Hopewell Rock becomes Melbourne Cup favourite following massive wagers

British stayer Hopewell Rock has emerged as the outright favourite for the 2026 Melbourne Cup following a significant surge in betting support. The George Boughey-trained gelding saw its odds shift from approximately $11 to $6.50 as the race approached.

Irish racing billionaire JP McManus has been identified as a major contributor to the market movement. Through his associate Paul Byrne, McManus placed a $1 million wager on Hopewell Rock, a bet that stands to return $9.6 million if the horse wins. McManus also placed substantial bets on other contenders, including a $2 million wager on his own runner, Goodie Two Shoes.

Hopewell Rock enters the race with strong international form, having recently finished second in the Ebor Handicap at York. The betting shift also saw former market leader Point Of Law drift from $6.50 to $8.