Family that won $3million on Melbourne Cup bet spend windfall on act that will make millions of Aussies jealous

A Victorian family who won more than $3million with a bet on the Melbourne Cup have revealed they used some of the winnings to pay off their mortgage.

It is understood that the family initially only thought their bet would return $780,000 but were left stunned when they learned the size of the full dividend.

On Tuesday, Ladbrokes revealed that the family had sensationally picked the first four finishers in the Melbourne Cup.

They remarkably backed Knight’s Choice to finish first, Warp Speed to place second, Okita Soushi third and Zardozi in fourth to clinch the enormous prize pot.

Ladbrokes spokesman Tom Hackett said the ‘very humble’ family said the win had ‘definitely changed their life’.

The money was paid into their account within an hour of the race and they used some of the proceeds to pay off their home, according to Channel Seven. 

‘The wife, she spent the night folding washing and making kids’ lunches,’ Hackett revealed.

‘She was very insistent that life goes on as per normal.’

According to Ladbrokes’ odds prior to the race, Knight’s Choice had a 1.23 per cent chance of winning, with Warp Speed being priced at $26, Okita Souchi at $18 and Zardozi was backed to win at $14.

The family backed outsider Knight’s Choice (pictured) to win the Melbourne Cup and picked the three horses that finished after him

‘They boxed Knight’s Choice, Warp Speed, Okita Soushi and Zardozi and have turned their $100 investment into $3.2 million, which is already in their Ladbrokes account.

‘The customer initially thought they had won $780,000, so you can imagine their surprise when the full dividend was revealed.

‘It is a life-changing result and shows that anything can happen in the Melbourne Cup!’

The punter’s wager sees them claim a 416.66 per cent payout.

Elsewhere, another lucky punter won big after another first four bet was placed on a $24 wager.

That forced bookeepers TAB to pay out a dividend of $728,000 while the betting firm also handed one punter $81,000 after the individual placed a sensational $1000 bet on Knight’s Choice.

One individual also clinched a whopping $28,491.70 payout from a $6 mystery trifecta – a bet where a punter’s horses are selected randomly by the bookkeeping firm’s systems.

Ladbrokes claimed that the punter had staked $100 on the wager, making a 416.66 per cent return on their stake (pictured, winning jockey Robbie Dolan)

It was also a dream day for Dolan and Knight’s Choice, with the jockey claiming that he felt like he was dreaming after the race.

‘Pinch me, I’m dreaming… I can’t believe it,’ he told Nine News after the race.

‘I think I’ll be singing for the rest of my life after that. What the hell.’