AS one of the highlights of Melbourne's spring racing carnival, the Oaks is a hotbed of bonus bets, refund offers and many more online bookie specials.

Most of Australia's top bookmakers are running a money-back deal for fixed win bets that place in the first few races at Flemington this Thursday.

The pick of the bunch comes from Luxbet, where punters can reclaim up to $51 in bonus bets on horses that run second or third in any of the first five races.

If you fancy a racing multi and want a bit of insurance in case that roughy pick doesn't quite come off, CrownBet is the place to be.

Choose an Oaks Day multi of three legs or more at Flemington, Gawler, Hawkesbury, Ipswich, or Warrnambool and collect up to 5000 CrownBet Rewards bonus points if only one leg fails.

Each dollar wagered up to the $50 maximum gets you 100 points that can be used for shopping, dining, travel and many other rewards.

There are two more big racing bonuses to be enjoyed over at Bet365 Australia.

Back a winner at $5 odds or higher in any race on Oaks Day 2016 and get a full refund up to $100 cash if your fixed price or tote bet in the next race loses.

And if you have a fixed odds winner in any race where the VOP starting price is greater, Bet365 will pay you out at the better price.

Luxbet Oaks Day cashback bonus

Keep your bankroll ticking along nicely during the first five races on Oaks Day with money back on fixed win bets that run in the minor places. Here are our top tips.

R1 – Red Rock Deli Plate (1700m)

Mount Omei ($5) has held steady in the betting after running well last time out at Warwick Farm. There is plenty of money coming in for Sea The Sparkle, which is into $6.50 after opening at $16. Both should stiff opposition for the $4.50 favourite, Hell Or Highwater, which is aiming at a third consecutive win and will be hard to beat despite a bump up to 60.5kg. Our pick: #1 Hell Or Highwater.

R2 – Twitter Trophy (1800m)

Pilote D'essai has flattered to deceive in recent runs at short prices, but the Hayes and Dabernig gelding is good for one last go at a more generous $6 fixed quote. Data Point ($4.20) is the horse to beat after three strong second-place finishes on the trot, but Curragh and The Chairman (both $8.50) are also rated as very handy chances. Our pick: #2 Pilote D'essai.

R3 – Off The Track Subzero Handicap (1400m)

There is plenty of love for Pepperano, but $4.80 looks a bit short for an enigmatic runner that could be a little out of its depth at this level. Rock Forthe Ladies ($4.50) and Murt The Flirt ($4.60) are both worthy candidates at the top of the betting, each having won on their last starts. Our pick: #4 Murt The Flirt.

R4 – 3AW Talking Melbourne Mile (1600m)

Grande Rosso is well liked at $5 after a strong win at Bendigo, while Pay Up Bro leads the market at $4.40 despite a narrow defeat on the line at Geelong last start. Marwood comes in off back-to-back placings and is a very decent shout at $6.50, especially if there is any weather about. Our pick: #3 Marwood.

R5 – TCL QUHD TV Stakes (1800m)

Exocet has enjoyed a good carnival and is no surprise as the $2.40 favourite, but there are some reasonable contenders in the field. Nemrud and Rockstar Rebel (both $7) are solid choices, while Anaheim well worth a punt at $10 after four straight placings and a good win at Bendigo in its last run. Our pick: #4 Anaheim.

Thursday racing multi bonus at CrownBet

You need only two out of three fixed win legs to come through on your Thursday horse racing multi to score up to 5000 CrownBet Rewards points. See below our 2016 VRC Oaks multi selections, which are paying $25.57 if you get on now at CrownBet.com.au.

R6 L'Oreal Paris Stakes – Clearly Innocent ($5)

R7 Mumm Stakes – Terravista ($3.10)

R8 VRC Crown Oaks – Yankee Rose ($1.65)

The best thing about this multi bonus is that it isn't restricted to the action at Flemington. Follow this link to check out CrownBet's Thursday racing markets for Gawler, Hawkesbury, Ipswich and Warrnambool as well as the big dance in Melbourne.

Bet365's feature meeting special

You can score a free hit up to $100 if you back a winner in any Oaks Day race at odds of at least $5 at Bet365. Here are some choice options at $5 fixed win odds or greater for all nine races.

Race one

Champagne Ready – $5.50
Mount Omei – $6
Sea The Sparkle – $7

Race two

Pilote D'essai – $5.50
Curragh – $9
The Chairman – $9.50

Race three

Fabulonh – $6
Onerous – $7
Harbour Grey – $15

Race four

Grande Rosso – $5
Refulgent – $6
Marwood – $7

Race five

Nemrud – $7
Rockstar Rebel – $8
Anaheim – $9

Race six

Clearly Innocent – $5
Federal – $6
Takedown – $6

Race seven

Redzel – $10
Golden Spin – $13
Shaf – $21

Race eight

Harlow Gold – $8.50
Eleonora – $9
Sebring Dream – $13

Race nine

Kentucky Miss – $6
Conchita – $10
Super Too – $11

VRC Crown Oaks betting news

Yankee Rose will step into the 2016 VRC Crown Oaks this Thursday as an all but unbackable favourite.

An impressive showing at the Cox Plate, where she finished third behind Winx, has seen the filly open at $1.65 at Sportsbet.

A wide barrier draw (13) and the absence of this year's Group Two Wakeful Stakes winner, Tiamo Grace, have also gone in Yankee Rose's favour.

Only two other horses are pegged below double figures for the win.

Harlow Gold holds the second line of betting at $8.50, just ahead of Eleonora at $9.

Sebring Dream ($12) and Missrock ($15) – second and third respectively in the Wakeful Stakes – round out the top five chances.

2016 Crown Oaks field

Yankee Rose – $1.65

Harlow Gold – $8.50

Eleonora – $9

Sebring Dream – $12

Missrock – $15

Smart As You Think – $15

Moqueen – $16

Bella Sorellastra – $34

My Girl Chilly – $61

Peeking Duck – $61

Lamma Hilton – $81

Lasqueti Spirit – $151

Penthouse Kitten – $151

Red Velvet Swing – $151

Nina Peak – $201

Market provided by Sportsbet.com.au