AUSTRALIA -- As reported by the Australian: "Betting agencies around the world have joined forces to allow gambling on several major international races, including the Melbourne Cup, with one massive wagering pool.

"The new form of exotic betting, which organisers believe will lead to pools as high as $30 million within a few years, begins in France today.

"The first 'global bet', as the new medium will be known in wagering outlets, will be on the Prix de Diane Hermes, a prestigious race for three-year-old fillies over 2100m at Chantilly.

"Australia, which cautiously dipped a toe into the new medium last week in a trans-Tasman agreement with New Zealand, has missed the international boat for the maiden global bet.

"...Punters in Brazil, Germany, Spain, Switzerland, the United Kingdom, Ireland, Monaco and South Africa may join French punters to wager a minimum unit, comparable to the US dollar, on a trifecta on the French classic through official outlets linked with the initiative.