of about $10 million.
Asked why he had gone so heavily on a horse he does not own, McManus kept his reasoning simple.
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Melbourne Cup LIVE: Point Of Law wins the Melbourne Cup ahead of Zahrann and Juja Kibo
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Tommy Berry (Soul Of Spain): “Began well. Found a nice spot early but he was just a bit too honest in the run and he felt the pinch late. Very honest in defeat.”
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