Melbourne Cup punters set to bet a record $800 million in the race that stops a nation

It’s the race that stops a nation – and the day that sees just about everyone try their luck, with punters expected to outlay a record $800 million on the Melbourne Cup today.

Last year bets hovered just under the $800 million mark - with Australian punters accounting for $140 million – but bookmakers expect that record to be busted this year as a host of high-profile international runners take the field.

The average punt will drop, as a broader mix of non-regular betters take part. Tabcorp estimates the average bet will drop from $15 to $10.

And lining up at the bookies seems to be a thing of the past, with 25 percent of betting turnover taking place online, mostly on mobile devices.

Stay tuned to 9news.com.au for all the latest photos, fashions and results from the field. 

Japanese raider Admire Rakti has emerged as a clear front-runner from that pack and two hopeful punters have already reportedly placed $50,000 bets on the horse.

Dubai-trained Cavalryman was scratched early this morning, leaving a field of 22.

Concerns were raised yesterday about the horse's fitness and after a veterinary examination this morning, he was officially taken out of the Cup with heat in a foreleg.

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Sea Moon has also been dumped from the race, after coming down with a high temperature yesterday.

Bart Cumming's offering Precedence is considered a long shot, but no one wants to write off the horse racing giant. (Read More)

More than 100,000 fans are expected to descend on Flemington today ahead of the 3.15pm (AEDT) race and Melbourne is set for clear skies and a top of 29C.

But a warning has been issued for powerful winds gusting at up to 100 km/h and an accompanying drop of 10C in the temperature at 5pm.

Bookmakers are taking $6.50 bets at Monday’s call for Admire Rakti, before firming him to $6.