Excitement builds at Flemington

Excitement is building at Flemington race track in Melbourne as celebrities, punters and bookies prepare for the race that stops a nation.

Celebrities and fashionistas were out in force displaying an array of hats and frocks as more than 100,000 people were expected at Flemington to watch the race.

Tour de France champion Cadel Evans was due to deliver the Melbourne Cup to the mounting yard at Flemington today.

Victoria Racing Club CEO Dale Monteith says they wanted to show Evans the country's appreciation for his cycling efforts this year.

Eager racegoers arrived early, grabbing prime position beside the final straight.

Michelle Wright of Melbourne has been coming to the Cup for 10 years and picked a spot right beside the finishing post.

"It's just fun," Ms Wright said of the Cup day experience.

"We put all our bets on yesterday so we don't have to line up."

Her friend Louise Rowson jumped on a bus from Adelaide when her Qantas flight was cancelled to get to her first Cup.

Ladies with hats and fascinators are streaming into the course, many carrying Eskies for the long day ahead or already heading to the bar.

AMERICAIN STILL THE FAVOURITE

Americain is the favourite and will attempt to win back-to-back Cups.

Americain has eased in betting on the Melbourne Cup as money continues to come for Saturday's Lexus Stakes winner Niwot.

Americain drifted from $4.50 to $4.80 as concern grows about the firmness of the Flemington track.

The French star has also had to be re-plated after shifting a shoe on the way to the track.

Niwot, meanwhile, is in to single figures from $13 on race eve.

The Hawkes-trained runner is at $9 with most bookies on the course.

Among the others to attract money are English stayer Jukebox Jury who is in to $13 from $15 and the United States-bred Unusual Suspect who has tightened from $51 to $35.

Earlier, Cup favourite Americain has thrown a scare into the camp after casting a shoe at the Werribee quarantine station hours before the race.

The horse was replated on arrival at Flemington and passed fit to race.

But with the track rated a good three, trainer Alain de Royer-Dupre has expressed concerns to British television the ground may be too hard for the defending champion.

Americain has been an easing favourite since Monday with Saturday's Lexus Stakes winner Niwot heavily supported to give the locals a victory against the European challengers.

RACE THAT STOPS A NATION

Sydneysiders were indulging in last-minute bets with queues forming outside marquee tents in Martin Place in the CBD as the countdown approached to the Melbourne Cup.

Men in business suits and women wearing stylish hats are waiting at the TAB Sportsbet tent.

Several punters indicated a preference for horses trained by Bart Cummings ahead of the race that stops a nation at 3pm (AEDT).

Brisbane dance teacher Fiona Cullen, 51, placed a bet for

Cummings-trained horse Precedence in memory of her father, who was an avid horse racing better.

"I placed a bet for my father who died three years ago," she told AAP.

Ms Cullen also placed bets on short-odd horses Americain and Niwot for her children Ella, 20, and 16-year-old son Julian.

But Ms Cullen, who bet $35 in total, said she would happily donate some of her winnings to charity Oxfam if she had luck on the track.

"If I can spend $35 on the races, I can give $35 to Oxfam because it's an indulgence," she said of betting on the Melbourne Cup once a year.

She said the rest of the prize money will go towards groceries.

Another punter, retired Sydney resident Lyn, also placed a bet on a Bart Cummings horse, Illo.

"I'm a Bart Cummings follower. He knows what he's doing," she said.