The sport of kings will be graced by royalty this year with the Prince of Wales and the Duchess of Cornwall due to arrive at Flemington later today.
The Duchess will present the trophy to the winner of the Melbourne Cup, shortly after the race ends around 3pm.
Americain, the champion of the race in 2010, is a firm favourite with punters along with Mount Athos and Dunaden, according to several betting websites.
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At the other end of the scale, Voila Ici, Precendence and Tac De Boistron will pull in big returns for punters in the unlikely event of a win.
Unusual Suspect will also live up to its name if it comes first past the post, with most betting websites placing it all the way down the bottom of the ladder.
Racegoers heading out to the big event today should be prepared for warm weather and the chance of light rain. A top of 26 degrees is expected in Melbourne today.
This year's race has been marred by allegations of a betting scandal, with Fairfax Media reporting jockey Damian Oliver has admitted to breaching race rules by placing a $10,000 bet on a rival horse two years ago.
