Timeline: Melbourne Cup, the race that stops a nation

The Melbourne Cup started in 1861, when the trophy was a gold watch. Since then, the nation's most loved Spring Carnival event has had a rich history.

Jockeys ride their horses to the finish line during race 2, the TAB.COM.AU trophy, on Melbourne Cup Day at Flemington Racecourse in Melbourne, Tuesday, Nov. 3, 2015. (AAP) Source: AAP

The Melbourne Cup started in 1961, with Archer taking the first ever win for trainer, Etienne de Mestre. Archer then won the second race in 1862 by eight lengths.

Since then, legends like Phar Lap and Makybe Diva have earned acclaim for the owners, trainers and jockeys.

Damien Oliver, riding The Offer this year, has ridden three winning horses on previous Melbourne Cup days.

If Oliver rides the winning horse this year, he will become the third jockey to win the Melbourne Cup four times.

Punters do not like his chances of a win. On Tuesday morning, The Offer was paying 31-1 for a win on one betting website.

Yet, a win with those odds would not break a record. The record for the highest odds paid for a winner was 100-1, on three separate occasions.