Ka Ying Rising’s presence is almost certain to elevate the $20 million Everest into second behind the Melbourne Cup for wagering turnover. (Photo by Jason McCawley/Getty Images)

The interest generated by Hong Kong raider Ka Ying Rising is set to propel The Everest to a clear second spot on the list of Australia’s most wagered races, with bookmakers reporting close to twice the investment in the race to this point compared to previous years.

While the Melbourne Cup, which has four to five times as much investment as any other race, is expected to maintain its dominant position as Australia’s most bet-on race in 2025, the wagering interest in the 2025 Everest is set to see it leap past both the Caulfield Cup and the Cox Plate as the second-highest wagering event.

Data sourced by The Straight shows the volumes held by all major bookies two days out from the race are by far greater than it has been in previous years.

It defies the accepted wagering and racing industry assumption that odds-on favourites tend to suppress wagering turnover.

Tabcorp’s head trader Tim Ryan confirmed at the barrier draw that it was holding twice as much money this year as last, driven by the interest in the Hong Kong star.

Ka Ying Rising had initially opened $15 with Tabcorp when markets were first released after last year’s event, but he was heavily supported and has been odds-on ever since it was confirmed in June that he would contest the race.

Ryan said TAB’s liability on Ka Ying Rising was in excess of $1 million before rumours emerged that all was not right with the favourite last Sunday.

During that time, significant support came for his rivals in the race, with the market operating on an all-in basis. TAB briefly suspended betting as rumours took hold that the favourite would not contest the race.

While they proved unfounded, the net result for Tabcorp was that its liability on the favourite was reduced to around $750,000.

The exposure among other top bookmakers is not as great, but significant money flowed back for Ka Ying Rising after the barrier draw.

On Ladbrokes, the amount wagered in the 18 hours after the barrier draw was three times as much as it was over the same period last year.

The overall hold for Ladbrokes to this point is up around 65 per cent from last year.

Sportsbet reported that there was a significant increase in betting on early markets, when Ka Ying Rising was a longer price, while the rumours on Sunday did lead to substantial money bet against the Hong Kong stars rivals.

The barrier draw has also acted as a catalyst for further investment back on Ks Ying Rising.

Tracking Betfair’s hold illustrates how crucial Ka Ying Rising has been to investment.

As of Wednesday, $240,000 of $280,000 traded through Betfair on the race has involved Ka Ying Rising.

Nearly $100,000 was matched on Ka Ying Rising at better than $2, with more than $50,000 of that matched as the rumour file went into overdrive on Sunday.

What is also significant is that the Betfair trade on The Everest is five or six times greater than what it has facilitated on the Caulfield Cup.

Bookmakers are predicting that the operation of the World Pool will have a decisive impact on the Everest market on raceday.

Given World Pool is dominated by Hong Kong punters, and has higher take-out rates than the domestic tote product, Ka Ying Rising is expected to start much shorter on the totalisator.

World Pool races in Australia in recent weeks have already demonstrated that favourites start shorter than their SP price and that effect is expected to be magnified by Ka Ying Rising in The Everest.

The counter effect is that many of his key rivals are likely to start much longer on the tote than they will with fixed odds.

A differential with Betfair will likely lead to a strong trade market as professional punters and investors seek arbitrage opportunities.

The presence of Ka Ying Rising and the World Pool is expected to deliver around $1.5 million in additional wagering funding for the Australian Turf Club.