Dr Ravi Phatarfod, of the university's school of mathematics, said a lot of "uninformed money" was bet during the carnival, giving a seasoned punter a better chance.

"If you are good at picking horses and know the game well, Melbourne Cup time is good because there's so much uninformed money about.

"People will bet because they like the name of the horse or the colour of the jockey's silks."

Even if you aren't a racing expert, you may be better off getting on the punt than playing the pokies.

"In pokies, the game is against you all the time. You can win by luck," Dr Phatarfod said.

"Horse racing, like shares, is a game of skill. You must find what you think are the good odds, and bet where the odds are better than you think they should be."