"It's like a marriage party for us"

The Melbourne Cup might be the Victorian capital's famous race, but if the number of foreign horses entering it is anything to go by, then it's now the world's to win. Flemington Racecourse was ready for the race punters have been waiting for.. the 7-point-3 million dollar Melbourne Cup.

Source: Supplied

And 25 years after Vintage Crop became the first overseas-trained horse to win it, 11 international entrants tried to win in the 24-horse field.

It made it one of the strongest international contingents in recent times.

The race favourite was among them, the Irish-trained Yucatan.

The five-year-old stallion avoided the Caulfield Cup, a regular lead-up event for Melbourne Cup hopefuls, with trainer Aidan O'Brien preferring to hold him back for Flemington's biggest day.

Co-owner Vince Summurtino is remaining level-headed about his chances though.

"Look there’s a lot of good horses in the race and look they’re tough to win favourite or not favourite they’re just tough to win."

But, the winner of 158^th Melbourne Cup became local “Cross Counter.”

Kerrin McEvoy was the lucky jockey to ride cross counter to the victory and winning whopping 4 million dollar prize money.

However, the Melbourne Cup isn't just a race for owners, trainers, jockeys and horseracing's niche group of fans with the carnival attracting spectators from around the world.

Source: Supplied

"I came from Mauritius, first time I came to your lovely country and I’m so excited to see such marvellous things. I'm so excited, we've been here four days and we’re going to stay for 15 days more for this special occasion. "

Indian Australians also joined the party.

Monia and Param Virdi were preparing for this big day out for weeks.

Monia told SBS Hindi, “It’s like attending a friend’s marriage for us, Have to choose clothes, handbag, makeup and headgear very carefully to match the fashion trends of the year.”

Source: Supplied

‘Gambling is not why we come here, it’s the festivity and sense of belonging which brings us here every year, told Param Virdi.

With people travelling from far and wide for the Cup, the event injects millions of dollars into the Victorian economy.

Millions will also be bet on the race with anti-gambling campaigners arguing that means there's a social cost to the event as well.

Source: Supplied

But Melbourne Lord Mayor Sally Capp says the whole racing calendar is a major financial contributor to the state.

"The cup carnival, just this weekend, is worth about 56 million dollars just for the C-B-D, in addition to that, because right across Victoria it does generate benefits right across Victoria, it’s almost 450-million in economic value which is just fantastic."

The race itself may only last just over three minutes, but supporters say its economic benefits last much longer.