only if you live in NSW or WA.

This is the 1st year I've done this and I made money on both Caulfield Cup & Melb Cup.
Back them, then Lay them to reduce your risk.
Only won $150 on Caulfield Cup (with no risk on the day) & $550 on Melb Cup (risk of $36). Next year will bet bigger now I know what I'm doing.
This year all I did was put $20-$40 on horses and then lay them when the race was about 2 weeks away or whenever I felt comfortable, when MOST not all, had shortened (eg She's Archie, backed @ $65 for $15, then layed @ $9 for $75)

Give it a go next year.