Melbourne Cup: Christchurch man a millionaire after receiving biggest-ever racing bet payout from TAB

Horses come down the home straight in the 2020 Melbourne Cup. Photo / Getty

One Christchurch punter was an incredibly lucky winner on Melbourne Cup day, receiving the biggest ever racing payout from the TAB and quickly becoming a millionaire.

The man placed the bet at his neighbourhood branch in Bishopdale, earning $1.16 million from one of his four $30 stakes.

His combination of first four bets was bang on, with Twilight Payment winning ahead of Tiger Moth, Prince of Arran and The Chosen One in 2020's edition of the famous race.

The bet went as follows:

1st: Twilight Payment or Tiger Moth
2nd: Twilight Payment or Tiger Moth
3rd: Prince of Arran or The Chosen One
4th: Prince of Arran or The Chosen One

TAB executive chair Dean McKenzie told Stuff that according to their records, it is their biggest payout.

"Looking back as far as 2013, the next biggest Melbourne Cup win was $364,016," McKenzie said.

"The man received $38,939.50 for every dollar he bet."

The sum can act as a reward for the man's ongoing loyalty. Bishopdale TAB manager Kerralyn Hooper told Stuff he has been a customer for a long time.

"The customer is well known to us and a really nice guy so we are just thrilled for him," she said.

"I have been involved with the TAB for 25 years and I have never seen anything like it.

"It was just surreal to see somebody win that amount of money. We were so excited for him. I think initially our excitement was higher than his because he was still in shock."

Bets for the Cup totalled $11.5 million in New Zealand, also a new record. The previous record was $10.3 million, set in 2018.