First 4 Betting Explained: How It Works, Costs & Calculator

A First 4 is one of the most difficult bet types available, but they can be the most rewarding, and we will explain how to calculate a First 4 percentage.

A First 4 (or First Four) is one of Australian racing’s most popular exotic bets — you pick the first four runners home in the correct order, and the dividends can be enormous. This guide explains exactly what a First 4 is, how boxed, standout and roving-banker bets work, what each one costs, how to calculate your First 4 percentage with flexi betting, and how big First 4 payouts get at the Melbourne Cup. There’s an interactive calculator below to price up any boxed First 4 in seconds.

 

What Is a First 4 Bet?

A First 4 is an exotic racing bet where you predict the first four runners to cross the line in the correct finishing order — 1st, 2nd, 3rd and 4th. It’s available on most thoroughbred, harness and greyhound races with four or more runners, and sits on the tote (pari-mutuel) pool rather than fixed odds, so the dividend is declared after the race.

It’s the four-runner big brother of the trifecta (first three). Because every placing has to be exact, a First 4 is one of the hardest exotics to land — but that difficulty is exactly why the payouts are so large, especially in big fields. You don’t have to pick just one runner per position: select more runners and you cover more combinations, which lifts your chance of landing it and the cost along with it.

How Does a First 4 Bet Work?

There are three main ways to take a First 4:

• Boxed First 4: you select a group of runners and they can finish in any order across the first four placings. More combinations, higher cost, easier to land — the most popular option.
• Standout First 4: you pick specific runners for specific positions (e.g. #1 to win, #4 second). Far fewer combinations and a lower cost, but much harder.
• Roving banker: you lock one runner into a position and box the rest around it — a middle ground that trims combinations while keeping flexibility.

First 4 Calculator: Cost & Combinations

A boxed First 4 covers every possible 1-2-3-4 order of your selections, so the cost climbs fast. The formula is:

Combinations = Selections × (Selections − 1) × (Selections − 2) × (Selections − 3)

And the full cost at a $1 unit for common boxed First 4 sizes:

Horses boxed	Combinations	Full cost ($1 unit)
4	24	$24
5	120	$120
6	360	$360
7	840	$840
8	1,680	$1,680

 

Flexi First 4 Betting

You don’t have to pay the full $1 cost. Flexi betting lets you set your own budget and take a percentage of the dividend instead. Your share is calculated as:

Flexi % = (Your investment ÷ Full cost at $1) × 100

Box 6 horses (full cost $360) and invest $36, and you’re on at 36 ÷ 360 = 10%. If that First 4 pays a $5,000 dividend, you collect 10% — $500. Flexi makes big boxed First 4s affordable, and it’s available at Ladbrokes, Neds and bet365.

How to Calculate a First 4 Percentage

For a standout or part-boxed First 4, multiply the number of runners you’ve chosen for each position, then have the bookmaker remove the impossible combinations (the same horse can’t fill two placings). Say you take:

• 1st: 2 runners · 2nd: 3 · 3rd: 3 · 4th: 4

That’s 2 × 3 × 3 × 4 = 72 combinations before overlaps are removed. Your percentage is then:

Your % = (Your stake ÷ Combinations) × 100 — so $36 into 72 combinations returns 50% of the declared First 4 dividend.

First 4 at the Melbourne Cup

The First 4 is the headline exotic on the first Tuesday in November. A capacity 24-runner field makes the Melbourne Cup First 4 fiendishly hard to land — and the dividends show it. The 2024 Melbourne Cup First 4 paid a massive $728,000, while 2023 returned $332,291. In 2024 one punter famously turned a $24 boxed mystery First 4 into the full dividend.

Those figures are for a full $1 unit, so most punters take the Cup First 4 as a flexi or a boxed bet over a shortlist of fancied runners and roughies. For form, tips and results each year, see our Melbourne Cup Carnival hub.

First 4 Betting Tips & Strategy

• Target smaller fields — fewer runners means fewer combinations and a realistic chance of landing it.
• Use flexi to stay in big races (like the Cup) without paying the full boxed cost.
• Anchor a strong favourite with a roving banker to cut combinations while covering the placings.
• Check scratchings before betting — late withdrawals reshape the field and your combinations.
• Shop the pools — First 4 dividends vary between Australian racing bookmakers.

Best Bookmakers for First 4 Betting

For First 4s you want deep racing markets and flexi staking. These three rate among the best for exotics in Australia:

• Ladbrokes — extensive racing markets with competitive tote-plus pricing and flexi First 4s.
• Neds — a user-friendly exotic bet builder with flexi options.
• bet365 — live streaming of Australian racing plus full exotic markets.

Compare the full field below or in our best horse racing betting sites guide.

 

First 4 FAQs

What is a first 4 in horse racing?

A First 4 is an exotic bet where you pick the first four runners home in the correct order. It runs on the tote pool and is available on races with four or more runners.

How does a first 4 bet work?

You select runners for the first four placings. A boxed First 4 lets your selections finish in any order; a standout requires specific runners in specific positions. More selections cover more combinations, raising both your chance of winning and the cost.

How much does a boxed first 4 cost?

A boxed First 4 costs the number of combinations at a $1 unit: 4 horses = $24, 5 = $120, 6 = $360, 7 = $840, 8 = $1,680. Flexi betting lets you take any of these for a smaller budget and a matching share of the dividend.

How do you calculate a first 4 percentage?

Divide your stake by the full cost at $1 and multiply by 100. For example, $36 invested into a $360 boxed First 4 gives you 10% of the dividend.

What is a first 4 standout?

A standout (or banker) First 4 is where you lock one or more runners into set positions rather than boxing them. It cuts the number of combinations and the cost, but the placings have to land exactly as nominated.

What did the first 4 pay in the Melbourne Cup?

It varies hugely year to year. The 2024 Melbourne Cup First 4 paid $728,000 and the 2023 First 4 paid $332,291 for a full $1 unit. See our Melbourne Cup Carnival hub for each year’s results.

More Racing Betting Guides

• Trifecta & Box Trifecta Explained
• Quinella Betting Explained
• Exacta Betting Explained
• How to Calculate a Quaddie Percentage
• Mystery Bets Explained
• Line Betting Explained
• Same Race Multi Guide
• Horse Racing Tips & Hub
• Best Horse Racing Betting Sites in Australia

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