How to bet your money this Melbourne Cup

The 157th Melbourne Cup is here today, bringing with it hoards of hopeful punters.

And there's a lot of money being thrown around - on Tuesday morning one gambler put $1600 on one horse, but the average bet size is $10.

But who should Kiwis be putting out money on?

Chief TAB bookmaker Mark Stafford told the AM Show his personal pick - and who he's ruled out.

Watch the video.