The first Tuesday in November has long been a traditional day for a flutter on the races.

Whether it’s a bet down at the TAB or entering the office sweeps, most Australians dutifully dole out some change in the hope they might have a small win.

However with Australia’s biggest lotto draw to be held on the same day, Tuesday 6th November is set to be Australia’s biggest gambling day.

Last year there were over $143 million bets on the Melbourne Cup. According to Tabcorp, bets on all the races of that day were $182 million, five times as more than spending on a regular race day.

One in three Australians bought a ticket for Tuesday night's $70 million draw which failed to find a first division winner.

For next week’s draw, it could rise to one in two, despite the chances of winning being incredibly remote.

Professor Stephen Clarke of Swinburne University told 7News: "The average person if they buy a ticket two minutes before the draw they've got more chance of dying than actually winning.”

With the race and the lotto draw coinciding, it could be a lucky day for some, but for the rest of us it's more likely to end in disappointment.

For the 500,000 Australians who are at risk of becoming, or who are, problem gamblers, the day could have a very different meaning.

Victorian Responsible Gambling Foundation CEO, Mr Serge Sardo says: "When it comes to gambling, balance and control is the key to making sure that having a bet remains an enjoyable activity, not a problem."

Mr Sardo recommends that if someone is worried about their gambling or someone else's gambling, to get help.