Racing: A$2m bet on Lonhro to win the George Ryder Stakes

A Lonhro fan has bet A$2 million ($2.31 million) on the champion to win today's George Ryder Stakes.

The ex-pat businessman staked A$1 million on the champion racehorse to win the Australian Cup in Melbourne last month, taking home A$1.5 million.

If Lonhro wins today, the same punter will profit by A$1.7 million. Darwin-based Sportingbet Australia accepted the bet on Thursday at A$1.85.

"We have been negotiating for 24 hours or so, mainly on the horse's price," the agency's Michael Sullivan told The Daily Telegraph newspaper. "He wanted to have A$2 million on the horse and we have agreed. This is the biggest bet I have ever taken."